Thank you, Mr. Chairman. I am pleased to provide opening comments on Bill 2, An Act to Amend the Legislative Assembly Retiring Allowances Act and Supplementary Retiring Allowances Act.

Mr. Chairman, as Members know, every four years the Assembly reviews its pension legislation with a view to ensuring that it remains current on pension trends as well as to make changes that are recommended by our pension plan administrators. This bill reflects the result of our review of the existing legislation.

Mr. Chairman, this bill makes a number of changes to the pension plans. One of the most significant changes is that it provides a mechanism for the division of a Member’s pension upon the breakdown of a marriage or a common-law relationship. Previously, our legislation was silent on the right of the spouses in this regard. This change modernizes the pension plans and brings our legislation in line with pension legislation elsewhere. The legislation also reflects allowances for Members who cease service after October 18,

2007, by providing that Members’ pensions are based on the best four years of service. This is similar to what occurs in the public pension plans.

Mr. Chairman, the legislation also provides options for Members who choose to withdraw their pension funds from the registered pension plan. These options have no cost implications on the plan or for Members or for the taxpayer; they simply bring the legislation into line with pension legislation elsewhere in terms of options that are available to members of the plan.

Mr. Chairman, the bill also proposes a number of drafting and technical changes so as to ensure that the legislation continues to comply with the federal Income Tax Act and to improve the clarity of expression of both acts.

Mr. Chairman, this concludes my opening remarks. I would be pleased to respond to any questions that Members may have.