Question:
I have a plan with locked-in funds under the New Brunswick pension legislation. It shows that LIF income will be over $12,000 in her first year of retirement, but the max allowable is around $8500 in for a NB legislated plan. Can you explain how the program appears to allow for more than the max allowable amount?Answer:
The maximum is higher in 2017 because the program uses in this case the one-time maximum special withdrawal rule in New Brunswick pension legislation of the lesser of 3 times the maximum or 25% of the account value to meet the retirement income goal.
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