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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PROTECTING RETIREMENT PLANS OF SELF-EMPLOYED

Released on April 10, 2002

Legislation introduced today will protect the RRSPs and other retirement

funds of self-employed people from debt collection in the same way wage

earners' pensions are protected.



"It's a matter of simple fairness for small business owners, farmers,

professionals and other entrepreneurs," Justice Minister Chris Axworthy

said. "This change will provide the same level of protection for

retirement savings from creditors as pension plans of wage earners receive."



Currently, pension plans are generally exempt from collection measures by

creditors to ensure people who have saved their own money for retirement

are not left destitute in retirement. Self-employed people do not usually

have pension plans.



The Registered Plan (Retirement Income) Exemption Act will protect the

three main types of retirement vehicles used by the self-employed:

registered retirement savings plans (RRSPs), registered retirement income

funds (RRIFs) and deferred profit sharing plans.



The protection will apply only while the funds remain locked in a

registered plan. Any early withdrawal of funds would be subject to

standard debt collection methods. As well, enforcement efforts under The

Enforcement of Maintenance Orders Act will also be possible in the same

manner as pensions.



This act is based on a Uniform Law Conference bill developed on a national

basis. It is anticipated other jurisdictions will adopt similar

legislation in the near future.



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For more information, contact:



Debi McEwen

Saskatchewan Justice

Regina

Phone: 787-6043

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