Regulation 447/12 made under the Pension Benefits Act
Ontario Regulation 447/12 ![[New Window]](/Style%20Library/FSCO/Internet/Images/icons/external.png "open 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 . 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 .
On November 20, 2012, the Alberta government
Bill 10, the Employment Pension Plans Act 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
Regulation 364/12 Made Under the Pension Benefits Act
Ontario Regulation 364/12 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
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 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.
Regulation 314/12 made under the Pension Benefits Act
O. Reg. 314/12 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 ) 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 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
The proclaimed sections of each Bill are provided in the following:
Regulation 178/12 made under the Pension Benefits Act
Ontario Regulation 178/12 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 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 .
Regulation 180/12 made under the Pension Benefits Act
Ontario Regulation 180/12 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 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 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 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.
Bill 55 – Strong Action for Ontario Act (Budget Measures) 2012
On June 20, 2012,
Bill 55 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 pension legislation to support a new pension model called “Shared Risk Pension Plans” (
Bill 63 ). 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 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.
British Columbia has introduced legislation that will enable employers to offer a wider choice of pension plan options. Bill 38 repeals and replaces the current Pension Benefits Standards Act.