Language

Google Translate Disclaimer

A number of pages on the Government of Saskatchewan's website have been professionally translated in French. These translations are identified by a yellow box in the right or left rail that resembles the link below. The home page for French-language content on this site can be found at:

Renseignements en Français

Where an official translation is not available, Google™ Translate can be used. Google™ Translate is a free online language translation service that can translate text and web pages into different languages. Translations are made available to increase access to Government of Saskatchewan content for populations whose first language is not English.

Software-based translations do not approach the fluency of a native speaker or possess the skill of a professional translator. The translation should not be considered exact, and may include incorrect or offensive language. The Government of Saskatchewan does not warrant the accuracy, reliability or timeliness of any information translated by this system. Some files or items cannot be translated, including graphs, photos and other file formats such as portable document formats (PDFs).

Any person or entities that rely on information obtained from the system does so at his or her own risk. Government of Saskatchewan is not responsible for any damage or issues that may possibly result from using translated website content. If you have any questions about Google™ Translate, please visit: Google™ Translate FAQs.

Saskatchewan Makes Funds In Locked-In Retirement Accounts Accessible For People In Need

Released on November 24, 2021

The Government of Saskatchewan has put in place new measures that will allow people facing financial hardship to withdraw a portion of their funds from their locked-in retirement accounts (LIRA) under certain circumstances. Under the new rules to access the funds, LIRA holders will be able to apply to the financial institution which issued the LIRA. 

"These regulations are intended to allow individuals facing financial difficulties early access to funds from a LIRA, which would typically be locked in until age fifty-five," Justice Minister and Attorney General Gordon Wyant said. "Unforeseen circumstances can occur, and this change will allow flexibility for people with funds in a LIRA." 

How does an individual apply for financial hardship unlocking?

The new regulations were passed on November 18, 2021. In order to provide financial institutions time to modify their systems and train their staff, the regulations will come into force on March 18, 2022 and applications can be made on or after this date. 

To access funds, the LIRA holder will need to submit required documentation with their application to the financial institution that issued the LIRA. The application forms will be available shortly before March 18, 2022.

What are the financial hardship circumstances?

Individuals applying for financial hardship unlocking will be able to apply to unlock under the following circumstances: low expected income, medical expenses, threat of eviction or foreclosure, or funds required to secure a new principal rental residence. 

For more information about the new regulations and criteria, visit the Unlocking Pension Money Bulletin. 

For inquiries or more information, the Pensions Division of the Financial and Consumer Affairs Authority of Saskatchewan can be contacted at pensions@gov.sk.ca or 306-787-7650.

-30-

For more information, contact:

Lana Guthrie
Financial and Consumer Affairs Authority
Regina
Phone: 306-787-5567
Email: lana.guthrie2@gov.sk.ca

We need your feedback to improve saskatchewan.ca. Help us improve