Nova Scotians have a new retirement savings option.
Pooled Registered Pension Plans are now available to Nova Scotians to help ensure financial security during retirement.
Nova Scotia passed the Pooled Registered Pension Plan Act in fall 2014. Government signed a multilateral agreement earlier this summer with several provinces and the federal government.
Under the agreement, the federal Office of the Superintendent of Financial Institutions will be responsible for licensing, registration and supervision of Pooled Registered Pension Plans in Nova Scotia. The plans are also available in Saskatchewan, British Columbia and Quebec, and other provinces are able to participate.
Pooled Registered Pension Plans have a large number of members from various employers. Because the plans are pooled with many contributors, the management cost is lower than a typical defined contribution pension plan. Employees who move to another job can continue contributing to their pooled pension, regardless of the employer.
For more information, visit http://novascotia.ca/pooledpensions .