Changes to Alberta’s Employment Pension Plans Act regulations mean that workers leaving a registered pension plan will have greater access to their retirement savings, the province’s finance ministry says.

Effective November 1, people have a one-time option to unlock up to 50% of their locked-in pension contributions after exiting an eligible pension plan. To qualify, workers must be at least 50 years of age and have written consent from their pension partner.

The unlocking option is exercised when income starts to be withdrawn from locked-in retirement savings. This occurs when funds from a Locked-in Retirement Account or eligible pension plan are transferred to a life annuity, Life Income Fund, or Defined Contribution Retirement Income Account.

“Albertans are looking for greater flexibility in managing their retirement savings,” says Finance Minister Shirley McClellan. “The regulation changes strike the right balance. Half of the eligible retirement savings will remain locked to ensure Albertans have a stable source of income during their senior years, while the remaining amount can be unlocked to allow increased individual control over retirement income.”