If a person does not have a common law partner, but has a spouse from whom he or she has separated but has not divorced, that person is still considered a spouse and consent is required, unless a court decision or agreement providing for the distribution of property is clear and unequivocal, that the spouse is no longer entitled to a share of the money that wants to unlock the person. Such a judicial decision or agreement must be noted and attached to Form 2. In a case where there is no such order or agreement and the spouse cannot be found, legal advice should be sought to determine the options available. Small pension benefit that is released from a pension plan: if a person has a common law spouse or partner, their consent is required before the funds can be released in case of financial difficulties, 50% or small balances. The consent of the spouse or associated desadts is filled out by Form 2 of Schedule V of the 1985 Pension Standards Regulation (Form 2). Note that the Nova Scotia Pension Benefits Act (PBA) and regulations do not give the Superintendent of Pensions special powers to repeal legislation or grant exemptions from the required criteria. The Nova Scotia Financial Hardship Unlocking Program applies only to pension benefits governed by the Nova Scotia Pension Rights Act and the Nova Scotia Pension Rights Act. If your pension benefit has been shared between you and your former spouse or partner, the lockdown remains in effect. When a person wishes to release funds with a reduced lifespan or non-resident release, the spouse`s consent is not required under the Pension Benefits Standards Act of 1985 or the Pensions Benefits Standards Regulations of 1985; However, a financial institution may apply for some form of sped agreement as part of its administrative procedures.
Derogation 2 – Unlocking life expectancy of less than 2 yearsThusc restless pension account or life income contract must allow the withdrawal of a lump sum of pension benefits blocked due to a reduced life expectancy (less than 2 years). To unlock your right under this provision, a doctor must certify that your life expectancy will likely be reduced to less than 2 years due to an illness. To unlock funds in these circumstances, fill out Form 11: “Resignation of LIRA or LIF (life expectancy, non-resident, low amount at 65 years and surpluses.” Yes, as long as all the unlocking conditions in the corresponding options are met. Yes, for example. B, after using the 50% single unlock option, the remaining revenues in the Limited Life Fund meet the small balance requirements, this option can be used either in the same year or in a subsequent year. exemptions from blocking a blocked pension account (LIRA) or a life income fund (LIF): unlocking options, which are available under a closed retirement savings plan or pension plan, as well as the conditions that must be met in order to use them, are defined in sections 20, 20.1, 20.2, 20.3 and 28.4 of the Pension Standards Regulation 1985 (PBSR). Yes, yes. The maximum annual amount that can be withdrawn from an LIF or RLIF is independent of all releases made under the single 50%, small account balance or difficult financial cases. However, funds collected from an LIF or RLIF must be included in your expected revenues in a calendar year under the financial hardship unlocking formula. Reciprocal transfer agreements provide, for most reasons, for the transfer of the pendulum value of your defined benefit pension. The value of the pendulum calculated as part of a mutual transfer is generally greater than the termination value paid to you if you have chosen a transfer to a blocked pension account.