Nova Scotia Finance and Treasury Board Minister Randy Delorey on Thursday announced amendments provincial legislation governing pooled registered pension plans (PRPPs).
The amendments allow money from PRPPs to flow into other retirement savings plans under the Pension Benefits Act.
This will ensure workers have consistent options and protections when they retire, regardless of whether they have been saving through a defined contribution pension plan or a PRPP.
In Fall 2014, the Pooled Registered Pension Plans Act was passed, but did not take effect because it was not proclaimed. It is expected PRPPs will be available in Nova Scotia in 2016, following completion of regulations and a multi-lateral agreement between the federal government and participating provinces.
PRPPs will provide a low-cost, regulated retirement savings option for employers, employees and the self-employed across the province.