Postal Service Disruption | Interruption des services postaux

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Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.

Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.

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PENSION RESTRICTIONS TO BE REMOVED

Released on October 17, 2001

Proposed changes to pension regulations in Saskatchewan will give retirees

more control over their retirement income.



"The government is committed to responding to the needs of retired people,"

Justice Minister Chris Axworthy said. "This change will give retirees a

greater ability to manage their own affairs."



Amendments to The Pension Benefits Regulations will allow a registered

retirement income fund (RRIF) to be recognized as a pension choice. People

with locked-in retirement accounts will have the option of converting their

pension funds into RRIFs in the same way registered retirement savings

plans (RRSP) are converted to RRIFs.



The change will remove the withdrawal limits imposed by current regulations

on life income funds (LIF) and locked-in retirement income funds (LRIF).

Instead of a fixed monthly income, or an income that varies with investment

returns, retirees will have the ability to determine for themselves their

level of income.



Money in existing LIFs and LRIFs will become eligible for conversion to

RRIFs. Pension money will continue to be locked-in until retirement.



The changes will take effect once the amdendments have been finalized.



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For more information, contact:



Jeff Bohach

Justice

Regina

Phone: (306) 787-5657

e-mail: jbohach@justice.gov.sk.ca

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