Tories introduce bill to make it easier for Manitobans to access their pensions
Legislation would allow people to access their pension money more easily in an emergency
The Progressive Conservative government introduced legislation Wednesday to make it easier for Manitobans to access their pension funds in the event of an emergency.
Under the Pension Benefit Amendment Act, Manitobans would be able to unlock their pension funds if they are facing a financial hardship, such as medical costs.
However, Manitobans will have to prove there is an actual, urgent need to access these funds, explained Finance Minister Scott Fielding.
"That's based on bills. We're not going to just give you a certain amount of money and you can do things, you need to provide some bills," he said.
"So there are some checks and balances I would say on that parameter."
The legislation would also allow individuals to negotiate the split of pension assets in the event of a relationship breakdown, rather than choose between the currently mandated 50/50 split, or no division at all.
As well, it would allow Manitobans to access all of their locked-in pension monies with a financial institution when they turn 65, to allow them to manage their own retirement funds.
Fielding said the changes are similar to what's been done in other provinces. They are the result of a recommendations from a commission tasked with reviewing pension policy in Manitoba and feedback from online consultation.