Unlocking Locked-In Pension Funds in Canada: What You Need to Know

Notary Public
Mar 27
2 min read

Locked-in retirement funds are designed to provide income during retirement—but in certain situations, you may be able to access these funds earlier. If you're applying to unlock pension funds in Canada, you will often need sworn statements or consent forms, which must be notarized.

In this guide, we explain what locked-in funds are, when notarization is required, and the available unlocking options under federal rules.

What Are Locked-In Retirement Funds?

Locked-in funds typically come from employer-sponsored pension plans and are subject to strict withdrawal rules. These funds may be held in:

Locked-In Retirement Account (LIRA)
Life Income Fund (LIF)
Restricted Life Income Fund (RLIF)
Restricted Locked-In Savings Plan (RLSP)

Because these accounts are governed by pension legislation, funds cannot be withdrawn freely unless specific eligibility criteria are met.

Why You May Need a Notary Public

When applying to unlock your pension funds, you may be required to sign legal documents such as:

Attestations
Statutory declarations
Spousal consent forms

These documents often must be signed before a Notary Public or Commissioner for Oaths to:

Verify your identity
Ensure proper spousal or common-law partner consent

Having your documents properly notarized helps prevent delays or rejections in your application.

Federal Unlocking Options (OSFI Rules)

If your pension is federally regulated, unlocking options are governed by the Office of the Superintendent of Financial Institutions (OSFI).

1. Financial Hardship Unlocking

You may be eligible to withdraw funds if you are experiencing financial hardship.

Eligible account types include:

Locked-in RRSP (LRSP)
Life Income Fund (LIF)
Restricted Locked-In Savings Plan (RLSP)
Restricted Life Income Fund (RLIF)

Financial Hardship Categories

Low Income

The amount you can withdraw depends on your expected income for the calendar year:

If your expected income is $0, you may withdraw up to 50% of the Year’s Maximum Pensionable Earnings (YMPE)
If your income is 75% or more of the YMPE, you are not eligible

Example:For 2026, the YMPE is $74,600, meaning you may be able to unlock up to $37,300, depending on your income.

High Medical or Disability Expenses

You may qualify if your expected medical or disability-related expenses are:

20% or more of your expected annual income

In this case, you can withdraw:

Up to the total amount of those expenses
Subject to a maximum of 50% of the YMPE

Do You Need Spousal Consent?

If you have a spouse or common-law partner, they are generally required to complete a spousal attestation form confirming:

Their consent to the withdrawal, or
That they are not entitled to the funds

This form must also be signed before a Notary Public or Commissioner for Oaths.

Required Forms for Financial Hardship Unlocking

Form 1: Financial Hardship Attestation

This form is required to apply for unlocking funds due to financial hardship under the Pension Benefits Standards Regulations, 1985.

https://www.osfi-bsif.gc.ca/sites/default/files/documents/2026-form1-formule1-instructions-en.pdf?v=1774637255575

Form 2: Spousal/Common-Law Partner Attestation

This form confirms spousal consent (if applicable).

Both forms typically require commissioning or notarization.

Form 2 Attestation Regarding Withdrawal Based on Financial Hardship

What Is an Attestation?

An attestation is a formal statement confirming that the information you are providing is true to the best of your knowledge.

These statements must be signed in front of a:

Notary Public
Commissioner for Oaths
Other authorized official