Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.
Norbert Collette's Submission in Response to Finance Canada's Regulatory Framework for Federally Regulated Defined Benefit Pension Plans consultation:
Manitoba has introduced and is now permitting a 50% one time lump transfer of locked-in pension moneys to a RRIF account which makes funds more accessable in need. This makes part of a lockin account flexible as opposed to the restricted current option. as a RRIF removes the maximum option.The disadvantage is of course is a chance of outliving the income and having a reduced pension. With proper planning from an advisor I beleive this to be a solution to many people who may be in a situation of being asset rich and cash poor. In other words needing more income at a time for them to enjoy their retirement with less financial stress. Maybe the federal government should look into this.I understand that pension legislation is provincially legislated and could be different for all provinces.
Norbert Collette CFP