BILL NO. 75
(as introduced)
4th Session, 61st General Assembly
Nova Scotia
61 Elizabeth II, 2012
An Act to Provide Greater Flexibility
for Nova Scotians' Retirement Savings
in Locked-in Accounts
Allan MacMaster
Inverness
First Reading: May 3, 2012
Second Reading:
Third Reading:
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, 2012, 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).
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2012 Crown in right of Nova Scotia. Created May 3, 2012. Send comments to legc.office@novascotia.ca.
