HALIFAX – Nova Scotia’s superintendent of pensions is cautioning against broadening hardship provisions that would allow people to access pensions ahead of retirement.
Nancy MacNeill Smith told a legislature committee today that the province has a significant number of low-income pensioners and unlocking plans while people are still of working age could create financial hardship when they reach their retirement years.
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MacNeill Smith says the primary cause of people asking for early help is unemployment and under-employment.
She says her office dealt with 559 applications in 2013 and about 60 per cent were approved for things such as medical expenses to treat illnesses or disabilities, and help for those facing eviction for mortgage or rental arrears.
But acting NDP leader Maureen MacDonald says the program’s criteria is too rigid and should be broadened to help people when government programs can’t.
MacDonald says people don’t face the same restrictions when they want to access RRSPs and it should be no different for pensions.
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