The Nova Scotia Government released regulations reassigning the authority for administering financial hardship unlocking in the province.
Effective July 1, 2021:
- Plan members who want to unlock their locked pension funds need to apply directly with their financial institution.
- Sun Life has the power to approve or deny unlocking applications.
- Members no longer apply for financial hardship with Nova Scotia Treasury Board.
What products are eligible for financial hardship unlocking?
- Locked-In Retirement Account (LIRA)
- Life Income Fund (LIF)
Are there any actions required?
We encourage you to:
- Read the updated Financial Hardship form.
- Review the Financial Hardship Checklist to familiarize yourself with the changes.
- Assist members unlocking Nova Scotia based pensions.
To help members in completing Financial Hardship applications Nova Scotia has provided a Form 12 Guide.
Please contact your Sun Life Group Retirement Services representative.