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Consultations and Proposed Legislation

2015   2014   2013   2012   2011

This page provides links to consultation papers and proposed legislation primarily related to the regulation of Ontario pension plans under the Pension Benefits Act and related legislation. Links to the consultation papers and proposed legislation of other jurisdictions are provided for your convenience.

 

In addition to the consultation papers and proposed legislation noted here, a number of FSCO consultation papers, along with information on making submissions, are provided on the website. All stakeholders are encouraged to review these documents and submit their comments. The latest FSCO consultation was posted on May 6, 2013.
 
  
 

2015

Target Benefit Multi-Employer Pension Plans (MEPPs)

The Ontario government has released a consultation paper [New Window] inviting feedback on key policy issues associated with developing a new target benefit framework for MEPPs in Ontario. The proposed framework would address issues such as eligibility conditions, funding rules and governance requirements.  Comments can  be submitted to pension.feedback@ontario.ca by September 25, 2015.

Draft Regulations under the Pension Benefits Act (PBA) - conversions/merger of broader public sector single employer pension plans (SEPPs) into jointly sponsored pension plans (JSPPs)

Bill 14 - the 2014 Budget Bill - amended the PBA to establish a legislative framework permitting single employer pension plans in the broader public sector to be converted into jointly sponsored pension plans (JSPPs) or merged into existing JSPPs if specific conditions are satisfied.  Regulatory amendments are required to proclaim the framework. Consultation on the draft regulations was completed in February 2015; the feedback has been incorporated into a revised draft of the proposed regulations [New Window].  Comments are to be submitted to the Ministry of Finance [New Window] by August 10, 2015.  

 

Proposed Amendments to Regulation 909 under the Pension Benefits Act

On April 21, 2015, the Ontario government introduced for consultation proposed amendments [New Window] to Regulation 909.  These amendments would enact changes to strengthen the funding rules for contribution holidays and benefit improvements. Comments are to be submitted to the Ministry of Finance by June 12, 2015. 
 

Proposed Criteria for Exempting New Broader Public Sector (BPS) Multi-Employer JSPPs from Solvency Funding Requirements 

On April 15, 2015, the Ontario government has released a consultation paper [New Window] on the proposed criteria that the government might use to evaluate whether newly established multi-employer Jointly Sponsored Pension Plans (JSPPs) obtain an exemption from solvency funding requirements. Comments can be sent to the Ministry of Finance by June 1, 2015.
 

Proposed Regulations under the Pension Benefits Act: Merger of Broader Public Sector (BPS) Single Employer Pension Plans (SEPPs) with Existing Jointly Sponsored Pension Plans (JSPPs) or Conversion to new JSPPs 

The 2014 Budget Bill - Bill 14 - amended the Pension Benefits Act to establish a legislative framework permitting SEPPs in the BPS to be converted into JSPPs or merged into existing JSPPs, if specific conditions are satisfied.  The Ontario government is inviting feedback on the key regulations required for the conversion or merger.  The consultation documents [New Window] include the proposed content for the regulations and an overview of the conversion and merger process. Comments can be sent to the Ministry of Finance [New Window] by Feb. 27, 2015.
 

2014

 
 

Ontario Retirement Pension Plan

The Ontario government has released a consultation paper [New Window] inviting feedback on key design details of the new Ontario Retirement Pension Plan (ORPP).  Feedback on questions related to delivery, administration and the phased implementation can be sent to the Ministry of Finance [New Window] by Feb. 13, 2015. 
 

Proposed Amendment to Regulation 909 under the Pension Benefits Act: Pension Investment in Infrastructure

On November 6, 2014, the Ontario government proposed a regulatory amendment [New Window] with respect to exemptions from the 30 per cent rule for pension investment in infrastructure. Comments may be submitted to the Ministry of Finance [New Window] by January 9, 2015. 

Proposed Amendments to Regulation 909 of the Pension Benefits Act

The Ontario Government has incorporated feedback from the April-June 2014 consultation and is proposing the following amendments: 
 

There is also a proposal to amend  subsection 20(3) of the Regulation so that it applies only to section 42(1)(b) and (c) of the Act:

 

Comments may be submitted to the Ministry of Finance by October 24, 2014.  

