Manitoba implements revised policies for LIRAs and LIFs
March 10, 2023
The Pension Benefits Amendment Act introduced changes to Manitoba’s Pension Benefits Act, which came into force in October of 2021. Manitoba has updated several Office of the Superintendent – Pension Commission policies related to Locked-in Retirement Accounts (LIRAs), Life Income Funds (LIFs) and withdrawals from LIRAs and LIFs, which reflect some of these changes.
Among other changes, the 2021 amendments included:
- Allowing the owner of a LIF or LIRA to unlock their account on or after age 65
- Allowing a person entitled to the balance of a LIF or LIRA to apply to unlock all or part of the balance in circumstances of financial hardship
- Allowing the owner of a LIF or LIRA to make a one-time transfer of 50% of the balance of the account to a RRIF after age 55
These changes are referenced in the province’s recent policy updates.
Find the updates in the policy bulletins linked below:
Locked-In Retirement Account (LIRA):
https://www.gov.mb.ca/finance/pension/pdf/bulletin1.pdf
Life Income Fund (LIF):
https://www.gov.mb.ca/finance/pension/pdf/bulletin2.pdf
Withdrawal or Unlocking of LIRAs and LIFs:
https://www.gov.mb.ca/finance/pension/pdf/bulletin4.pdf
Financial Hardship Withdrawals from Locked-In Retirement Accounts (LIRA) and Life Income Funds (LIFs):
https://www.gov.mb.ca/finance/pension/pdf/bulletin14.pdf
