The provincial government has introduced pension legislation amendments to give employers and Saskatchewan people more options to fund and access retirement savings.

Minister of Justice and Attorney General Bronwyn Eyre says the changes add flexibility for plan sponsors, while enhancing pension safeguards, and adding more tools to enforce compliance.

Many of the changes align with recent amendments to the federal Income Tax Act. For members of defined contribution plans, your employers would have the ability to offer new solutions that lessen the risk of retirees outliving their retirement income.

The flexibility for employers includes being able to establish solvency reserve accounts and using letters of credit in lieu of solvency deficiency contributions, up to a capped maximum. The amendments also remove liability of plan administrators who enter into an annuity buyout contract with an insurance company, provided certain conditions are met.