A A A

Second Session, Thirty-Seventh Legislature

This version is based on the printed bill that was distributed in the Legislature after First Reading.
It is not the official version.   If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications.

BILL 6

THE PENSION BENEFITS AMENDMENT ACT


Explanatory Note

(Assented to                                         )

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. P32 amended

1         The Pension Benefits Act is amended by this Act.

2         Subsection 21(11) is amended

(a) in the section heading, by striking out "Employers" and substituting "Employee's"; and

(b) in the subsection,

(i) by striking out "not less than ½ of the commuted value of any deferred life annuity provided in accordance with clause (2)(a) shall be provided by the contributions to the plan by the employer and", and

(ii) by adding "or her" after "his" in the English version.

Coming into force

3         This Act comes into force on the day it receives royal assent.

Explanatory Note

Under The Pension Benefits Act, pension plans must provide that

  • no more than 50% of the value of a member's pension is funded by his or her contributions and interest on those contributions; and
  • 50% of the value is funded by employer contributions.

This Bill changes the requirement respecting employer contributions.