The Pension Benefits Act allows individuals who qualify under certain circumstances of financial hardship to apply for special access to the money in their Locked-in Retirement Accounts, Life Income Funds, or Locked-in Retirement Income Funds. Depending on the specific circumstances, the application will be made to the Financial Services Commission of Ontario or the financial institution that holds your locked-in account.
In situations where the application is made to the Financial Services Commission of Ontario, successful applicants will be charged an application fee equal to 2% of the amount the applicant is entitled to withdraw (with a minimum fee of $200 and a maximum fee of $600) in order to offset FSCO's administrative costs.
Financial Services Commission of Ontario