Amend LIRA unlocking rules

AI summary

Petitioners ask the House of Commons to amend the Pension Benefits Standards Act to allow flexible hardship unlocking of Locked-In Retirement Accounts for urgent debt consolidation and immediate financial relief.

AI summaries describe petitioners’ requests and claims. Consult the official record for the full text.

Official petition

Petition to the House of Commons The current rules governing the unlocking of federally regulated Locked-In Retirement Accounts (LIRAs) under the Pension Benefits Standards Act are excessively restrictive and outdated; Hard-working Canadian families face unprecedented increases in the cost of living that have significantly outpaced wage growth; and Forcing citizens to carry high-interest debt while their own earned retirement savings remain completely inaccessible actively undermines their current financial survival and family stability. We, the undersigned, citizens and residents of Canada, call upon the House of Commons to amend the Pension Benefits Standards Act to introduce more flexible, modern financial hardship unlocking triggers, explicitly allowing individuals to access their locked-in funds for critical debt consolidation and immediate relief from economic strain.

Government response

No government response is available yet.