Office of the Superintendent - Pension Commission

News


November 2019 - Government introduces legislation that would change The Pension Benefits Act

The Manitoba government announced on November 27, 2019 that it is moving ahead with reforms to strengthen its current pension benefits legislation and provide Manitobans more flexibility. The proposed changes are based on recommendations from the Pension Commission and feedback from online consultation.

The amendments would:

  • permit individuals with funds in Manitoba locked-in accounts with a financial institution to unlock funds under certain financial hardships;
  • allow individuals to fully unlock funds in Manitoba locked-in accounts with a financial institution if they have attained age 65 to give them greater flexibility to manage their own retirement funds;
  • in the event of a relationship breakdown, allow parties to split pension assets up to 50 per cent based on their individual circumstances, rather than choose between the currently mandated 50-50 split or no division;
  • remove the requirement for the commission to approve requests for one-time 50 per cent unlocking of a person’s pension funds, in order to reduce red tape;
  • introduce small modernization measures to reduce administrative inefficiencies; and
  • relax the solvency funding rules for a defined benefit pension plan while still providing a level of protection for members’ benefits.

Bill 8, The Pension Benefits Amendment Act, can be viewed at http://web2.gov.mb.ca/bills/42-2/b008e.php

January 2018 - Consultation - Five Year Review

November 2017 – Pooled Registered Pension Plans

The Pooled Registered Pensions Plans (Manitoba) Act and Pooled Registered Pension Plans Regulation came into force August 1, 2017.  Manitoba entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans effective November 15, 2017.  The legislation allows licensed providers to offer Pooled Registered Pension Plans (PRPPs) to employees of employers and self employed individuals in Manitoba. 

Pension Benefits Regulation 80/2017 came into force August 1, 2017.  The regulation allows transfers to and from PRPPs to Locked-in Retirement Accounts, Life Income Funds and Registered Pension Plans.

August 2017 – Pooled Registered Pension Plans

The Pooled Registered Pensions Plans (Manitoba) Act and Pooled Registered Pension Plans Regulation came into force August 1, 2017.  The legislation will allow licensed providers to offer Pooled Registered Pension Plans (PRPPs) to employees of employers and self employed individuals in Manitoba once Manitoba signs on to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (Multilateral Agreement).

Pension Benefits Regulation 80/2017 came into force August 1, 2017.  The regulation will allow transfers to and from PRPPs to Locked-in Retirement Accounts, Life Income Funds and Registered Pension Plans once Manitoba signs on to the Multilateral Agreement.