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Legislative and Regulatory Changes

2014 2013 | 2012
 
This page contains legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation from 2012.
 
For legislative and regulatory update prior to 2012, see Legislative and Regulatory Changes 2006-11
 
 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Regulation 207/14 made under the Pension Benefits Act

O.Reg. 207/14 [New Window]  made under the PBA was filed and came into force on November 7, 2014.  It amends O.Reg. 177/11 [New Window] which affects jointly sponsored pension plans and initially came into force on May 20, 2011.
 
 
  

Federal government’s proposed amendments to the Pension Benefits Standards Regulations

On September 19, 2014, the federal government proposed amendments [New Window] to the Pension Benefits Standards Regulations (PBSR).  These will be posted for public consultation on September 27, 2014.  The proposals support amendments to the Pension Benefits Standards Act, 1985 (Canada) (PBSA) that were passed in 2010 but have not yet been proclaimed.
 
The amendments [New Window] to the PBSR seek to improve the regulatory framework for defined contribution plans, enhance disclosure, and protect plan members’ and former members’ pension benefits. This includes modernizing pension fund investment rules by modifying a number of aspects of the ten per cent rule and updating definitions applicable to investment rules.
 
The proposals also include revisions to the Pooled Registered Pension Plan Regulations to ensure consistency with corresponding provisions in the PBSR.   Amendments to Solvency Funding Relief Regulations, Solvency Funding Relief Regulations, 2009 and Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 would address inconsistencies between the English and French versions and make other technical changes.
 
 

Bill 14 -  Building Opportunity and Securing Our Future Act (Budget Measures, 2014)

Bill 14 [New Window] received Royal Assent on July 24, 2014. Schedule 26 relates to amendments to the Pension Benefits Act
 
 
  

Regulation 119/14 made under the Pension Benefits Act

O.Reg. 119/14 [New Window] made under the PBA and amending Regulation 909, R.R.O. 1990 (General) was filed and came into force on May 1, 2014.
 
 
  

Regulation 118/14 made under the Pension Benefits Act

O.Reg. 118/14 [New Window] made under the PBA was filed and came into force on May 1, 2014. This Regulation amends O.Reg. 178/11 [New Window] (Solvency Funding Relief for Certain Public Sector Pension Plans).
 
  

Bill 194 - An act to implement Budget Measures (2014) and to enact and amend various Acts

Bill 194 [New Window] received first reading on May 1, 2014.  Schedule 24 relates to amendments to the Pension Benefits Act. 
 
 
  

Regulation 105/14 and 106/14 made under the Pension Benefits Act

O. Reg. 105/14 [New Window] made under the PBA amending O.Reg. 196/11 [New Window], and O.Reg. 106/14 [New Window] amending Regulation 909, R.R.O. 1990 (General), relating to the Abibow Canada Inc. Pension Plans was filed and came into force on April 10, 2014. 
 
 
  

Bill 174

Bill 174 [New Window] Pension Benefits Amendment Act 2014 is a private member’s bill introduced on March 19, 2014. It has passed first and second reading and was referred to the Standing Committee on Finance and Economic Affairs on April 3, 2014.  The Bill proposes an increase in the maximum pension benefits guaranteed by the Pension Benefits Guarantee Fund.
 
 

Regulation 52/14 made under the Pension Benefits Act

O. Reg. 52/14 [New Window] relating to the Essar Steel Algoma Inc. Pension Plans (Regulation 202/02)[New Window] was filed and came into force on March 7, 2014 
 
 

Regulation 51/14 made under the Pension Benefits Act 

O.Reg. 51/14 [New Window] relating to investments in securities issued by the Government of the United States of America was filed and came into force on March 7, 2014.  
 
 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulation 327/13 and Regulation 328/13 made under the Pension Benefits Act

O.Reg. 327/13 [New Window]and O.Reg.328/13 [New Window] relating to the Algoma Steel Inc. Pension Plans, made under the PBA was filed and came into force on December 13, 2013.
 
  

Regulation 326/13 made under the Pension Benefits Act

O.Reg. 326/13 [New Window] relating to the General Synod Pension Plan of the Anglican Church of Canada, made under the PBA was filed and came into force on December 13, 2013.
 
  

Bill 151 -  Strengthening and Improving Government Act

Bill 151 [New Window] received first reading on December 11, 2013. Schedule 2 of the Bill contains amendments to the entitlements of common law spouses to survivor benefits under sections 44 and 48 of the Pension Benefits Act. The Schedule also contains amendments to section 80.1 of the Pension Benefits Act and section 80(4) of the Pension Benefits Amendment Act, 2010.
 
