Pensions Division Suite 601, 1919 Saskatchewan Drive REGINA SK S4P 4H2 Phone (306) 787-7650   Fax (306) 787-9006

The Pensions Division protects the accrued or accumulated pension entitlements of plan members from undue loss and promotes the equitable treatment of plan members.

The most recent changes to legislation are:

• The Pension Benefits Amendment Regulations, 2006 are in effect as of May 10, 2006.  These amendments permit defined contribution pension plans to offer a Variable Benefit payable directly from the plan to members and former members who are eligible to retire.  For further details concerning these amendments please refer to our publication Highlights of The Pension Benefits Amendment Regulations, 2006.

• The Pension Benefits Amendment Act, 2004 was proclaimed effective June 1, 2005, along with The Pension Benefits Amendment Regulations, 2005.  For further details concerning these amendments please refer to our publication Update Concerning The Pension Benefits Amendment Act, 2004.
   
• The Pension Benefits Amendment Regulations, 2002 are in effect as of April 1, 2002. The new regulations provide Saskatchewan retirees with more flexibility in managing their financial affairs by allowing money in existing life income funds (LIF) and locked-in retirement income funds (LRIF) to be transferred to a prescribed registered retirement income fund (RRIF).

Individuals interested in transfering money to a RRIF should read Retirement Options for details about the RRIF, implications for their spouse, and the procedure for establishing a RRIF.  Financial institutions that issued LIRA, LIF and LRIF contracts should read Highlights of The Pension Benefits Amendment Regulations, 2002 for details on amending existing LIRA contracts and for the contractual provisions required to establish a new RRIF Contract.

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