Pension guidance by topic

Unlocking

Under the locking-in provisions of the PBSA, money payable to a member of a plan can generally only be used to provide retirement income, even if the member leaves the plan. Pension benefits are required to be locked-in after two years of continuous membership in a plan; however, some plans may have a shorter locking-in period. There are certain circumstances in which pension funds may be unlocked.

For federally locked-in funds, the financial intermediary that holds the locked-in account may be able to assist in determining applicable unlocking options and in filling out required forms.

These forms are not submitted to OSFI. OSFI does not approve individuals’ forms or provide individual assistance in filling out the forms.