Under
certain circumstances, pension money may be used upon retirement
to establish a Variable Benefit Account that complies with the
requirements of section 29.2 of the Regulations. There is no
limit on the amount of money that may be withdrawn from a Variable
Benefit Account.
A
member or former member of a defined contribution pension plan
that offers a Variable Benefit may establish a Variable Benefit
Account when eligible to retire under the plan provisions. The
spouse must provide consent to the transfer and waive entitlement
to the post-retirement survivor benefit provided under Section 34
of the Act. Contact the administrator of your pension plan to
determine if your plan offers a Variable Benefit upon retirement.
For
further information concerning the Variable benefit, please refer
to our bulletins
Highlights of The Pension Benefits Amendment
Regulations, 2006 and Retirement Options.
