Introduction
Section 29 of The Pension Benefits Act, 1992
provides that a plan member entitled to a pension may not withdraw, commute or surrender
the pension. Simply put, locked-in pension money must be used to provide the pension plan
member with retirement income. Furthermore, in accordance with section 63 of the Act,
locked-in pension money may not be assigned, charged, alienated or anticipated and is
exempt from execution, seizure or attachment.
Locking in continues to apply to pension money transferred
from a registered pension plan to a locked-in retirement account (LIRA) in accordance with
section 29 of The Pension Benefits Regulations, 1993.
No one has the authority to grant an exception to the
locking-in rules regardless of the plan member’s circumstances. The legislation does
not provide a release of money to alleviate financial hardship. However, the legislation
does allow a payment in cash in lieu of a pension under nine circumstances. Those
circumstances are described below.
This bulletin has no legal authority. The Pension
Benefits Act, 1992 and The Pension Benefits Regulations, 1993 should be used to
determine specific requirements.
For additional information please contact:
Pensions Division
Saskatchewan Financial Services Commission
Suite 601
1919 Saskatchewan Drive
Regina, Saskatchewan
S4P 4H2
Tel: (306) 787-7650
Fax: (306) 787-9006
