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Locking-in provisions tightened

In Alberta, BC, Manitoba and Ontario, the lock-in provisions of pension legislation have been tightened. In these provinces, required contributions and earnings are locked-in immediately. In Alberta, Manitoba and Ontario, however, you are permitted to unlock up to 50% of your locked-in balance at retirement. This option is not available in BC.

To comply with these new provisions, CSS Pension Plan has had to change its rules and recordkeeping system. For some members, this will mean that funds previously shown as non-locked-in will now be included in the locked-in balance on your 2015 Annual Statement. This change does not affect the total value of your pension account.

Locked-in funds must be used to provide a retirement income. They can’t be accessed until you reach the Plan’s early retirement age (usually 50) and stop working.

No changes have been made with respect to additional voluntary contributions – these are still not locked in.​

For more information, please contact us.