Manitoba Pension Updates May 2010

  • MB LIF Maximum Payments

    Posted by lbourgeois on Wednesday, November 03, 2010.

    With the elimination of the Locked-in RRIF, the maximum Manitoba LIF payment calculation has been expanded to include a second calculation based on the LIF’s income earned in the previous year.  In today’s interest rate environment, LIF annuitants in fixed term investments will see little change to their maximum payment as the Reference Rate calculation will provide a higher payment than any interest earnings in the prior year.  Annuitants in mutual funds and/or self-directed plans may see a big change in their maximum payment based on the addition of the second calculation.  Read more

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  • Manitoba LIRA, LIF - Release for Shortened Life & Small Amounts

    Posted by lbourgeois on Tuesday, August 03, 2010.

    Changes to the Manitoba Pension Regulation that came into effect May 31st, 2010 made minor alterations to the requirements for the small amount release and some major ones to the shortened life release. Release of a small amount no longer requires a spouse/common-law partner's consent and a statement must be provided to the annuitant of the account balanced at the time of the request.  Release due to shortened life can now only be done if the annuitant is terminally ill or has a disability that shortens his/her life to less than 2 years.  The spousal waiver/consent forms have also changed.    Read more.

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  • Manitoba LIRA, LIF - Non-residency & Spouse/CLP Death Benefit Waiver

    Posted by lbourgeois on Monday, June 21, 2010.

    After 5 years the Manitoba Pension Commission has finally completed updates to the Manitoba Pension Regulations which were first introduced in 2005.  Two of the long awaited changes include release to a non-resident and the ability for a spouse/common-law partner (clp) to waive his/her spousal entitlement on death. Those are the two items I am going to look at in this blog.              Read more . . .

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