The province is asking for comments on their Pension Benefits Act Review.
The Pension Commission of Manitoba has reviewed the province’s pension laws to update and strengthen the existing system. For the next 6 weeks a public consultation on the various recommendations is open and available online.
Some of the recommendations are:
- introducing a target benefit or shared risk plan framework for defined benefit pension plans as another option to encourage defined benefit pension plans;
- introducing a new funding regime based on enhanced going concern funding and a lower solvency funding threshold of 85 per cent; and
- allowing greater flexibility for individuals to access locked-in pension funds due to financial hardship.
You can give your thoughts at www.gov.mb.ca/labour/pension.
