The Alberta Government introduced new legislation this fall which provides greater flexibility and access to pension funds. Here's what you should know.

• Effective November 1, 2006 if you are age 50+ and are leaving an Alberta Pension Plan you may take up to 50% from the plan and move it to an RRSP or take it in cash (less tax) rather than investing the entire amount in a locked-in account.
• Holders of existing Alberta governed Locked-in Retirement Income Funds (LRIF) or Life Income Funds (LIF) can do the same, but must do so by December 31, 2007.
• Locked-in Retirement Account (LIRA) owners age 50+ also have the option to unlock up to 50% upon conversion of the account into a LIF.  This option does not expire, however, exercising it will create a taxable income stream.
• LIF holders will no longer be required to purchase a Life Annuity at age 80.

Contact your Servus Credit Union investment professional or call 496.2000 (toll-free 1.877.496.2151) for all the details today.