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ARTICLE · 06 APRIL 2026

2026 Ontario Budget: Pension And Benefits Updates

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On March 26, 2026, the Ontario government released the 2026 Ontario Budget: A Plan to Protect Ontario...

CanadaEmployment and HR
Jenifer Elmy
Jenifer Elmy
Stephanie Kalinowski
Stephanie Kalinowski
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On March 26, 2026, the Ontario government released the2026 Ontario Budget:A Plan to Protect Ontario (the Budget), along with the Plan to Protect Ontario Act (Budget Measures), 2026 (Bill 97). The Budget outlines several initiatives that will be of interest to employers and pension plan administrators.

What you need to know

  • Plan administrators may apply to extinguish the rights and benefits of former members and retirees who are unlocatable and at least 100 years old, provided the plan administrator has conducted required searches and satisfied the prescribed waiting period to be set out in the regulations.
  • Full unlocking will be available to (i) account holders who have reached the early retirement age under the terms of the pension plan; and (ii) account holders under the age of 55 and whose total balance in the locked-in account is less than 40% of the Year's Maximum Pensionable Earnings ($29,840 in 2026).

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