  

Proposed Amendment to Regulation 909 of the Pension Benefits Act - Statements for Former and Retired Members

On April 25, 2014, the Ontario government proposed regulatory requirements [New Window] to implement s. 27(2) of the PBA, requiring plan administrators to provide periodic statements to former members and retired members.  Comments may be submitted to the Ministry of Finance no later than June 16, 2014.

 

 

Proposed Amendment to Regulation 909 under the Pension Benefits Act: Disclosure of Environmental, Social and Governance Factors in Statements of Investment Policies and Procedures

On April 25, 2014, the Ontario government proposed regulatory amendments [New Window] that would require plans to file Statements of Investment Policies and Procedures (SIPPs) with the regulator and to disclose whether or not their SIPPs address environmental, social or governance factors. Comments may be submitted to the Ministry of Finance  no later than June 16, 2014.
 

Proposed Amendment to Regulation 909 under the Pension Benefits Act: Updated filing requirements to reflect recent changes to accounting standards

On April 25, 2014, the Ontario government proposed regulatory amendments [New Window] to update Section 76 of the General Regulation of the Pension Benefits Act (PBA) to reflect updates to the Chartered Professional Accountant (CPA) Canada Handbook, previously referred to as the Canadian Institute of Chartered Accountants (CICA) Handbook.  Comments may be submitted to the Ministry of Finance no later than June 16, 2014. 

 

Proposed Amendment to Regulation 909 under the Pension Benefits Act - Direct Payments from Pension Plans which provide Defined Contribution Benefits

On April 25, 2014, the Ontario proposed regulatory amendments [New Window] that would allow pension plans which provide a defined contribution benefit to pay retirement income directly to members, based on Life Income Fund amounts under the PBA. Comments may be submitted to the Ministry of Finance  no later than June 10, 2014.

 

  

Proposed Amendment to Regulation 909 - Exemption for U.S. government securities from the "10 per cent rule"

On February 5, 2014, the Ontario government proposed a regulatory amendment that would modify one of the quantitative investment limits that apply to registered pension plans in Ontario, which promotes diversification by restricting a plan administrator from investing more than 10 per cent of a pension plan's assets in a single entity, or two or more associated entities or affiliated companies. The proposed amendment [New Window] would remove this restriction for investments in securities issued and fully guaranteed by the government of the United States of America. Comments on the proposal can be submitted to the Ministry of Finance [New Window] on or before February 18, 2014.
 
 

  2013

 

Pooled Registered Pension Plans (PRPP) 

On November 29, 2013, the Ontario government issued a consultation paper titled “Consulting on a Framework for Pooled Registered Pension Plans in Ontario”. [New Window]  The Ministry of Finance is seeking feedback from all interested parties on how a PRPP framework would be best implemented in Ontario.  Comments can be submitted to the Ministry of Finance on or before January 20, 2014. 

 Letters of Credit - Public Sector Single Employer Pension Plans

On October 29, 2013, the Ontario government posted for comments, details of a draft regulatory amendment [New Window] to extend the letter of credit (LOC) provisions to employer sponsors of SEPPs in the public sector that meet certain criteria. Comments may be submitted to the Ministry of Finance no later than December 31, 2013.

 

Consultation on Pension Asset Transfers

On July 2, 2013, the Ontario government posted for public consultation a draft regulation [New Window] which would allow for the transfer of pension assets between pension plans that have been affected by a corporate restructuring, including the sale of a business, in either the public or private sector, while protecting benefit security for plan members and pensioners.  Comments may be submitted to the Ministry of Finance [New Window] no later than September 9, 2013.

Consultation on Pension Transfers – Public Sector Pension Plans 

On February 21, 2013, the Ontario government posted for public consultation a draft regulation [New Window] which would allow eligible members, former members and retired members of certain public sector pension plans to consolidate their pension benefits as a result of past government-initiated restructurings.  Comments may be submitted to the Ministry of Finance [New Window] no later than April 15, 2013.
 