 
 

Sections of the Pension Benefits Act for Transfer of Assets Between Pension Plans Proclaimed into Force Effective January 1, 2014

On November 27, 2013, the Lieutenant Governor in Council issued proclamations to bring amendments to the Pension Benefits Act into force effective January 1, 2014.  These amendments were enacted in the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120) [New Window] , Pension Benefits Amendment Act, 2010 (Bill 236) [New Window], and Better Tomorrow for Ontario Act (Budget Measures), 2011 (Bill 173)[New Window] They amend the sections of the Pension Benefits Act which set out rules for certain asset transfers between pension plans.
 
 

Regulations made under the Pension Benefits Act

O. Reg. 306/13 [New Window], O. Reg. 308/13 [New Window] and O. Reg. 310/13 [New Window]were filed and will come into force on January 1, 2014. These new regulations support the changes to the Pension Benefits Act relating to certain asset transfers between pension plans which also come into force on January 1, 2014.
 

 Regulation 307/13 made under the Pension Benefits Act

On November 29, 2013, the government announced temporary solvency funding relief for broader public sector pension plans. Details of the relief measures are outlined in O.Reg. 307/13 [New Window]
 
 

Regulation 291/13 made under the Pension Benefits Act

O.Reg. 291/13 [New Window] relating to the Provincial Judges' Pension Plan was filed and came into force on October 31, 2013. 
 
 

Regulation 186/13 made under the Pension Benefits Act

O. Reg. 186/13 [New Window] came into force on June 20, 2013 and amended Regulation 177/11. Regulation 177/11 [New Window]affected jointly sponsored pension plans and initially came into force on May 20, 2011.  It was then amended by O. Reg. 330/12 [New Window] which came into force on November 1, 2012, and deferred the dates for repealing certain transition provisions in the “solvency concerns” tests.
 

Regulation 185/13 made under the Pension Benefits Act

On June 20, 2013, the government enacted O. Reg. 185/13 [New Window] made under the Pension Benefits Act [New Window], which will come into force on January 1, 2014. The new regulation provides that an application to unlock money must be made to the financial institution that holds the locked-in account and sets out the criteria for making such an application.
 
 

Bill 65 – An Act to implement Budget Measures (2013) received Royal Assent

Bill 65 [New Window] received Royal Assent on June 13, 2013. Schedule 11 of the Bill contains an amendment to the  Pension Benefits Act.
 
 

Regulation 181/13 made under the Pension Benefits Act (PBA)

 
O. Reg. 181/13 [New Window] made under the PBA was filed and came into force on June 10, 2013. This Regulation amends Ontario Regulation 178/11 [New Window] (Solvency Funding Relief for Certain Public Sector Pension Plans).
 
 

Alberta Bill 18 - Pooled Registered Pension Plans Act received Royal Assent

On May 27, 2013, Bill 18 [New Window] relating to pooled registered pension plans received Royal Assent.  The Bill will not come into force until proclamation.
 

Regulation 156/13 made under the Pension Benefits Act

Ontario Regulation 156/13 [New Window] relating to the General Synod Pension Plan of the Anglican Church of Canada was filed and came into force on May 17, 2013. 
 
 

Bill 65 – An Act to implement Budget Measures (2013) and to enact and amend
various Acts

Bill 65 [New Window] Size: ## kb received first reading on May 2, 2013. Schedules 6 and 11 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively.
 

Spring 2013 Ontario Budget – A Budget for a Prosperous and Fair Ontario

 
On May 2, 2013, the Minister of Finance announced [New Window] the Ontario Budget [New Window], A Prosperous and Fair Ontario. The budget contains a number of initiatives related to pension matters which may be found in Chapters I and IV. 
  
 

Alberta government introduces Pooled Registered Pension Plans (PRPPs)

legislation

 

 
 
On April 19, 2013, the Alberta government introduced legislation [New Window] that would allow PRPPs to be available in Alberta (Bill 18) [New Window]. The Bill received first reading on April 18, 2013 and will not come into force until proclamation.
 

Regulation 131/13 made under the Pension Benefits Act (PBA)

 
Ontario Regulation 131/13 [New Window] made under the PBA was filed and came into force on April 11, 2013. This Regulation adds Ontario Teachers’ Pension Plan to Regulation 909 to which section 47.7.2 would apply.
 

Regulation 10/13 made under the Pension Benefits Act

 
Ontario Regulation 10/13 [New Window], made under the PBA came into force January 15, 2013.  The regulation, among other requirements, establishes the method for determining the commuted value for those retired members and other plan beneficiaries who are in receipt of a pension and decide to make use of the option to transfer the value of their pension entitlements to a Life Income Fund as a result of the wind up of the Nortel pension plans. The regulation provides that the commuted value shall be determined using the Canadian Institute of Actuaries Commuted Value Standard method which is the same method used to determine the value of all other lump-sum transfers for non-retired plan members on wind up of the pension plan.
 
