This page provides links to 2006, 2007, 2008, 2009, 2010 and 2011 legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation.
For current legislative and regulatory update, see Current Legislative and Regulatory Changes.
Regulation 467/11 made under the Pension Benefits Act
Regulation 466/11 made under the Pension Benefits Act
The Federal government introduces the Pooled Registered Pension Plans (PRPP) Act
On November 17, 2011, the federal government introduces the PRPP Act. More information can be found at the Canada Finance website
Regulation 396/11 made under the Pension Benefits Act
O. Reg. 396/11
relating to the Ontario Municipal Employees Retirement System Pension Plan was filed and comes into force on August 23, 2011.
Regulation 336/11 made under the Pension Benefits Act
O. Reg. 336/11
relating to the Toronto Transit Commission Pension Fund Society was filed and comes into force on July 21, 2011.
Regulations 287/11 and 288/11 made under the Pension Benefits Act
On June 22, 2011, the Ontario Government proclaimed the amendments to the Pension Benefits Act (O. Reg. 287/11
and O. Reg. 288/11
) and the Ontario Family Law Act that relate to the valuation and division of pension assets on breakdown of a spousal relationship. The new rules come into effect on January 1, 2012.
Regulation 196/11 made under the Pension Benefits Act
O. Reg. 196/11
relating to the Abitibi pension plans was filed and comes into force on June 3, 2011. The regulation implements certain agreements involving Ontario, Quebec and Abibow Canada Inc. relating to the funding of certain specified Ontario and Quebec pension plans listed in schedules 1 and 2 of the regulation.
Regulation 195/11 made under the Pension Benefits Act (PBA)
O. Reg. 195/11
relating to multi-jurisdictional pension plans was filed on June 3, 2011. The regulation adds a table to Regulation 909 which lists each agreement entered into under section 100 of the PBA with a designated jurisdiction. In particular, the agreement with Quebec, entitled “Agreement respecting multi-jurisdictional pension plans”, was signed in May 2011. Regulation 195/11 comes into force on July 1, 2011.
Regulation 178/11 Temporary Solvency Funding Relief for Broader Public Sector Pension Plans
O. Reg. 178/11
relating to certain pension plans within the broader public sector was filed on May 20, 2011. The regulation amends the Pension Benefits Act to provide temporary relief for specified pension plans. More information is available at the Ministry of Finance website .
The government has announced a second window for applications for temporary solvency funding relief for broader public sector pension plans. Completed applications must be submitted to the Ministry of Finance no later than December 30, 2011. More information is available at the Ministry of Finance website
Regulation 177/11 made under the Pension Benefits Act (PBA)
O. Reg. 177/11
, which makes changes to the rules for jointly sponsored pension plans and to certain filing requirements for all plans, was filed on May 20, 2011. More information is available at the Ministry of Finance website
The changes that affect jointly sponsored pension plans are:
- a new process by which a pension plan identifies itself as a jointly sponsored pension plan and new filing deadlines; and
- the following public sector jointly sponsored pension plans are exempted from funding on a solvency basis but must satisfy additional requirements, including the filing of a solvency funding report with the Superintendent and the disclosure of information about the funded status of the plan to members and other beneficiaries:
- Pension plan for the Employees of the Ontario Public Service Employees Union, number 339861;
- Ontario Teachers’ Pension Plan, number 345785;
- OMERS Primary Pension Plan, number 345983;
- Healthcare of Ontario Pension Plan, number 346007;
- Colleges of Applied Arts and Technology Pension Plan, number 589895; and
- Ontario Public Service employees’ Union Pension Plan, number 1012046.
The changes that affect all pension plans are:
- Changes to the requirements that determine the filing of annual solvency reports;
- Changes to the information that must be included in the annual statement to members, and additional information that must be included in the annual statement to members of jointly sponsored pension plans that have a solvency deficiency below a certain limit; and
- Changes to the contributions and interest that must be made to public sector plans that satisfy certain requirements.
Regulation 177/11 comes into force on June 1, 2011, although some provisions will come into force on January 1, 2012 and December 31, 2012.
Clear, Consistent Rules for Multi-jurisdictional Pension Plans
The MJPPA provides an efficient and transparent regulatory environment for multi-jurisdictional pension plans. It specifies the rules that apply to these plans and allows, to the extent provided for in the MJPPA, a single supervisory authority whose government has signed the MJPPA to exercise all of the supervisory and regulatory powers to which these plans are subject.
The MJPPA replaces the existing Memorandum of Reciprocal Agreement for multi-jurisdictional pension plans where the major authority (province of registration) is Ontario or Quebec and the pension plans have Ontario and Quebec plan members. To the extent described in the MJPPA, the Memorandum will continue to apply to those jurisdictions that have not yet signed the MJPPA.
Bill 120 – Proclaimed sections of the Pension Benefits Act (PBA), effective June 1, 2011
On May 17, 2011, the Order in Council proclaimed several sections of Bill 120
to be in force on June 1, 2011. These proclaimed sections are 1(2.1), 10(3) and 55(4) of the PBA which relate to Jointly Sponsored Pension Plans.
