2nd Session, 61st General Assembly
Nova Scotia
59 Elizabeth II, 2010
Allan MacMaster
Inverness
First Reading: December 10, 2010
Second Reading:
Third Reading:
Be it enacted by the Governor and Assembly as follows:
1 On or before December 31, 2011, the Governor in Council shall amend the Pension Benefits Regulations made pursuant to the Pension Benefits Act to
(a) permit the transfer of the assets in a locked-in retirement account (LIRA) to a restricted locked-in savings plan;
(b) permit up to fifty per cent of the value transferred to be removed from the plan within sixty days of its establishment and provide no notarization of the request is required;
(c) permit the balance of the plan to be converted to a restricted life income fund at any time but no later than December 31st in the year that the planholder becomes seventy-one years of age;
(d) change the age for withdrawal under clause 22(1)(a) from sixty-five years to fifty-five years;
(e) change the age for withdrawal under Section 27 from sixty-five years to fifty-five years; and
(f) make such other changes that may be required to carry out effectively the content and purpose of clauses (a) to (e).