Skip Ribbon Commands
Skip to main content
About us
Who we are
Who we are Plan history
Plan history Governance
Governance Management
Management News
News Contact us
Contact us
About us Members Members Employers
Remit contributions
Remit contributions Employer procedures
Employer procedures Bulletins and updates
Bulletins and updates Employer FAQ
Employer FAQ
Employers Investing
Investment funds
Investment funds Making investment decisions
Making investment decisions Changing your investments
Changing your investments Historical unit prices
Historical unit prices Rates of return
Rates of return Pensions Fund
Pensions Fund Investor stories
Investor stories
Investing Forms and resources Forms and resources COVID-19
COVID-19
8/24/2021

‚Äč

Article last updated on October 6, 2021

Legislative update for our Manitoba members

Amendments to The Pension Benefits Act and The Pension Benefits Regulations of Manitoba came 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 has updated its processes and forms to reflect the changes to the Manitoba legislation and regulations. CSS will be reviewing and updating its educational materials and other member resources to ensure these reflect the changes. In the meantime, should you have any questions, please do not hesitate to contact us.

The Manitoba Pension Commission has updated its website to reflect the changes:


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