Amendment to Nova Scotia’s pension regulations: Financial Hardship program
October 13, 2014
Nova Scotia's Finance and Treasury Board has amended the Pension Benefits Act and Regulations to allow for greater flexibility for people to withdraw funds from locked-in retirement accounts and life income funds.
Effective September 12, 2014, the amendments to the Financial Hardship unlocking program include:
- an increase to the annual income of eligible participants to $35,000 (up from $21,000)
- an increase to the maximum withdrawal amount each year to $26,250 (up from $21,000)
- the inclusion of rental eviction as a consideration for the unlocking of a pension
The Form 12 Application to Withdraw Money Based on Financial Hardship (pdf: 461 KB) and Financial Hardship Application Instructions (pdf: 200 KB) have been updated on the regulator's website.
There is no change to the application process. Applications will continue to be directed to Nova Scotia's Pension Regulation Division for adjudication and processing.
Please contact your Sun Life Group Retirement Services representative.