The provincial government is suggesting changes to pension laws that aim to make benefits more accessible and easier to manage.

Amendments to the Pension Benefits Act would remove barriers that complicate some types of pension plans and reduce administrative challenges for employers, according to a government release.

The government stated that the updates would also align New Brunswick with other jurisdictions that already allow these measures.

“These amendments represent an important step forward for New Brunswickers,” Finance and Treasury Board Minister René Legacy said.

“By modernizing outdated provisions, we’re giving people better access to pension benefits and providing businesses with the clarity and flexibility they need to offer effective pension solutions.”

Currently, shared-risk pension plans are the only fixed-cost plans allowed in the province.

Other plans can be approved through exemptions; however, the government has explained that the process is complicated and creates additional work for administrators.

The proposed changes would also make it easier for people to withdraw locked‑in pension funds in certain cases, such as when they have moved out of the country or hold small pensions.

Legacy said the amendments reflect the government’s focus on making pensions fairer, more flexible and easier to administer, adding that more New Brunswickers should be able to benefit