(as introduced)

3rd Session, 61st General Assembly
Nova Scotia
60 Elizabeth II, 2011

Private Member's Bill

Pension Benefits Act

Allan MacMaster

First Reading: May 6, 2011

Second Reading:

Third Reading:

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An Act to Provide Greater Flexibility
for Nova Scotians' Retirement Savings
in Locked-in Accounts

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 fifteen per cent of the value transferred to be removed from the plan each year and provide that 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).

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