The Superintendents of Pensions, Nova Scotia and Saskatchewan, have published new Locked-in Retirement Account (LIRA) and Life Income Fund (LIF) schedules that will need to be sent to plan holders for their respective province. The update to the schedules follows the enactment of the new Pooled Registered Pension Plan (PRPP) of Nova Scotia and Saskatchewan on May 4th, 2016, and May 1st, 2016, respectively. The changes will allow LIRA and LIF holders to:
For Nova Scotia:
- Transfer from a PRPP to a LIRA
- Transfer from a LIRA to a PRPP (note that a LIF may not be transferred to a PRPP).
- Transfer from a PRPP to a LIF.
- Transfer in case of a division of pension entitlement between spouses: The part coming from a LIRA that is transferred to a spouse may also be transferred to a PRPP. However, this is not possible for assets transferred from a LIF.
- Spouse’s right in case of death: If the LIRA or LIF holder was not a former member of the PRPP, the spouse will not have the right to the death benefit.
- Transfer from a LIRA or a prescribed Registered Retirement Income Fund (pRRIF) (pRRIF is not a plan offered by GRS) to a Pooled Retirement Savings Account (PRSA) or a Pooled Retirement Income Account (PRIA).
- Transfer from a PRPP, PRSA or a PRIA to a LIRA or a pRRIF.
Note that GRS does not offer any of the new plans created by the Act.
We will also take this opportunity to inform the Saskatchewan LIRA holders of the possibility to unlock assets from their LIRA if they become non-residents of Canada.
On June 15th, 2016, the signing of the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (the PRPP Agreement) between the federal government and the participating provinces (such as Nova Scotia and Saskatchewan) allows these provinces to transfer a part of the administration of the provincial PRPP to the Office of the Superintendent of Financial Institutions (OSFI). Because of the PRPP Agreement, PRPP administrators will not need to request licenses for each province where a PRPP act was enacted, and OSFI will have general supervision over the PRPP.
Desjardins Insurance has sent by mail the prescribed schedules to the holders of a LIRA or LIF according to their province of accumulation.
If you have any questions, please contact Plan Sponsor Services at
1-888-510-4762 This link will launch your default phone software..