When you leave a job, or cancel membership in a pension plan, you will need to decide what to do with pensions funds that remain locked-in to your pension account. Since funds in the account are intended to provide you with a lifetime income stream, the Pension Benefits Act imposes restrictions on those funds, as outlined in the links below.

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How to unlock a “locked-in account”

Under certain circumstances resulting in financial hardship, funds in a locked-in account may be accessible. Withdrawals, if permitted, are restricted by the “Year’s Maximum Pensionable Earnings (YMPE) amount.

Learn more about how to un-lock a locked-in pension.