1st Session, 62nd General Assembly
Nova Scotia
62 Elizabeth II, 2013
Allan MacMaster
Inverness
First Reading: December 6, 2013
Second Reading:
Third Reading:
Be it enacted by the Governor and Assembly as follows:
1 On or before March 31, 2014, 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 15 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 71 years of age;
(d) change the age for withdrawal under clause 22(1)(a) from 65 years to 55 years;
(e) change the age for withdrawal under Section 27 from 65 years to 55 years; and
(f) make such other changes that may be required to carry out effectively the content and purpose of clauses (a) to (e).