POLITICS

Nova Scotia to offer pooled registered pension plans on voluntary basis

10/15/2014 02:48 EDT | Updated 12/15/2014 05:59 EST
HALIFAX - Pooled registered pension plans would be available for people in Nova Scotia under legislation introduced by the provincial government.

Finance Minister Diana Whalen says the government's goal is to provide a low-cost, regulated pension option given that only 40 per cent of working Nova Scotians have a pension and less than 20 per cent contribute to a registered retirement savings plan.

The plans would be available to people who are self-employed and people without a participating employer.

Whalen says participation would be voluntary in plans that are administered by large financial institutions such as insurance companies.

She says Quebec has made pooled plans mandatory while Nova Scotia is joining three western provinces that have made their plans voluntary.

Whalen says the federal government has also passed legislation to enable pooled plans for federally-regulated industries.