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Pensions Division |
What if I work in Saskatchewan but my plan is registered
in another province?
If you work in Saskatchewan and participate in a pension
plan offered by your employer, your pension entitlements will be governed by The
Pension Benefits Act 1992 of Saskatchewan.
The federal government and all provinces in Canada, except
Prince Edward Island, have pension benefits legislation. To simplify the administration of
pension plans, the jurisdictions with pension legislation have agreed to allow a pension
plan to be registered in the jurisdiction where most members are employed. Only about 360
of the almost 1,300 plans in Canada with plan members working in Saskatchewan are
registered with the Pensions Division.
Benefit standards, such as vesting and survivor benefits,
continue to be set by the jurisdiction in which you are employed. The regulator of the
jurisdiction of registration enforces the laws of other provinces. If you work in
Saskatchewan, but your plan is registered elsewhere, you should ensure that the plan
administrator understands your rights under Saskatchewan law, particularly on termination
of employment and retirement.
If you are employed in Saskatchewan at the date you
terminate employment or retire, then Saskatchewan’s LIRA and
RRIF rules will apply to your pension money no matter
where you live. For example, if you terminate employment in Saskatchewan, transfer your
pension money to a Saskatchewan LIRA and move to British Columbia, your money must remain
in a Saskatchewan LIRA. It cannot be transferred to a B.C. LIRA. However, nothing would
prevent a financial institution located in B.C. from administering a LIRA which met the
requirements of Saskatchewan regulations.
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