POLITICS

Nova Scotia changes rules to make locked-in pensions more flexible

09/12/2014 03:00 EDT | Updated 11/12/2014 05:59 EST
HALIFAX - The Nova Scotia government has changed the province's pension regulations to allow greater flexibility for people with locked-in pensions.

The government says the amendments will make it easier for people to withdraw from their pensions when they are facing financial hardship.

Finance Minister Diana Whalen says under the new rules, people earning less than $35,000 annually can qualify for early access to their pensions.

The previous threshold was $21,000.

The maximum amount that can be withdrawn each year has been increased to $26,250 from $21,000.

As well, the net amount that can be withdrawn each year has been raised to 50 per cent of the year's maximum pensionable earnings, up from 40 per cent.