 

Regulation 7/13 made under the Pension Benefits Act

 
Ontario Regulation 7/13 [New Window] made under the PBA amending Ontario Regulation 202/02 [New Window] (Algoma Steel Inc. Pension Plans) was filed and came into force on January 11, 2013.
 
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2012


 

Regulation 447/12 made under the Pension Benefits Act

Ontario Regulation 447/12 [New Window] comes into force on December 31, 2012. The regulation provides for an election with respect to the filing of a valuation report for certain specified pension plans. 
 

Third Window Opens for Temporary Solvency Funding Relief – Broader Public Sector Pension Plans

On December 6, 2012, the government announced a third and final window for applications for temporary solvency funding relief for broader public sector pension plans.  Details of the relief measures are outlined in  Ontario Regulation 178/11 [New Window].  Completed applications must be submitted to the Ministry of Finance no later than December 31, 2012.  More information is available at the Ministry of Finance website [New Window].
 
 

Alberta Bill 10, the Employment Pension Plans Act received royal assent

On November 20, 2012, the Alberta government Bill 10, the Employment Pension Plans Act [New Window] passed third reading. The Bill will not come into force until proclamation after the release of the supporting regulations.
 
 

Sections of the Pension Benefits Act Proclaimed in Force 

On November 14, 2012, the Lieutenant Governor in Council proclaimed section 3 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012 [New Window], and section 18 of the Securing Pension Benefits Now and in the Future Act, 2010 (Bill 120) [New Window], both in force effective January 1, 2013. As a result, section 55.2 of the Pension Benefits Act (PBA) [New Window] (including the amended subsection 55.2(12)) comes into force effective January 1, 2013.  Section 55.2 permits the use of a letter of credit to cover a portion of the pension plan’s solvency deficiency where prescribed requirements are met.
 

Regulation 364/12 Made Under the Pension Benefits Act

O. Regulation 364/12 [New Window] made under the PBA, comes into force on January 1, 2013.  The regulations establish the requirements related to the use of the letters of credit which may cover a portion of the pension plan’s solvency deficiency under section 55.2 of the PBA.
 
 

Regulation 330/12 made under the Pension Benefits Act

O. Reg. 330/12 [New Window] came into force on November 1, 2012 and amended Regulation 177/11 [New Window].  Regulation 177/11 affected jointly sponsored pension plans and came into force on May 20, 2011.
 
This regulation defers the dates for repealing certain transition provisions in the “solvency concerns” tests.  The deferral will allow time for consultation regarding a new “funding concerns” test for plans which are not required to satisfy solvency funding requirements. 
 

Regulation 329/12 made under the Pension Benefits Act

 
O. Regulation 329/12 [New Window] made under the Pension Benefits Act came into force on November 1, 2012. The regulations provide an extension of the temporary solvency relief measures for private sector pension plans enacted by the government in 2009.
 
For more information, see 2012 Solvency Funding Relief.
 
 

Regulation 314/12 made under the Pension Benefits Act

 
O. Reg. 314/12 [New Window] relating to broader public sector and public sector pension plans was filed and came into force on October 19, 2012.
 
 

Sections of the Pension Benefits Act proclaimed in force

 
On August 29, 2012, the Lieutenant Governor in Council proclaimed subsections 2(1), (2) and (4) of Schedule 44 of the 2012 Budget Bill (Bill 55 - Strong Action for Ontario Act (Budget Measures) 2012[New Window]) to be in force on October 1, 2012.  These sections amended section 44 of the Pension Benefits Act by adding subsections 44(3.1) and 44(7.1), and modifying 44(4).
  
 

Regulation 203/12 made under the Pension Benefits Act

 
O. Reg. 203/12 [New Window] relating to Specified Ontario Multi-Employer Pension Plans (SOMEPP) was filed and came into force on July 20, 2012.  The regulation provides an extension of the SOMEPP regulations to 2017.  This allows SOMEPPs to be exempt from demonstrating contribution sufficiency on the basis of a solvency valuation in the actuarial valuation reports filed with the Superintendent of Financial Services.
 
 

Proclamations of Legislations Effective July 1, 2012

 
On June 21, 2012, proclamations issued under orders of the Lieutenant Governor in Council proclaimed a number of sections of the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120) [New Window], Pension Benefits Amendment Act, 2010 (Bill 236 [New Window]), Better Tomorrow for Ontario Act (Budget Measures), 2011 (Bill 173 [New Window] ) and Creating the Foundation for Jobs and Growth Act, 2010 (Bill 16 [New Window]) to be in force on July 1, 2012.  This supports the Ontario Government’s commitment to modernize and strengthen the Pension Benefits Act (PBA). 
 
