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.
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affect VB recipients who have already withdrawn more than the reduced minimum
minimum withdrawal changes are applicable for 2020 only and will not be carried
forward in future years.
new set of measures aims to help stabilize the economy as part of the
Government of Canada’s COVID-19 Economic Response Plan.
more information on this change, please visit the Government of Canada’s website.
payment change fee waived
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
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.
more information on this change, please contact us.