Human Resources Legislative Update
PBA Regulatory Amendment Will Change Locked-In Retirement Fund Withdrawal Process
Date: June 25, 2013
On June 20, 2013, the Ontario government filed O. Reg. 185/13 amending Regulation 909 (General) made under the Pension Benefits Act.
As announced by the government, this amendment to Regulation 909 will permit individuals to apply to their financial institutions for financial hardship withdrawals of their locked-in retirement funds, rather than to the Superintendent of Financial Services. The information required to authorize the withdrawals will also be modified; specifically, the evidentiary threshold required to support a financial hardship application will be reduced.
O. Reg. 185/13 will come into force upon the proclamation of section 4 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012.
Additional information has been posted on the Financial Services Commission of Ontario website, which states these changes will take effect January 1, 2014.
