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Manitoba: New legislation will protect retirement savings

By CO Staff @canadaone |

MB - New legislation that will take effect on November 1, 2007 provides increased protection for retirement savings held in deferred profit sharing plans, registered retirement savings plans and registered retirement income funds.

The Registered Retirement Savings Protection Act will help employers, employees and professionals who do not have registered pension plans; retirement savings held in registered plans are already protected from most creditors.

"We want Manitobans to have retirement savings available in their senior years and so we have moved to protect these funds," said Finance Minister Greg Selinger.

As with registered pension plans, the creditor protection provided by the new law will not apply to the enforcement of maintenance orders or orders for the division of family property.

Proclamation of the Registered Retirement Savings Protection Act is being announced well in advance of the Nov. 1 date when the act will come into effect to give stakeholders time to adjust to the changes.

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