N.S. Government makes changes to rules around pensions

The Nova Scotia Government announced changes to rules around pensions.

As of April 1 of next year, Nova Scotians aged 55 and up will be have a one-time option of taking out a lump sum of up to 50 percent of their funds when transferring to a life income fund.

Under the current rules, most money taken out of a pension plan are locked in to be used as a periodic income. It cannot be taken out as a lump sum unless certain conditions are met.

“Most provinces and territories already provide people with this level of flexibility so they can plan accordingly and maintain their standard of living,” said Finance and Treasury Board Minister Timothy Halman.

The province said other changes include eliminating the need to file LIF contracts and amendments with the superintendent of pensions as well as a new requirement for pension-plan statements to be sent to former and retired members every two years.