(March 6 -14:15 ET) – The Ontario Pension Benefits Act has been amended to allow retirees to get their hands on the money in their Locked-In Retirement Accounts, Life Income Funds, and Locked-in Retirement Income Funds under certain circumstances.

Individuals can apply to their financial institutions for access to their money under a variety of situations including:

>where they have a note from their doctor attesting that they have less than two years to live;
>where the total value of all assets held in their Ontario locked-in accounts is less
than 40% of the year’s Maximum Pensionable Earnings ($15,040 for 2000)

To get the money out pensioners must apply to the relevant financial institution on a form approved by the Superintendent of Financial Services. These forms and instructions are available from the Forms menu on the Financial Services Commission of Ontario’s website.