Thursday, June 7, 2018

Locked-in Funds in New Brunswick

11:15 AM


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?


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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