BILL NO. 87
(as introduced)
3rd Session, 63rd General Assembly
Nova Scotia
70 Elizabeth II, 2021
Government Bill
Pension Benefits Act
(amended)
The Honourable Labi Kousoulis
Minister of Finance and Treasury Board
First Reading: April 6, 2021
Second Reading: April 7, 2021
Third Reading: April 15, 2021 (LINK TO BILL AS PASSED)
Explanatory Note
(a) removes the Superintendent of Pensions’ responsibility with respect to financial hardship applications to commute or surrender retirement savings arrangements; and
(b) provides the Governor in Council with the authority to make regulations regarding such applications.
An Act to Amend Chapter 41
of the Acts of 2011,
the Pension Benefits Act
Be it enacted by the Governor and Assembly as follows:
1 (1) Subsection 91(4) of Chapter 41 of the Acts of 2011, the Pension Benefits Act, is amended by adding "conditions and" immediately after "such" the third time it appears in the third line.
(2) Subsections 91(5), (6) and (7) of Chapter 41 are repealed.
2 Subsection 139(1) of Chapter 41, as amended by Chapter 37 of the Acts of 2014, Chapter 48 of the Acts of 2015 and Chapter 21 of the Acts of 2019, is further amended by adding immediately after clause (ac) the following clause:
- (aca) prescribing retirement savings arrangements, circumstances or amounts and conditions and restrictions for the purpose of Section 91;
3 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2021 Crown in right of Nova Scotia. Created April 19, 2021. Send comments to legc.office@novascotia.ca.
