9 Millworkers (Unifor) - Pension Plan
D.A. Townley.  -  Plan Administrators    

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Locking-In Rules

The Plan’s locking in rules have been adopted directly from the applicable provincial regulations. They require that any money contributed to a pension fund to be paid out as retirement income only. Large lump sum cash withdrawals will not be allowed by any financial institution holding this money. 

The rule that applies is the one in place on your date of termination of employment (presumed to be the date of last contribution). 

A year of Plan Membership is credited for any year in which you are credited with 350 or more hours of covered employment. 

Your money will be locked-in if you meet the criteria set out below. The criterion that applies will be the one in place in the province in which you were last employed.


Alberta:
Prior to January 1, 2000: 5 or more years of Plan Membership
After December 31, 1999: 2 or more years of Plan Membership

British Columbia:
After December 31, 1992 but before January 1, 1998: 5 or more years of Plan Membership in the Plan
After to December 31, 1997: 2 years of Plan Membership

Manitoba
or New Brunswick:
2 or more years of Plan Membership

Newfoundland:
Prior to January 1997: attained age 45 and completed 10 years of Plan Membership
After January 1, 1997: more than 2 years of Plan Membership

Nova Scotia:
Prior January 1988: attained age 45 and completed 10 years of Plan Membership
After January 1, 1988: 2 or more years of Plan Membership

Ontario
, the Northwest Territories, the Yukon or Nunuvit:
Prior January 1987: attained age 45 and completed 10 years of Plan Membership
After January 1, 1987: 2 or more Years of Plan Membership

Prince Edward Island:
2 or more years of Plan Membership

Quebec:
2 or more years of Plan Membership

Saskatchewan:
Prior January 1, 1994: the sum of attained age and years of Plan Membership exceeded 45 and at least one year of Plan Membership
After December 31, 1993: more than 2 years of Plan Membership.

 

related Links
Printable Version of the Pension Plan Booklet

 
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