Nova Scotia Introduces Phased Retirement

Posted on November 17, 2009 by Shaun Miller

On November 5, 2009, Bill 48 (PDF) received Royal Assent and amended the Nova Scotia Pension Benefits Act to accommodate phased retirement.

Phased retirement occurs when a plan member receives a portion of their pension, while at the same time continuing to accrue pension benefits under the same plan. The amendments to the Nova Scotia Act permit an employer to offer phased retirement to eligible plan members by allowing payments of up to 60% of an accrued pension without having to retire and with or without a reduction in their work hours.

This announcement brings Nova Scotia pension legislation in line with other jurisdictions, such as the Federal, Alberta (PDF), British Columbia, Quebec, and Saskatchewan (PDF) governments, which have adopted similar legislation and/or policies to allow phased retirement.  Based on the Ontario Budget announcement on March 26, 2009, it is expected that Ontario pension legislation will also be amended to permit similar phased retirement programs.

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