  2012

 
 
 

Facilitating Pooled Asset Management for Ontario’s Public-Sector Institutions

On November 16, 2012, the Ministry of Finance released “Facilitating Pooled Asset Management for Ontario’s Public-Sector Institutions [New Window]“, a report to the Minister of Finance from William Morneau, Pension Investment Advisor.  This report follows an extended period of consultation and research, and contains a discussion of investment issues and recommendations for Ontario public sector pension plans.
 

Financial Hardship Unlocking 

On November 13, 2012, the Ontario government released for consultation a proposed restructuring of the financial hardship unlocking program [New Window], which is intended to create a simpler and more efficient procedure for applicants requesting a withdrawal from their locked-in account based on financial hardship.  Comments may be submitted to the Ministry of Finance no later than January 7, 2013.  

 

Alberta government introduced the Employment Pension Plans Act

On October 25, 2012, the Alberta government introduced into its legislature Bill 10, the Employment Pension Plans Act [New Window].   

 

 Consultation on Proposed Regulation Respecting Letters of Credit

On July 30, 2012, the Ontario government posted for public consultation details of a draft regulatory amendment [New Window] relating to letters of credit.  Comments may be submitted to the Ministry of Finance no later than August 31, 2012.  

Consultation on the Pooling of Pension Fund Assets of Broader Public Sector (BPS) Pension Plans

As announced in the 2012 budget, the Ontario government intends to introduce a legislative framework in Fall 2012 that would facilitate the pooling of pension fund assets in the BPS.  Mr. Bill Morneau has been appointed as a special Pension Investment Advisor to lead the implementation process.  The views of individual plans, affected stakeholders and other individuals and groups are being sought on a number of questions [New Window]. Comments can be submitted to the Ministry of Finance on or before June 30, 2012.  

Consultation on draft regulatory amendment - Public sector pension plans

On May 16, 2012, the Ontario government posted for consultation a draft regulatory amendment [New Window] relating to filing extension for certain pension plans in the public sector and broader public sector for public comment.  Comments for the draft amendment may be submitted to the Ministry of Finance no later than June 11, 2012.  

Consultation on draft regulatory amendments under the Pension Benefits Act

On April 30, 2012, the Ontario government posted for consultation draft regulatory amendments [New Window] relating to retired member, immediate vesting, surplus provisions and other changes.  Also posted is an outline of the regulations [New Window] required to implement sections of 74 and 74.1 of the Pension Benefits Act (grow-in) and a clarification of the circumstances under which the Superintendent may order the wind up of a pension plan.
 
Draft regulations relating to grow-in [New Window] and to disclosure requirements [New Window] were posted on May 3, 2012 and May 9, 2012 respectively.  
 
Comments for any of these postings may be submitted to the Ministry of Finance no later than June 1, 2012.  The announcement relating to these can be accessed via the ontariocanada.ca [New Window] website. 

 Consultation on New legislative framework for jointly sponsored public sector pension plans

On April 25, 2012, the Ontario government released for consultation a new legislative framework for jointly sponsored public sector pension plans [New Window].

 

  2011

 

 

Nova Scotia government announced a new Pension Benefits Act

The Nova Scotia government announced on November 15, 2011 a new Pension Benefits Act (the “Act”) to modernize the Act, and to harmonize with the legislation of other jurisdictions.  For more information, see the Labour and Advanced Education website of Nova Scotia [New Window]. 

CAPSA Guidelines on Pension Plan Prudent Investment Practices, Self-Assessment Questionnaire on Prudent Investment Practices, and Pension Plan Funding Policy

On November 15, 2011, CAPSA released:
 
The prudent investment practices guideline and companion questionnaire are intended to provide guidance to plan administrators on how to demonstrate the application of prudence to the investment of pension plan assets.  The funding policy is intended to provide guidance on the development and adoption of funding policies.  Additional information is available on the CAPSA website www.capsa-acor.org [New Window].

