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COVID-19
4/6/2020

Variable Benefit (VB) changes made amid COVID-19 pandemic


Minimum withdrawal changes

On March 25, 2020, the Government of Canada enacted changes to the 2020 minimum withdrawal amount for registered retirement income funds (RRIFs) and Variable Benefit (VB) payments made from defined contribution pension plans and pooled registered pension plans in the wake of the COVID-19 pandemic.

Under the new legislation, the required minimum withdrawal amount for members receiving VB payments from the CSS Pension Plan will be reduced by 25% in 2020. For example, if the 2020 minimum amount would have been $10,000, the reduced minimum amount will be $7,500. The change will not affect VB recipients who have already withdrawn more than the reduced minimum amount.

The minimum withdrawal changes are applicable for 2020 only and will not be carried forward in future years.

The new set of measures aims to help stabilize the economy as part of the Government of Canada’s COVID-19 Economic Response Plan.

For more information on this change, please visit the Government of Canada’s website.

 

VB payment change fee waived

As part of the CSS Pension Plan’s commitment to support our members during this challenging period, we will be waiving administration fees for VB payment changes.

Historically, members were allotted one free VB payment change per calendar year with a $50 fee charged thereafter. Effective April 6, 2020, the $50 fee will be waived for subsequent payment changes made by VB recipients.

For more information on this change, please contact us.