branch ADMINISTRATION Manual
Pension Unlocking
Nominee, Registered Plans
DefinitionLocked in pension money must be used to provide the pension plan member with retirement income. Some provinces allow redemptionor transfer of all or a portion of a LIRA, LRSP, LIF or LRIF under certain circumstances.
Order Entry Type Process: HO Administration
Process Owner: Branch > HO Admin
Follow Up: HO Admin
With Whom: Advisor Services
Forms, Paperwork Flow
Form / Branch / HO Admin SD Account / Fund CoFederal or Provincial Prescribed Form / Copy / Original / NA
TARI or Redemption Form / Copy / Original / NA
Account and Service Agreements
or NAAF(New Accounts Only) / Original BM / BM to HO / NA
Account Disclosure (New Accounts Only) / To Client / NA / NA
Location:
Client and advisor complete and sign account opening documentation (KYC, NAAF etc)
Client signs forms and receive copies for their records. Additional copy of all forms and applications must be placed in branch client file.
Branch creates client/plan(s) in EWMS
Branch submits all Federal or Provincial Prescribed Forms and/orApplications(as required by eitherProvincial or Federal Legislation) to HO Admin for approval.
Unlocking Options and Web links
Federal -
Financial Hardship
Non Residency
Shortened Life Expectancy
One time 50%
Small Balance
Ontario
Low Income
Financial Hardship
Medical Expenses
Rent Deposit
Risk of Eviction
Small Balance
Shortened Life Expectancy
Non resident
One time 50%
Alberta
Considerably Shortened Life
Non Resident of Canada
Small Account
50% Unlocking
Financial Hardship
British Columbia
Small Balance
Age 65 and Small Total Entitlement
Permanent Departure From Canada
Commutation for Shortened Life Expectancy
Manitoba
Shortened life expectancy
Small amounts
Non-residents of Canada
Unlocking up to 50 percent of funds (One Time Transfer)
Saskatchewan
Shortened Life Expectancy
Small Amount
New Brunswick
Shortened Life Expectancy
Small Amount
NewfoundlandLabrador
Shortened Life Expectancy
Small Amount
Nova Scotia
Age 65 and Small Total Entitlement
Considerably Shortened Life Expectancy
Financial Hardship
EWMS Process
HO Admin will enter all transactionson EWMS.
Important Information
Branch must sendoriginal documentation to HO Admin for processing.
Where the legislation does not require specific prescribed forms, DFS Investments will require a signed Letter of Directionfrom the client indicating which unlocking option is being requested.
Branch to submit Federal or Provincial Prescribed Formsand/or Applications for approval where required by the Legislation prior to submitting the originals to HO Admin
Federal PrescribedFormsmay require notarizationwhere indicatedon the forms.
Confidential, for internal use only- 1 -last revised: 24-Nov-2018 | Volume 1