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Locking-In Rules |
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The Plan’s locking in rules have been adopted directly
from the applicable provincial regulations. They require
that any money contributed to a pension fund to be paid out
as retirement income only. Large lump sum cash withdrawals
will not be allowed by any financial institution holding
this money.
The rule that applies is the one in place on your date of
termination of employment (presumed to be the date of last
contribution).
A year of Plan Membership is credited for any year in which
you are credited with 350 or more hours of covered
employment.
Your money will be locked-in if you meet the criteria set
out below. The criterion that applies will be the one in
place in the province in which you were last employed.
Alberta:
Prior to January 1, 2000: 5 or more years of Plan
Membership
After December 31, 1999: 2 or more years of Plan Membership
Alberta Members now have an option to unlock up to 50%
of their locked-in pension contributions after leaving an
eligible pension plan. To qualify, the Member must be at
least 50 years of age and have written consent from his or
her pension partner. The unlocking option is exercised when
funds from a locked-in retirement account (LIRA) or eligible
pension plan are transferred to a life annuity, life income
fund (LIF) or defined contribution retirement income account
(DC-RIA).
Holders of an existing LIF or locked-in retirement
income fund (LRIF) also have the option of unlocking 50% or
the fund's value, but must make their decisions by December
31, 2007. After that date, unlocking can only be done when a
person is opening a new LIF, life annuity or DC-RIA.
British Columbia:
After December 31, 1992 but before January 1, 1998: 5 or
more years of Plan Membership in the Plan
After to December 31, 1997: 2 years of Plan Membership
Manitoba or New Brunswick:
2 or more years of Plan Membership
Newfoundland:
Prior to January 1997: attained age 45 and completed 10
years of Plan Membership
After January 1, 1997: more than 2 years of Plan Membership
Nova Scotia:
Prior January 1988: attained age 45 and completed 10
years of Plan Membership
After January 1, 1988: 2 or more years of Plan Membership
Ontario, the Northwest Territories, the Yukon or
Nunuvit:
Prior January 1987: attained age 45 and completed 10 years
of Plan Membership
After January 1, 1987: 2 or more Years of Plan Membership
Prince Edward Island:
2 or more years of Plan Membership
Quebec:
2 or more years of Plan Membership
Saskatchewan:
Prior January 1, 1994: the sum of attained age and years
of Plan Membership exceeded 45 and at least one year of Plan
Membership
After December 31, 1993: more than 2 years of Plan
Membership.
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