Legislative Changes - November 2014

On November 27, 2014, Orders in Council 1520/2014 and 1521/2014 were issued, proclaiming certain sections of the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120) [New Window] and the Pension Benefits Amendment Act, 2010 (Bill 236 Size: 1875 kb)[PDF Document] Size: ## kb, effective January 1, 2015.
 
The proclaimed sections of each Bill are provided below:
 
 
​Bill Section                    Pension Benefits Act (PBA) ​Section

Bill 120 - Securing Pension Benefits Now and for the Future Act, 2010

15(1)
42(a) revised
15(2)

42 (1.1) new

 

Bill 236 - Pension Benefits Amendment Act, 2010

16

27(1) re-numbered

27(2) new
  
 
O.Reg. 235/14 made under the PBA and amending Regulation 909, R.R.O. 1990 (General) was filed and came into force on November 27, 2014. A summary of the amendments are as follows:
 

1.       Commuted Value Transfers – effective January 1, 2015:

 
  • The amendments permit individual transfers between Ontario registered plans and other pension plans including pension plans registered in a designated jurisdiction and pension plans that are not subject to pension legislation but are established or governed by a statute, such as the federal public service pension plan.

2.       Biennial Statements for Former and Retired Members - effective January 1, 2015:

 
  • Section 27(2) requires plan administrators to provide statements every two years, to former and retired members. The content and timing for providing these statements are set out in section 40.1(1) of the Regulation for former members and section 40.2(1) of the Regulation for retired members. For currently registered plans, the first such statement must be issued no later than July 1, 2017.

3.       Amendments to Annual Statement of Pension Benefits for Active Members
          
effective July 1, 2016:

 
  • Statements issued to active members under section 27(1) of the PBA must include information about whether Environmental, Social and Governance factors are incorporated into the plan’s Statements of Investment Policies and Procedures (SIPP) and how their members may view or obtain a copy of the SIPP. This information is to be included in the statement issued by June 30, 2017, for a plan year ending on December 31, 2016.

4.       Statements of Investment Policies and Procedures (SIPP) – effective January 1, 2016:

  • Section 78 of the Regulation is amended to require plan administrators to file Statements of Investment Policies and Procedures (SIPP) with FSCO. In addition to the information required under the federal investment rules, the SIPP must also include information about whether Environmental, Social and Governance factors are incorporated, and if so, how this is done.
  • Section 79(1) is amended to require that plan assets must be invested in accordance with the plan’s SIPP.

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