A life change could impact your pension. To help you make an informed decision, ask your plan administrator for details. You can also find information here.
Dealing with financial hardship
Unlock money from your Ontario locked-in account (LIRA, LIF or LRIF) due to:
Changing/ending a spousal relationship
FSRA provides a guide for members and their spouses for valuing and dividing a member’s pension upon marriage breakdown. It is also a helpful resource for plan administrators and other professionals.
Leaving your job
If you leave your job, you may be eligible for one or more of the following options:
Receive a full pension from the pension plan starting on your normal retirement date
Receive a reduced pension from the pension plan starting on an early retirement date
Transfer the commuted value of your pension benefits to another approved retirement arrangement
Receive a refund of certain contributions
Taking a leave of absence
Your employer goes bankrupt
FSRA provides a guide for members about what happens to a workplace pension plan if an employer is in financial trouble or is bankrupt or insolvent. It is also a helpful resource for plan administrators and other professionals.
What happens if there is not enough money to pay all promised benefits, to all members?
In this situation, the Pension Benefits Guarantee Fund (PBGF) will guarantee payment of certain defined benefits, subject to certain limitations.