Pension benefits improved for B.C. residents

Instances on West Shore have prompted frustration over current set-up, financial planner says

New standards governing workplace pension plans took effect last month and are meant to improve pension coverage options and security for more than 900,000 British Columbians covered by employer sponsored pension plans.

The new Pension Benefits Standards Act accommodates alternative plan designs such as target benefit plans and plans that are jointly-sponsored by employers and employees. It is meant to also improve plan governance by strengthening disclosure requirements and requires all plans to be covered by a governance policy.

It also provides former plan members with greater access to locked-in retirement accounts or locked-in life income funds. These funds may now be accessed for reasons of financial hardship in certain circumstances and an annual limit on withdrawn funds will be applied.

Dale Collins, owner of Prosperity Planning in Langford, said she’s had several occasions where a client has become ill and cannot access their locked-in RRSP, which can be very frustrating and limiting.

She said anytime there are more options for West Shore employers to offer pension plans, it’s a benefit, adding that hardworking families need help saving for retirement.

This new act applies to all employment pension plans registered in B.C. as well as plans registered elsewhere that have members employed in the province.

katie@goldstreamgazette.com

Just Posted

Greater Victoria teachers experienced more than 30 incidents of violence from students in one month

Shuttered behavioural programs, lack of resources creates challenges for local schools

Esquimalt High robotics team heads to international competition

The Esquimalt Atom Smashers will participate in the FIRST Robotics Canada competition

Canadian alcohol policy gets failing grade from UVic researchers

Canadian provinces and territories collectively achieved less than half of their potential to reduce alcohol related harm

Island playoffs underway at Oak Bay High

Home team vies for fifth straight Island title

Sell regulated heroin to curb B.C.’s overdose problem: report

B.C. Centre on Substance Use points to organized crime and money-laundering as contributing factors

POLL: Will you be wearing pink to take a stand against bullying

Schools and workplaces across Greater Victoria and around the province will be… Continue reading

Galchenyuk scores in OT as Coyotes edge Canucks 3-2

Vancouver manages single point as NHL playoff chase continues

B.C. legislature moving suspended staff controversy to outside review

Whale watching, Seattle Mariners trips billed as emergency preparedness, Speaker Darryl Plecas says

More people signing up for compulsory vaccines

Maple Ridge mom says public tired of hearing about measles

UPDATE: Man charged in stabbing of woman, off-duty cop outside B.C. elementary school

Manoj George, 49, is facing two counts of aggravated assault and two counts of assault with a weapon after the incident on Wednesday, Feb. 20.

Federal fisheries minister calls for precautionary approach to fish farming

Government still reviewing Federal Court’s decision on PRV – Wilkinson

Why do zebras have stripes? Perhaps to dazzle away flies

Researchers from University of Bristol look into why zebras have stripes

Poll: More voters believe Canada doing worse under Trudeau government

22 per cent believed the country is doing better and 27 per cent said things are the same

Most Read