The current pandemic situation has led the federal government to announce a number of measures that potentially affect our members. One such measure was announced in March: the government reduced the minimum withdrawal rates for RRIFs by 25%, in consideration of the market turmoil that occurred as the coronavirus pandemic struck. Many of our members are asking whether, instead of the announced 25% reduction in those withdrawal rates, mandatory withdrawals should be eliminated at this time.
This issue is beyond the scope of BPG’s mandate which is to protect the defined benefit pension and applicable post-retirement benefits of retirees and employees of Bell Canada and its affiliates. However, BPG enjoys a working relationship with CARP (Canadian Association of Retired Persons) and with FADOQ (Fédération de l’Âge d’Or du Québec), both of which do have a mandate to advocate on a broader array of seniors’ issues. BPG understands that CARP and FADOQ have raised the RRIF issue in recent communications.
See, for example, https://www.carp.ca/rrif-withdrawals/ for more information.