Friday, December 10, 2010

Quebec Law 129 -Supplementary Pension Act

Quebec has passed a new law 129 that modifies Quebec Law 1 Supplementary Pension Act so that Nortel Quebec retirees can take advantage of the law. In addition the time period that Quebec is willing to administer the pension has been increased from 5 to 10 years.

This only applies to pensioners who retired from a Quebec location. Quebec Law 1 offers 3 different options. (1) An annuity. (2)Transfer to a Life Income Fund, (3) Pension fund managed by Quebec for up to 10 years ad then purchase of an annuity. The amount paid in option (3) would be no less than what would be obtained in option (1) but could provide for future gains if the annuity market improves.

No comments:

Post a Comment