Nova Scotia amends regulations concerning locked-in transfers from LIFs to LIRAs
March 25, 2026
Effective February 17, 2026, the Government of Nova Scotia has amended the Pension Benefits Regulations (“Regulations”) under its Pension Benefits Act to no longer permit locked-in transfers from Life Income Funds (“LIFs”) to Locked-In Retirement Accounts (“LIRAs”).
The Pension Benefits Act permits unlocking of 50% of locked-in retirement funds where the owner is at least age 55. The amendments to the Regulations were made in response to concerns raised by financial institutions that the Regulations did not go far enough to stop individuals from unlocking more than 50% of their locked-in funds by transferring from a LIF to a LIRA and then back to a LIF, unlocking 50% each time.
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