Locked-in definition
Locked-in means that the deferred pension to which a Member or the surviving spouse of a deceased Member is entitled on termination of employment or death of the Member may not be commuted for cash, in accordance with the Pension Benefits Act, other than for small pensions in accordance with Paragraph 10.8.
Locked-in means that the pension plan funds must be used to provide a lifetime benefit;
Locked-in means any restrictions or limitations imposed by the applicable pension legislation. If your deposits come from a pension plan (as defined in federal or provincial pension legislation), they continue to be locked-in under the Policy.
More Definitions of Locked-in
Locked-in means funds can only be used for retirement income and are not available as a cash refund at any time, even after retirement.
Locked-in means that your funds cannot be withdrawn before age 55 (earliest age a pension may be received under the Pension Plan), and can only be used to generate a pension/payment benefit or be transferred to a life income fund.
Locked-in means a benefit which cannot be taken as a cash payment by the Member or Spouse.
Locked-in means, with reference to contributions made to the Plan, that the Member’s Required Account and City Account must be used to provide a retirement benefit for the Member. Locking-in occurs upon the earlier of:
Locked-in means that you must use the lump sum to provide a lifetime pension. If your pension is a “Small Pension”, you may either transfer the value to a
Locked-in means that the pension money payable to you is to be used only for the purpose of providing you with a lifetime retirement income. In other words, once your pension benefits are locked in, you normally cannot take the money out of the pension plan as a lump sum cash payment.
Locked-in means retirement accounts that are governed by federal or provincial pension legislation; “LRIF” means "locked-in retirement income fund" as defined in applicable pension legislation;