Province streamlining process for unlocking retirement funds
Amendments to the Pension Benefits Act will make it quicker for Nova Scotians to access locked-in retirement accounts or life income funds in times of financial need.
The province says anyone currently wishing to unlock funds for reasons of financial hardship must apply to the superintendent of pensions, and wait for an approval letter which must be taken to their financial institution.
The amendments will allow financial institutions to directly approve applications and will reduce the paperwork needed to process requests.
Government says it is also eliminating the $116.65 application processing fee.