Consultation on Transfer Agreements under s. 80.1 of the Pension Benefits Act (PBA)

On July 5, 2011, the Ontario Government posted the intended content of the regulations pursuant to section 80.1 of the Pension Benefits Act that will allow certain public sector pension plans to negotiate agreements that will give eligible employees an opportunity to consolidate their pension benefits from past government-initiated restructurings. Comments on these proposals [New Window] can be made until August 19, 2011.  

Bill 33 - amendments to the Pension Benefits Act of Manitoba 

The Manitoba government has introduced Bill 33 [New Window] that would amend the Pension Benefits Act (PBA) of Manitoba to allow the province’s superintendent of pensions to register a lien against all property of an employer, including real estate, for failure to pay into a plan. Section 4 of the Bill amends section 11(3) of the Manitoba PBA relating to multi-jurisdictional pension plans.  

Bill 173 - Better Tomorrow for Ontario Act, 2011

On May 5, 2011, the Ontario Government ordered for third reading of Bill 173 [New Window]. Schedule 35 of the bill contains several proposed amendments to the Pension Benefits Act. One of these proposed amendments permits a pension plan to provide a provision within its plan terms that allows a former member to transfer the commuted value of his or her deferred pension towards the purchase a life annuity. Note: this provision would change the earlier amendment proposed in Bill 135 which would have seen this option disappear in June 2011.  

Risk-Based Regulation Framework  

This consultation paper [PDF Document] solicits pension stakeholders’ comments and feedback on FSCO’s proposed broad-based framework for the risk-based regulation of pension plans in Ontario. The purpose of introducing this framework is to improve FSCO’s overall effectiveness in its monitoring of key pension risks, and to ensure appropriate regulatory response is taken by FSCO to address risk situations, thereby better protecting the interests of pension plan beneficiaries.  

133 Bill 133, Family Statute Law Amendment Act, 2009  

On March 3, 2011, the Ontario Government [New Window] released draft regulations [PDF Document] and consultation paper [PDF Document] (PDF) in support of the previously enacted amendments to the Pension Benefits Act related to family law matters. The draft regulations provide the details related to the valuation, division and settlement of pension assets on the breakdown of a spousal relationship. The consulation paper outlines the contents of the draft regulations that are currently under consideration. Comments on these documents can be made until April 18, 2011. 

 CAPSA Guideline on Fund Holder Arrangements

On March 1, 2011, CAPSA released a Guideline on Fund Holder Arrangements (Guideline No. 5). The guideline highlights the governance principles related to fund holder arrangements, identifies the types of fund holder arrangements permitted, discusses roles and responsibilities of key players and provides information on what the regulator looks for when examining fund holder arrangements. A copy of the Guideline [New Window], Guideline Table [New Window] and Letter to stakeholders [New Window] are available on the CAPSA website (www.capsa-acor.org [New Window]).

CAPSA Consultation - Draft Guideline and Self-Assessment Questionnaire on Pension Plan Prudent Investment Practices, and Draft Guideline on Pension Plan Funding Policy

On March 1, 2011, CAPSA released a draft Guideline and Self Assessment Questionnaire on Pension Plan Prudent Investment Practices and a draft Guideline on Pension Plan Funding Policy for stakeholders’ review and comment. A copy of the draft guideline (Prudent Investment Practices [New Window], Funding Policy [New Window]), draft self assessment questionnaire [New Window] and letter to stakeholders [New Window] are available on the CAPSA website (www.capsa-acor.org [New Window]). The deadline for submissions is June 1, 2010. 

Proposed Amendment to Regulation 909

The Ontario Government [New Window], on February 10, 2011 released two proposed regulations (Temporary Funding Relief [New Window] & Filing Extension [New Window]) with respect to funding relief for certain single employer, defined benefit or hybrid plans within the broader public sector, including Ontario university pension plans. In an exchange for the relief, plan sponsors would be expected to adopt plan changes that would make their plans more sustainable in the long term. Details [PDF Document] of the relief measures would be outlined in an amendment to the regulations, which is expected to come into effect by mid-May 2011. Comments on the proposal can be made until March 28, 2011.

 

Previous Consultations and Legislative Proposals



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