Minister Releases Discussion Paper on Private Pensions

Finance Minister Don Downe has released a discussion paper on possible changes to the rules governing private pensions in the province. The changes would offer greater clarity and more flexibility in the treatment of private pensions.

"Pensions are an important issue for many people in Nova Scotia", said Mr. Downe. "We want public consultation and discussion before we move forward on changing the rules."

The discussion paper outlines six areas where pension officials believe there may be a need for change. Those areas include: clarifying the ownership of private pension surpluses; treatment of Life Income Funds; access to money in locked-in RSP's; pension division on marriage breakdown; rules for multi-employer pension plans; and rules for same-sex couple spousal pension benefits.

The consultation process was set out in the budget for 1998-99. After discussion with the public and interested experts, the Department of Finance intends to legislate any recommended changes.

For more information on the process, please contact Bruce Cameron at the Department of Finance, 902-424-2038. Comments or suggestions can be mailed to Nancy MacNeill Smith, Superintendent of Pensions, P.O. Box 371 Halifax B3J 2P8, or e-mailed to [email protected]