Amendments to Manitoba's Pension Benefits Act (PBA) through Bill 8, announced by Finance Minister Scott Fielding, will modernize legislation to protect individuals during financial hardship and provide easier access to locked-in funds. The changes, effective October 1st, 2021, will allow individuals to unlock funds in cases of severe financial need and offer more flexibility for those aged 65 and over. Additionally, pension assets can now be split based on shared circumstances during relationship breakdowns, and administrative red tape will be reduced for unlocking funds.
Check the 2024 Annual Report for detailed insights on investments, membership, finances, and trustees, aimed at non-teaching employees of Manitoba Public School Boards.
Pension statements are due to plan members by June 30th each year, following the calendar year-end. Ellement is currently reconciling each member’s account balance as part of the year-end accounting process, which must be completed before statements can be distributed.
