Office of the Superintendent - Pension Commission

OSPC - FAQS - Overview of Manitoba Pension Laws

Locking In

1. What is "locking in?"

   Locking in means that you cannot withdraw your vested benefits as a lump sum. You must use them to provide retirement income.

2. When am I "locked in?"

   Under the act, all benefits earned after July 1, 1976 are locked in. There is an exception to this - a member who is at least 45 years old, and has 10 years of service, may unlock 25 percent of the value of the pension earned between July 1, 1976 and December 31, 1984.

3. What are voluntary additional and optional ancillary contributions?

   Voluntary additional contributions are contributions that a member can voluntarily elect to make to a pension plan, if the plan permits this type of contribution. The accumulated contributions, plus investment earnings, are used to purchase a pension at retirement.

   Optional ancillary contributions are contributions that a defined benefit pension plan member can elect to make to the plan to buy enhanced plan benefits, if the plan permits.

4. Are voluntary and optional ancillary contributions locked in?

   No, voluntary contributions and optional ancillary contributions are not locked in.

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