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New Form to Unlock Pension Funds Due to Financial Hardship is Available

Pension plan members in B.C. who are facing financial hardship can apply to unlock and withdraw funds from their locked-in account using the application form for 2024.

The application form is used to unlock pension funds from a British Columbia Locked-In Retirement Account or Life Income Fund when experiencing financial hardship as described in the Pension Benefits Standards Act and Regulation.

Pension plan members should note that they cannot access funds that are in their employer’s registered pension plan. They can only access funds that have been moved from the employer’s plan into a registered product such as a Locked-In Retirement Account or Life Income Funds.

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