to withdraw or transfer money from a Nova Scotia locked-in retirement account (LIRA) or a life income fund (LIF) because of financial hardship. Complete pages 1, 2, 3, and as applicable page 4, Form 12(A), Form 12(B), Form 12(C), and/or Form 12(D) Is there any way I can pay a penalty and access these funds? Pension Benefits Act . ... person in financial hardship. due to Financial Hardship Section 44.1 of the Pension Benefits Act, 1997 ONLY USE THIS FORM FOR APPLICATIONS SIGNED IN 2021 You must use this form to apply to withdraw funds from a Locked-In Retirement Account (LIRA), Life Income Fund (LIF), or Locked-in Retirement Income Fund (LRIF) when you are experiencing financial hardship as PART THREE - Reasons for Financial Hardship. Unlocking funds from a LIRA due to financial hardship The four categories are: medical expenses, 1. Check our list of financial institutions authorized to sell Locked-in Retirement Accounts (LIRA), Life Income Funds (LIF) and Annuity contracts under the Pension Benefits Act. not be unlocked under the Financial Hardship Unlocking Program if you meet the criteria listed above. Since its onset, the Provincial Government has received numerous emails and calls from individuals with locked-in pensions seeking access to retirement assets to assist with financial hardship due to COVID-19. Financial hardship is not a cause for providing locked-in funds in a lump sum. Most employees opt to transfer the lump sum into a LIRA unless he or she is close to retirement. provides three reasons that may permit you to access your Locked-in Funds. You can apply under all reasons that relate to your situation but you must include the financial hardship. ... Form 4: In order to unlock and withdraw pension monies due to non-residency status, the former member of a pens ion plan must complete Form 4, and file that form with the Criteria to unlock. The circumstances in which you may be allowed to unlock are provided below. You can unlock for any of these reasons and you can unlock for a combination of reasons. I've around £150,000 in my SIPP (Self-Invested Personal Pension) but have fallen on hard times and run up a lot of personal debt. Generally speaking, in Canada, to unlock pension funds, the funds must first be transferred out of the employer's registered pension plan (RPP) and into a LIRA (locked-in retirement account) or LIF (life income fund) in your name. The COVID-19 pandemic led to massive lay-offs and job losses, creating financial pressures for many individuals. 3. The. Transfer the commuted value if it’s a defined benefit plan, or full value if it’s a defined contribution plan, and transfer the money into a locked-in retirement account. The financial hardship unlocking provisions of the Pension Benefit Standards Regulations, 1985 (PBSR) allow for funds to be withdrawn based on one of the following or a combination of both: Low income However, the legislation does allow a payment in cash in lieu of a pension ... obtain a spousal waiver prior to commuting the funds from a pension plan. Members of the public service pension fund or teachers pension fund will not be able to unlock their pensions either. The Pensions Benefit Act sets out four categories of financial hardship under which you can unlock your pension funds held in a locked-in retirement account (LIRA) or life income fund (LIF). Is there any way my Manitoba locked in money can be withdrawn as a lump sum, such as financial hardship, shortened life expectancy or unlocking small pension balances? Can I unlock my CSS pension funds for financial hardship reasons? Locked In Retirement Account (LIRA) A LIRA is often referred to as a locked-in RRSP.