The proclaimed sections of each Bill are provided in the following:
 
For more information, see Legislative Changes effective July 1, 2012.
 
 

Regulation 178/12 made under the Pension Benefits Act 

 

Ontario Regulation 178/12 [New Window] made under the PBA and amending Regulation 909, R.R.O. 1990 (General). Certain provisions related to Qualifying Pension Plans come into force on September 1, 2014.  All other provisions come into force July 1, 2012.

 
 

Regulation 179/12 made under the Pension Benefits Act 

 

Ontario Regulation 179/12 [New Window] made under the PBA amending Ontario Regulation 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans) comes into force on July 1, 2012. For additional information please see the Ministry of Finance posting [New Window].

 
 

Regulation 180/12 made under the Pension Benefits Act 

 

Ontario Regulation 180/12 [New Window] made under the PBA amending Ontario Regulation 196/11 (Abibow Canada Inc. Pension Plans) comes into force on July 1, 2012.

 
 

Regulation 181/12 made under the Pension Benefits Act 

 

Ontario Regulation 181/12 [New Window] made under the PBA amending Ontario Regulation 321/09 (General Motors Pension Plans) comes into force on July 1, 2012.

 
 

Regulation 182/12 made under the Pension Benefits Act 

 

Ontario Regulation 182/12 [New Window] made under the PBA amending Ontario Regulation 99/06 (Stelco Inc. Pension Plans) comes into force on July 1, 2012.

 
 

Regulation 183/12 made under the Financial Services Commission of Ontario Act 

 

Ontario Regulation 183/12 [New Window] made under the Financial Services Commission of Ontario Act, 1997 and amending Ontario Regulation 11/01 (Assessment of Expenses & Expenditures) comes into force on July 1, 2012.

  
 

Regulation 164/12 made under the Pension Benefits Act 

 
O. Regulation 164/12 [New Window] made under the Pension Benefits Act was filed and came into force on June 22, 2012.  The regulation amends subsection 14 (11) of Regulation 909 to provide a filing extension to December 31, 2012 for a valuation report for which the valuation date is on or after September 30, 2011 and before March 31, 2012.  The regulation also amends the requirements related to Jointly Sponsored Pension Plans.  For additional information please see the Ministry of Finance posting [New Window].
 
 

Bill 55 – Strong Action for Ontario Act (Budget Measures) 2012

On June 20, 2012, Bill 55 [New Window]received Royal Assent.  Schedules 21 and 53 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively.  Some of the changes are effective on Royal Assent and some are effective upon proclamation.
 

New Brunswick introduces a new pension model

 
On May 31, 2012, the New Brunswick government introduced [New Window] pension legislation to support a new pension model called “Shared Risk Pension Plans” (Bill 63 [New Window] ).  The model was developed by the NB Task Force on Protecting Pensions in collaboration with a number of union leaders and has received support from several public and private sector plan sponsors, including unions and the New Brunswick government.
 

 

Regulation 71/12 made under the Pension Benefits Act

  
O. Reg. 71/12 [New Window] relating to the Abitibi pension plans was filed and came into force on May 4, 2012.   The regulation amends Ontario Regulation 196/11 by redefining “Quebec Regulation” and adding various French versions of the regulation.
 
 

 

CAPSA update on FAQs relating to Multi-jurisdictional Pension Plans (MJPPs)

 
On May 3, 2012, CAPSA released an update to the Frequently-Asked Questions document [New Window] related to the Agreement respecting MJPPs.
 
 
 

British Columbia has introduced new legislation

 

British Columbia has introduced legislation that will enable employers to offer a wider choice of pension plan options.  Bill 38 [New Window] repeals and replaces the current Pension Benefits Standards Act. 

 

 

Bill 55 – An Act to Implement Budget Measures (2012) and to enact and amend various Acts

Bill 55 [New Window] received first reading on March 27, 2012.  Schedules 21 and 53 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively.

 

 

Spring 2012 Ontario Budget - Chapter IV: Tax and Pension Systems

On March 27, 2012, the Minister of Finance announced the Ontario Budget, Strong Action for Ontario. The budget [New Window] contains a number of proposed changes to the Pension Benefits Act.  The budget documents may be accessed at http://www.fin.gov.on.ca/en/budget/ontariobudgets/2012/ [New Window] 

 

 

O. Reg 12/12 amending Regulation 178/11 “Temporary Solvency Funding Relief for Broader Public Sector Pension Plans”

O. Reg. 12/12 [New Window] amending O. Reg 178/11 [New Window] to the Pension Benefits Act relating to certain pension plans within the broader public sector was filed on February 16, 2012. The new amendment makes minor corrections to the regulation and adds seven pension plans to the schedule of specified pension plans that are eligible for temporary funding relief.