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.
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.
Canada Post negotiations may disrupt mail services. Measures are in place to ensure seamless pension and benefits administration, including email and fax submission options.
