Regulation 415/07 made under the Financial Services Commission of Ontario Act, 1997
O. Reg. 415/07 under the Financial Services Commission of Ontario Act, 1997 amends the description of the information used for calculation of pension sector assessments to reflect the information that is reported in the Annual Information Return.
The regulation amends O. Reg. 11/01 and is effective July 27, 2007.
Ontario Regulation 489/07 made under the Pension Benefits Act
O. Reg. 489/07 makes changes to the funding rules for multi-employer pension plans.
The regulation clarifies the funding requirements applicable to multi-employer pension plans and provides for temporary solvency funding relief for Specified Ontario Multi-Employer Pension Plans ("SOMEPPs"). A SOMEPP is a multi-employer pension plan which meets certain eligibility criteria and files a written election with the Superintendent of Financial Services during the period of September 1, 2007 to September 1, 2010. Any actuarial report filed in respect of a SOMEPP with a valuation date on or after September 1, 2007 and prior to September 1, 2010 is not required to demonstrate the sufficiency of contributions on the basis of a solvency valuation.
The regulation provides that a multi-employer pension plan that makes use of the temporary solvency funding relief must advise the members and former members of the pension plan that an election declaring the plan to be a SOMEPP has been filed and must provide the information set out in the regulation.
O. Reg. 489/07 was filed on August 24, 2007 and amends Regulation 909 R.R.O. 1990 effective September 1, 2007.
Any questions or queries about the above regulation should be directed to:
Mr. George Ma
Chief Actuary
Pension Division
Financial Services Commission of Ontario
5160 Yonge Street
PO Box 85
Toronto ON M2N 6L9
Telephone: 416-226-7785 or 1-800-668-0128 extension 7785
Ontario Regulation 413/07 made under the Pension Benefits Act
O. Reg. 413/07 makes changes that are specific to the primary and supplemental pension plans of the Ontario Municipal Employees Retirement System. Amendments are made to the definition of "solvency liability adjustment" to correctly reference the solvency asset adjustment determination.
O. Reg. 413/07 was filed on July 27, 2007 and amends Regulation 909 of R.R.O 1990. These changes come into effect at various dates from July 27, 2007 to July 1, 2008.
Ontario Regulation 416/07 made under the Pension Benefits Act
O. Reg. 416/07 makes changes to the rules governing locked-in accounts.
Effective July 27, 2007, owners of existing Life Income Funds (Old LIFs) are no longer required to purchase an annuity by the end of the year in which they reach 80 years of age and may continue their Old LIF after age 80. Owners of Locked-In Retirement Accounts (LIRAs) may keep the money in their LIRA until the end of the year in which they reach 71 years of age.
Effective January 1, 2008:
- financial institutions will be able to offer a new Life Income Fund (New LIF) that will provide more flexible payments and allow owners a one-time opportunity to withdraw up to 25% of the amount in their New LIF,
- owners of Old LIFs and Locked-In Retirement Income Funds (LRIFs) will be able to transfer the money in these accounts to New LIFs,
- surviving spouses will be allowed to transfer the survivor benefits from a locked-in account directly to an RRSP or an RRIF,
- owners of locked-in accounts who are non-residents of Canada for two years may withdraw the money in their account.
After December 31, 2008, Old LIFs and LRIFs will no longer be available for purchase.
Additional information can be found at Changes To The Rules For Ontario Locked-In Accounts which provides guidance on many of the questions that may arise from these changes.
O. Reg. 416/07 was filed on July 27, 2007 and amends Regulation 909 with respect to the treatment of locked-in accounts. These changes come into effect at various dates from July 27, 2007 to January 1, 2009.Bill 187, An Act respecting Budget Measures, interim appropriations and other matters
Bill 187 contains two schedules relating to pension plans.
Schedule 31 to the Bill amends the Ontario Pension Benefits Act in respect of multi-employer pension plans. It revises the definition of multi-employer pension plan, amends section 8(3) of the PBA concerning persons and entities who are permitted to administer a pension plan and amends section 115 of the PBA to allow regulations to establish classes of multi-employer pension plans.
Schedule 32 to the Bill amends the Police Services Act and the Ontario Pension Benefits Act to facilitate the transfer of pension assets between the Public Service Pension Plan and the Ontario Municipal Employees Retirement System on the transfer of certain police force employees.
Bill 187 received Royal Assent on May 17, 2007 and the changes highlighted here took effect on that date.
Regulation 133/07 made under the Financial Services Commission of Ontario Act, 1997
Regulation 133/07 sets out a new process for calculating pension assessments under the Financial Services Commission of Ontario Act, 1997
The regulation is effective April 1, 2007 and applies to assessments in respect of pension plan year ends occurring on and after that date.
Bill 14, An Act to promote access to justice by amending or repealing various Acts and by enacting the Legislation Act, 2006
Bill 14 changes section 93(10) of the PBA to read:
"93(10) An agreement and any amendment to an agreement is not a regulation within the meaning of Part III (Regulations) of the Legislation Act, 2006."
Bill 14 received Royal Assent on October 19, 2006, to be effective October 19, 2007, or such earlier date as may be proclaimed by the Lieutenant Governor.
Bill 151, An Act to enact various 2006 Budget measures and to enact, amend or repeal various Acts
Bill 151, in schedule Z.1, amends section 93(4) of the PBA by adding the following clauses (d) through (f):
"93(4)
(d) any matter that may be provided for in an agreement under section 95;(e) the reciprocal exchange, between the Superintendent and a person who has supervisory or regulatory powers under the pension benefits legislation of a prescribed jurisdiction, of information necessary for the purposes of,
(i) complying with or implementing an agreement entered under this section, or
(ii) the administration and enforcement of this Act and the regulations and the pension benefits legislation of the prescribed jurisdiction; and
(f) any prescribed matter."
Bill 151 received Royal Assent on December 20, 2006 and these changes are effected on that date.
Ontario Regulation 570/06
Ontario Regulation 570/06 was filed on December 18, 2006. The regulation amends Regulation 909 with respect to funding, primarily of jointly sponsored pension plans. These changes come into effect at various dates from December 31, 2004 to December 31, 2006.
The provisions in section 30 of Regulation 909 concerning defined benefit pension plan wind ups are also amended. These changes come into effect on December 18, 2006 and apply to wind up reports filed with the Financial Services Commission of Ontario on or after that date.
In addition, sections 19(10) and 60 of Regulation 909 are revoked effective December 18, 2006.
Financial Services Commission of Ontario