Regulation - LGIC
Financial Hardship Unlocking
Regulation Number(s):
185/13
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Ontario Regulation 185/13 made under the Pension Benefits Act was filed on
June 20, 2013, as originally proposed. The regulation amends Reg. 909 of R.R.O. 1990.
June 20, 2013, as originally proposed. The regulation amends Reg. 909 of R.R.O. 1990.
Further Information:
Financial Hardship Unlocking Consultation Paper
(Download Adobe Reader)
O. Reg. 185/13
Pension Benefits Act
Proposal Number:
12-MOF020
Posting Date:
November 13, 2012
Summary of Proposal:
This posting outlines the proposed content of regulatory amendments that would enable applications for financial hardship unlocking to be made directly to the financial institution holding the locked-in accounts rather than to the Superintendent of Financial Services. This would be consistent with other types of withdrawals from locked-in accounts.
The seven criteria under which an applicant can apply for financial hardship unlocking would be condensed into four: rental or mortgage arrears, medical expenses, payment of first and last month's rent and low income. The application process would be simplified by reducing the amount of evidence required to justify a withdrawal and eliminating the "asset test", which determines the amount that can be unlocked, and replacing it with a maximum withdrawal limit.
The seven criteria under which an applicant can apply for financial hardship unlocking would be condensed into four: rental or mortgage arrears, medical expenses, payment of first and last month's rent and low income. The application process would be simplified by reducing the amount of evidence required to justify a withdrawal and eliminating the "asset test", which determines the amount that can be unlocked, and replacing it with a maximum withdrawal limit.
Contact Address:
Pension Policy Branch
Financial Hardship Unlocking
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Pension.feedback@ontario.ca
Financial Hardship Unlocking
Ministry of Finance
5th Floor, Frost Bldg S.
7 Queen's Park Crescent
Toronto, ON M7A 1Y7
Pension.feedback@ontario.ca
Effective Date:
January 1, 2014
Decision:
Approved