The New Brunswick government introduced proposed amendments to the Pension Benefits Act that would expand the types of pension plans employers can offer and simplify access to locked-in funds.
The changes would allow fixed-cost pension plans beyond the shared-risk model currently permitted in the province. Employers using other types of fixed-cost plans now require exemptions, a process the government says creates administrative complications.
Broader pension plan access
Under the proposed amendments, employers would have more options for managing pension costs while workers gain access to a wider range of pension arrangements. The changes would align New Brunswick with other Canadian jurisdictions that already permit these plan types.
“By modernizing outdated provisions, we’re giving people better access to pension benefits and providing businesses with the clarity and flexibility they need to offer effective pension solutions,” said Finance and Treasury Board Minister René Legacy.
Easier withdrawal rules
The amendments would also modify rules for accessing locked-in pension funds. People who have left Canada or hold small pensions would face fewer barriers to withdrawing their money under the new framework.
Legacy said the changes reflect a commitment to making pension administration simpler and more equitable for workers, employers and retirees.
The proposed amendments require legislative approval before taking effect.
