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8/24/2021

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Legislative update for our Manitoba members

Amendments to The Pension Benefits Act and The Pension Benefits Regulations of Manitoba will come into force on October 1, 2021

 

The changes that may be of most interest to our Manitoba members include:

  • Allowing a person who transfers their accrued pension benefit to a locked-in retirement account (LIRA) or life income fund (LIF) to: 

    • after reaching age 65, unlock 100% of the amount by withdrawing it or by transferring it to a registered retirement savings plan (RRSP), a registered retirement income fund (RRIF), or to a pension plan (if the plan allows); 

    • at any age, unlock all or part of the amount on the grounds of certain hardship scenarios; and

    • after reaching age 55, unlock 50% of the amount by transferring it to a prescribed registered retirement income fund (pRRIF), with no requirement to obtain pre-approval from the Manitoba Pension Commission.

  • Greater flexibility in dividing pension assets after a relationship breakdown.

  • Clarification that the small pension commutation rule applies to a division of assets.

CSS is currently reviewing the changes to the Manitoba legislation and regulations to ensure our processes, forms, educational materials, and other member resources reflect the changes by October 1, 2021, when these changes come into effect in Manitoba. In the meantime, should you have any questions, please do not hesitate to contact us.

Further information is also available in the Manitoba government news release of August 17, 2021.