The Saskatchewan Pension Benefits Amendment Act, 2022 got its second reading in Regina last week as the government says it wants to encourage pension plan administrators and employers to comply with the rules.
When the bill was introduced last November, the government said that its aim is to have more options to fund and access retirement savings. There are 486 registered plans in the province.
As well the government statement indicates that the Pension Benefits Act, 1992 is being updated to “promote voluntary compliance and deter contravention of the legislation, as well as cost orders, special penalties, and administrative penalties.”
Another feature aims to provide support to employers offering defined contribution plans like a variable payment life annuity. More details can be found on the government’s website and the Financial and Consumer Affairs Authority.
The bill also seeks to align provincial legislation with amendments to the federal Income Tax Act, reads the government release.