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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% of working Nova Scotians have a pension and less than 20% contribute to a registered retirement savings plan.

Read: Many Canadians don’t have a workplace retirement 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.

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Originally published on Advisor.ca

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