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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CREDITOR PROTECTION FOR RRSPs

Released on February 24, 2003

Legislation to protect RRSPs and other registered retirement funds from debt collection in the same way pensions are protected will come into force on March 4th, 2003.

"It's a matter of simple fairness for small business owners, farmers, professionals, and other entrepreneurs," Justice Minister Eric Cline said. "This change will provide the same level of protection from creditors for retirement savings in these registered plans as the pension plans of wage earners receive."

Currently, pension plans are generally exempt from collection measures by creditors to ensure people who have saved 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: registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), and deferred profit sharing plans.

The protection will apply only while the funds remain 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 with respect to pensions.

This act is based on a Uniform Law Conference bill developed on a national basis. It is anticipated other jurisdictions will be taking steps to adopt similar legislation.

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For More Information, Contact:

Debi McEwen
Justice
Regina
Phone: 306-787-6043
Email: dmcewen@justice.gov.sk.ca

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