BILL NO. 68
1st Session, 60th General Assembly
55 Elizabeth II, 2006
Private Member's Bill
Pension Benefits Act
First Reading: November 1, 2006
Second Reading: November 10, 2006
Third Reading: November 23, 2006 (WITH COMMITTEE AMENDMENTS) (LINK TO BILL AS PASSED)
An Act to Amend Chapter 340
of the Revised Statutes, 1989,
the Pension Benefits Act
Be it enacted by the Governor and Assembly as follows:
1 Chapter 340 of the Revised Statutes, 1989, the Pension Benefits Act, is amended by adding immediately after Section 73 the following Section:
73A (1) Notwithstanding any other enactment, upon application, the Superintendent may consent to the commutation or surrender, in whole or in part, of a prescribed life income fund or a prescribed locked-in retirement account, if the Superintendent is satisfied as to the existence of prescribed circumstances of considerable financial hardship.
2 Subsection 105(1) of Chapter 340, as amended by Chapter 29 of the Acts of 2000 and Chapter 21 of the Acts of 2002, is further amended by adding immediately after clause (va) the following clause:
(2) The owner of a prescribed life income fund or a prescribed locked-in retirement account may apply in writing, or by any other prescribed means, to the Superintendent for his or her consent under subsection (1).
(3) Notwithstanding any other enactment, upon consent by the Superintendent to the commutation or surrender, in whole or in part, of a prescribed life income fund or a prescribed locked-in retirement account, the amount surrendered must not be considered when determining, for the purpose of any other Act, the income or assets available to a person.
(vaa) prescribing life income funds and locked-in retirement accounts and circumstances of considerable financial hardship for the purpose of and respecting applications pursuant to Section 73A;
3 This Act has effect on and after March 31, 2007.
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