Human Resources Legislative Update
PBA Amendment Repealing Provisions Relating to Withdrawal of Locked-In Retirement Funds in Force January 1, 2014
Date: July 9, 2013
Section 4 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012 has been proclaimed into force effective January 1, 2014.
Section 4 amends the Pension Benefits Act by repealing certain provisions relating to the Superintendent’s involvement in approving withdrawals from locked-in retirement savings arrangements.
As previously reported, a supporting regulation to the Act will prescribe a new process for withdrawals from locked-in retirement savings arrangements involving direct applications to the financial institution holding the arrangement. That regulation will come into force on January 1, 2014.