Office of the Superintendent - Pension Commission

News

December 2021 - The Pension Benefits Amendment Act and Pension Benefits Regulation

The Pension Benefits Regulation, amendment (Regulation 142/2021, registered on December 17, 2021) came into force on December 20, 2021.

For further details, please see https://news.gov.mb.ca/news/?archive=&item=52977.

The Pension Benefits Regulation, amendment is available at: https://web2.gov.mb.ca/laws/regs/annual/2021/142.pdf

August 2021 - Bill 8, The Pension Benefits Amendment Act and Pension Benefits Regulation

The Pension Benefits Amendment Act and its accompanying Pension Benefits Regulation, amendment (Regulation 63/2021, registered on August 12, 2021) came into force on October 1st, 2021.

For further details, please see https://news.gov.mb.ca/news/?archive=&item=52139

The Pension Benefits Amendment Act is available at: https://web2.gov.mb.ca/laws/statutes/2021/c01421e.php#18

The Pension Benefits Regulation, amendment is available at: https://web2.gov.mb.ca/laws/regs/annual/2021/063.pdf

Pooled Registered Pension Plans Regulation, amendment is available at: https://web2.gov.mb.ca/laws/regs/annual/2021/064.pdf

June 2021 - Bill 8, The Pension Benefits Amendment Act

The Pension Benefits Amendment Act received Royal Assent on May 20, 2021. However, amendments are required to The Pension Benefits Regulation (Regulation) to support Bill 8.

The Regulation is also subject to a mandatory 45 day public consultation. We continue to work diligently to implement these changes. Once the Regulation is finalized, forms and accompanying communication will be published on our website.

A public announcement will be made once the legislation is proclaimed.

November 2019 - Government introduces legislation that would change The Pension Benefits Act

The Manitoba government announced on November 27, 2019 that it is moving ahead with reforms to strengthen its current pension benefits legislation and provide Manitobans more flexibility. The proposed changes are based on recommendations from the Pension Commission and feedback from online consultation.

The amendments would:

  • permit individuals with funds in Manitoba locked-in accounts with a financial institution to unlock funds under certain financial hardships;
  • allow individuals to fully unlock funds in Manitoba locked-in accounts with a financial institution if they have attained age 65 to give them greater flexibility to manage their own retirement funds;
  • in the event of a relationship breakdown, allow parties to split pension assets up to 50 per cent based on their individual circumstances, rather than choose between the currently mandated 50-50 split or no division;
  • remove the requirement for the commission to approve requests for one-time 50 per cent unlocking of a person's pension funds, in order to reduce red tape;
  • introduce small modernization measures to reduce administrative inefficiencies; and
  • relax the solvency funding rules for a defined benefit pension plan while still providing a level of protection for member's benefits.

Bill 8, The Pension Benefits Amendment Act, can be viewed at https://web2.gov.mb.ca/bills/42-2/b008e.php

June 2019 - Government proposes amendments to The Pension Benefits Act

The Manitoba Government announced on June 11, 2019 that it is committing to introducing legislative amendments in the fall of 2019 that would strengthen the current pension benefits legislation and address the needs of pension members with their desire for more flexibility. The proposed legislative changes to The Pension Benefits Act are based on recommendations from the Pension Commission of Manitoba, and input provided by Manitobans during public consultations in 2018.  The proposed changes include:

  • providing individuals with greater flexibility in managing their retirement funds,
  • preventing some individuals from facing severe financial hardship due to the inability to access their funds,
  • addressing funding challenges faced by plan sponsors,
  • providing solvency relief while still providing protection for memberâ€TMs benefits, and
  • giving parties flexibility to divide pensions based on their individual circumstances, in the event of a relationship breakdown.

January 2018 - Consultation - Five Year Review