The new Pension Benefits Standards Act (PBSA) legislation came into force on September 30, 2015. Below is a summary of changes that may be of interest to our members:
- Maximum Withdrawal Amounts for LIF-Type Payments: Under the new PBSA, the maximum withdrawal amounts for LIF-Type Payments have increased. The new maximum percentages are posted on the Plan’s website at Minimum & Maximum Annual LIF Withdrawal Limits page.
- All Post-1992 benefits are locked-in immediately: Prior to September 30, 2015, post-1992 benefits were locked-in after two years. Under the new rules, they are now locked-in immediately.
A full summary of the PBSA changes is available at fic.gov.bc.ca/index.aspx?p=pension_plans/bulletins.