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Changes on the way for BC Pensions

VANCOUVER (NEWS 1130) – Changes are being made to BC’s workplace pension standards that should provide help when the unexpected happens. The provincial government is going ahead with a plan announced three years ago.

Pensioners who can prove they’re dealing with severe financial hardship can apply to withdraw extra money from locked-in retirement accounts. Reasons could include big medical bills or be behind on your mortgage payments or rent.

NDP Finance Critic Carole James says this is something seniors have been desperate for. “Another letter I received from an individual was someone whose husband had died. They had counted on his income. That income was now gone. She was in the process of losing her home, of losing her funds, asking when these pieces were going to be enacted in the legislation.”

She adds this bill is one thing both parties agree on. “The individual would have to apply to be able to get that flexibility, would have to be able to prove the challenges they’re facing in financial hardship. I think it’s a sensible route to go.”

Her only criticism is that she wishes the Liberals made the changes sooner.

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