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Pension Benefits Act Questionnaire

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1. Should the provincial government introduce legislative amendments to the Pension Benefits Act, 1997 to facilitate pension unlocking for financial hardship? *

Yes

Unsure

If no, please explain (and then proceed to question 8): *

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If unsure, please explain: *

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2. What financial hardships should be eligible for unlocking? (Please indicate all that you recommend) *

Inability to pay residential rent

Inability to make mortgage payment

Medical costs

Disability-related costs

Other

Please identify other hardship(s): *

3. What types of locked-in accounts should be eligible for these unlocking provisions? (Please select all that you recommend) *

Locked-In Retirement Account (LIRA)

Life Income Fund (LIF) and Locked-in Retirement Income Fund (LRIF)

Other

If other, please specify: *

4. How often should an individual be allowed to unlock for financial hardship? *

Once a year

Once a lifetime

Other

If other, please explain: *

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5. The maximum amount that can be applied for unlocking under the revised legislation should be: *

40% of Year’s Maximum Pensionable Earnings (YMPE)

25% of the value of the locked-in pension benefit

No maximum limit

Other

If other, please explain: *

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6. Should legislation require an individual to get financial advice from a qualified financial advisor or financial institution prior to unlocking? *

Yes

7. The provinces of Nova Scotia, Ontario, Alberta and British Columbia and the Federal Government already have unlocking provisions for financial hardships. Are there any of their provisions that you think could be adapted by this province?

Click to view regulations for: Nova Scotia, Ontario, Alberta, British Columbia and the Federal Government

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8. Please provide any other comments or suggestions on this issue in the space below:

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