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Registered Pension Plan Regulators and Legislation

Some plans are regulated federally, and some are regulated by the province. Industries whose pension plans are regulated federally include aviation and airlines, banks, broadcasting and telecommunications, interprovincial transportation, marine navigation and shipping, and railways.

Links to regulators and related legislation:

Jurisdiction

Regulator / Legislation

Legislation

Federal

Office of Superintendent of Financial Institutions (OSFI) - Pension Plans Section

Private pension plans under federal jurisdiction

Pension Benefits Standards Act, 1985 (PBSA)

Alberta Finance - Pensions Information for Albertans - includes legislation

Life Income Fund (LIF) Interest Rate & Withdrawal Calculations as per Regulation 123 - each January 1 a new table of LIF Minimum and Maximum Withdrawal Rates is published. The maximum withdrawal is the greater of:

	the investment gains from the account in the previous calendar year, or
	an amount determined by multiplying the beginning of year balance by the prescribed annuity factor in Table A, which depends on an interest rate and the owner's age.

Alberta Pensions Services Corporation

BC Financial Services Authority

Public sector pension plans - British Columbia Pension Corporation

Pension Benefits Standards Act [SBC 2012] - came into force on Sep 30, 2015.

Pension Benefits Standards Regulation (PBSR)

Life Income Fund (LIF) Interest Rate & Withdrawal Calculations - The maximum withdrawal is the greater of:

	the investment gains from the account in the previous calendar year, or
	an amount determined by multiplying the beginning of year balance by the prescribed BC maximum percentage, which depends on an interest rate and the owner's age.

Manitoba Pension Commission

Pension Benefits Act and Regulation

Life Income Fund (LIF) - The maximum withdrawal is the greater of:

	the investment gains from the account in the previous calendar year, with adjustment for amounts transferred to the LIF in the year, or
	an amount determined by multiplying the beginning of year balance by the prescribed MB reference rate, and the owner's age. Adjustment is made for amounts transferred to the LIF in the year.

Aug 17/21 News: Bill 8 Amendments to Pension Benefits Act and Regulations - come into force Oct 1/21:

Pension Benefits Amendment Act

Pension Benefits Regulation, amendment

Pooled Registered Pension Plans Regulation, amendment

Financial and Consumer Services Commission (FCNB)

Life Income Fund (LIF) - with link to LIF maximum withdrawal table for current year. Also has information on unlocking provisions.

Pension Benefits Act (pdf)

Regulation 91-195 Under the Pension Benefits Act (pdf)

Public Sector Pensions Administration

Pension Benefits Act and Regulations

Locked-in Retirement Savings Arrangements - The maximum withdrawal from an LRIF is the greater of:

	the investment gains from the account in the previous calendar year, or
	an amount determined by multiplying the beginning of year balance by the prescribed NL maximum percentage, which depends on an interest rate and the owner's age.

Nova Scotia Pensions - links to unlocking information, LIF frequently asked questions

Life Income Funds - The maximum LIF withdrawal is based on your age, the balance in the life income fund, and the reference rate set for life income funds.

Public sector pension plans - Nova Scotia Pension Agency

Pension Benefits Act and Regulations

Financial Services Commission of Ontario (FSCO) - Pensions

Pension Benefits Act and Regulations

Life Income Fund (LIF) and Locked-In Retirement Income Fund (LRIF) Maximum Annual Income Payment Amount Table - The maximum withdrawal from a pre-2009 LIF or LRIF or from a post-2008 LIF is the greater of:

	the investment gains from the account in the previous calendar year, or
	an amount determined by multiplying the beginning of year balance by the prescribed ON maximum percentage, which depends on an interest rate and the owner's age.

PEI

Public Service Commission

Pension Plans supervised by Retraite Quebec

- See Quebec Removal of LIF Maximums - Consultation, regarding the removal of the upper limit related to withdrawals of life income funds (LIFs) for persons aged 55 or over, as of July 1, 2024, and other changes. Draft legislation has been published, comments to be submitted by February 10, 2024.

Supplemental Pension Plans

Saskatchewan Financial Financial and Consumer Affairs Authority - Pension Plan Members

Pension Benefits Act, 1992

Pension Benefits Regulations, 1993

Public service pensions fall under the Federal Public Service Pension Plan
Private pension plans fall under federal jurisdiction - see Federal above

Private pension plans fall under federal jurisdiction - see Federal above

Revised: February 12, 2025