Newfoundland Govt. Considering Unlocking of Pensions Funds To Help Alleviate Financial Hardship

by Gerard Nash 0 Comments

Earlier this summer, our provincial government made an announcement. It’s considering amending rules around Locked in Pension Accounts. This may allow people access to a portion of their retirement income, if they’re experiencing sufficient financial strain.

The COVID 19 Pandemic has led to massive layoffs and job losses.
Financial pressures for many individuals has been created by this. As a result, our government has received numerous inquiries from individuals requesting access to their Retirement Assets.

Did you know this proposal is new for Newfoundland, but isn’t new to Canada?
In fact, you may qualify to unlock up to 50% of your holdings inside your Locked in account, if you live in Alberta, or you have a Federally regulated Locked in account.

If you have a Locked in account, there are some questions you may wish to consider. For example:

• Do I meet the eligibility requirements?
• How much money can I access?
• What type of account can be accessed?
• What impact will this have on my pension income?
• How frequently can I unlock my funds?

These are all very important questions. If you want to discuss what your options are, get in touch with us by clicking ‘Request A Meeting’ above. One of our Certified Financial Planners will be happy to answer your questions and review your best options with you.

For your reference, here’s a link to the Government news release from earlier this year: https://www.gov.nl.ca/releases/2020/servicenl/0729n01/

Yours in service,

Gerard Nash, B.Comm., CFP ®
Founder

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Gerard Nash

Gerard graduated from Memorial University of Newfoundland in 1996 with a Bachelor of Commerce Degree. In 2001, he earned the designation of Certified Financial Planner (CFP®) from the Financial Planning Standards Council of Canada. He holds many achievement awards from Freedom 55 including Wealth Advisor of the Year and Corporation of the Year. Gerard is passionate and thorough in building and protecting the wealth of existing and new clients. His practice is in it’s twenty-third year with London Life and Freedom 55 Financial (now Canada Life). In 2019, he incorporated his business under the name 'Principal Planning' and invited additional financial planners and advisors with the same commitment and competencies to join him in providing quality financial advice. Gerard is licensed in the provinces of Newfoundland and Ontario. He welcomes new financial inquiries, and promises excellent, honest advice. Gerard hails from the Cape Shore area in Newfoundland. He lives in St. John’s with his wife, Sharon, and their four children, Joshua, A.J., Connor, and Elizabeth. He is a huge basketball fan and can usually be found coaching and watching his kids basketball games on the weekends!