Finance and Treasury Board Minister Randy Delorey announced today, Nov. 19, amendments to the Pooled Registered Pension Plans Act. The amendments allow money from them to flow into other retirement savings plans under the Pension Benefits Act. This will ensure workers have consistent options and protections when they retire, regardless of whether they have been saving through a defined contribution pension plan or a Pooled Registered Pension Plan. In Fall 2014, the act was passed, but did not take effect because it was not proclaimed. It is expected they will be available in Nova Scotia in 2016, following completion of regulations and a multi-lateral agreement between the federal government and participating provinces. Pooled Registered Pension Plans will provide a low-cost, regulated retirement savings option for employers, employees and the self-employed across the province.
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