News & Updates
Quebec's Bill 80 receives Royal Assent, introducing changes to pension rules for disabled seniors and variable life annuities
January 17, 2025
On December 4, 2024, the Quebec’s budget implementation act, Bill 80, received Royal Assent.
The legislation included amendments to pension-related laws, including:
- Pension reduction for disabled seniors: Bill 80 amends the Quebec Pension Plan to eliminate the pension reduction imposed on those over 65 who have previously received disability pensions between the ages of 60 and 65 or qualified for a disability pension in that period.
- Variable Payment Life Annuities: Bill 80 amends both the Supplemental Pension Plans Act, and the Voluntary Retirement Savings Plans Act to regulate pensions paid into a variable payment life pension fund and to establish rules concerning benefits payable in the event of a beneficiary’s death.
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