alexgrun

If your plan is under the PBSA 1985 (Federaly regulated not Provincial) you might qualify to unlock your pension see PBSA Regulations Sec 28.4 (1)(2), http://laws.justice.gc.ca/en/showdoc/cr/SO...bo-ga:s_18//en& PBSA Update 26 part No. 8 PBSA Regulations Sec 20.1 (3) http://laws.justice.gc.ca/en/showdoc/cr/SO...nchorbo-ga:s_17 I have been receiving a pension from my Locked in LIF since I removed my money from a federal employer in early 2003, only to find that the amount of pension I was paid was based on the Provincial amounts, and not the Federal amounts. In February of this year someone realized that a mistake was made, and now I receive about 20% less, as the Cansim federal amounts are not caped like the provinces are. In Alberta you can unlock up to 50% of you locked in (provincial) pension. I have started a complaint against the investment company & the trust company for providing me the wrong information. I had the option of leaving my money with my former employer and receiving a monthly pension when I reached age 55, I was 53 at the time, now I'm 56. I am now financially screwed, I have lots of money in the funds and my portfolio has grown, but I can only take out 5.5% yearly, So I have been doing research over the last month, and according to PBSA (above 28.4) If I am out the country for over 183 days in each of 2 years I can unlock my plan, that is have the restriction of (PBSA 18) locked in part removed, making it a regular RRSP unlocked. Check with your plan holder for what they require as proof of compliance. Unlike the Provinces there are no hoops to jump through, all you got to do is comply with the act. I intend to go to Dominican Republic for 6 months this year and 6 months next year so I can comply, just waiting for the info from the plan holder, so if all goes well I hope to unlock the plan in July 2008. If you wish to contact me for my progress

If your plan is under the PBSA 1985 (federaly regulated) you can unloch your pension see PBSA Sec 28.4 , & PBSA Update 26 part No. 8, or 20.1

There is a difference in LIF LIRA LIRF Funds it is either under the Provincial (Pension Benefits Act RSO 1990) & www.fsco.gov.on.ca (will be different in a diferent province) or Federal law (Pension Benefits Standards Act) 1985) & http://www.osfi-bsif.gc.ca/ There provisions in both laws provide the member with ways to unlock the funds based on Shortened Life Expectancy. Provincial "where a physician certifies that owing to a physical or mental disability your life will be shortened to less than 2 years" Federal "where a physician certifies that owing to a physical or mental disability your life will likley be shortened considerably" PBSA 1985 Sec 20.1 (3) Federal And new as of September 2006 PBSA 1985 Update 26 "where a person is absent from the country for over 183 days or more for 2 years the funds can be unlocked" PBSA 1985 28.4 (1) (2) the amount that you can remove per year of your gross portfolio per year is based on either the Federal or Provincial CanSin amount at age 56 Jan 2007 Federal 5.5306 % Provincial 6.5658 % if you need more information contact mel