One-Time 50 Per Cent Unlocking Clause Samples

One-Time 50 Per Cent Unlocking. In Ontario, the contractholder may apply for a one-time withdraw or transfer to an RRSP or RRIF of an amount up to 50% of the total market value of the assets transferred into the SSQ LIF. The contractholder must apply to SSQ within 60 days after the assets are transferred into the SSQ LIF. The contractholder must complete the form prescribed by the applicable pension legislation and must be accompanied by a statement signed by the contractholder’s eligible spouse, if any, that the spouse consents to the withdrawal. If the assets are transferred into the SSQ LIF from another LIF, the contractholder cannot make such withdrawal or transfer unless the transfer into the SSQ LIF was made in accordance with the terms of an order under the family law act or a domestic contract as specified in the applicable pension legislation.