Bill 173 – Better Tomorrow for Ontario Act (Budget Measures), 2011
On May 12, 2011, Bill 173
received Royal Assent. Section 35 of the bill contains amendments to the Pension Benefits Act (PBA). The pension-related provisions that are now in effect include:
- a change to section 42(1)(c) of the PBA to provide that this option is available to the member on termination of employment if the pension plan permits; and
- an amendment to section 68 (wind up of a pension plan) to authorize the Superintendent to require the plan administrator to provide specified additional information and documents to specified individuals.
Other proposed changes will only come into effect upon proclamation. See Bill 173
for more information.
Spring 2011 Ontario Budget - Chapter III: Tax and Pension Systems for Ontario’s Future
On March 29, 2011, the Minister of Finance announced the Ontario Budget. The budget
(Section B: Securing Our Retirement Future: Reform of the Pension and Retirement Income Systems) contains a number of proposed changes to the Pension Benefits Act. An extension of the waiver of the fees on the application to unlock pension funds from a financial institution due to financial hardship was one of the proposed changes. The changes do not come into effect until proclamation.
Regulation 86/11 made under the Pension Benefits Act (PBA)
O. Reg. 86/11
relating to Abitibi pension plans was filed on March 25, 2011. This regulation amends the PBA to allow the employer to make certain payments into the pension fund within 180 days after a report under section 14 with a valuation date of September 30, 2010 is filed.
Regulation 85/11 made under the Pension Benefits Act (PBA)
O. Reg. 85/11
amends the PBA to provide for Ontario to adopt the federal investment rules (for investment of pension fund assets) as they are amended from time to time. Regulation 85/11 comes into force on March 25, 2011.
Please note: Pension plans registered in Ontario may now use the federal investment rules passed into law on June 25, 2010. Future changes to the federal investment rules will apply to Ontario registered pension plans upon enactment by the federal government.
Regulation 84/11 made under the Pension Benefits Act (PBA)
O. Reg. 84/11
relating to broader public sector pension plans was filed on March 25, 2011. This regulation amends the PBA to allow that a report under section 14 with a valuation date on or after December 31, 2009 and on or before August 1, 2010 may be filed on or before May 31, 2011. The amendment also provides that contributions with interest owing as a result of the filing of these reports are to be paid by June 1, 2011.
Regulation 19/11 made under the Pension Benefits Act
O. Reg. 19/11
relating to Abitibi pension plans was filed on January 28, 2011.
Bill 120 - Securing Pension Benefits Now and in the Future Act, 2010
On December 8, 2010, Bill 120
received Royal Assent. This bill follows the Pension Benefits Amendment Act, 2010 which received Royal Assent on May 18, 2010. Bill 120 makes significant changes that will further modernize and strengthen the Pension Benefits Act. Some of these changes come into effect immediately while other changes will come into effect upon proclamation.
Bill 135 – Helping Ontario Families and Managing Responsibly Act, 2010
On December 8, 2010, Bill 135
received royal assent. Schedule 8 of the bill contains an amendment to the Financial Services Commission of Ontario (FSCO) Act, 1997 which allows the Superintendent to delegate to FSCO employees the exercise of powers and performance of duties that are delegated to the Superintendent in an agreement under section 100 of the Pension Benefits Act (PBA). Section 100 deals with the new multi lateral pension plan agreement.
Schedule 15 of the bill contains a proposed amendment to the PBA to repeal clause 42(1)(c), which enables a former member of a pension plan to transfer the commuted value of his or her deferred pension for the purchase of a life annuity on June 30, 2011. A related amendment to section 42 of the PBA provides that if the commuted value of the former member’s deferred pension is greater than the amount that the Income Tax Act permits to be used to purchase the former member’s life annuity, the excess amount is payable to the former member.
Regulation 367/10 made under the Pension Benefits Act
O. Reg. 367/10 relating to funding and funding relief for two specified pension plans was filed and came into effect on September 16, 2010.
Regulation 342/10 made under the Pension Benefits Act
O. Reg. 342/10 relating to designated jurisdictions and reciprocal agreements for multi-jurisdictional pension plans was filed on September 3, 2010. The regulation comes into force on October 1, 2010.
Bill C-9, an Act respecting the March 2010 budget measures and other matters
On July 12, 2010, Bill C-9 received Royal Assent. The Bill was initially introduced on March 29, 2010 and is an Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures. Part 9 of the Bill amends the Pension Benefits Standards Act, 1985 and implements many of the significant pension reform initiatives announced by the Minister of Finance in October 2009.
Federal Government amended the Pension Benefits Standards Regulations, 1985
On June 25, 2010, the federal government released the final regulations to enhance the protection for private sector pension plan members. Part 6 of the regulations repeals section 10 of the Schedule III of the Regulations to the Pension Benefits Standards Act which are the quantitative limits on real estate and resource property on investments.
Note: Ontario has adopted the federal investment rules as they read on December 31, 1999 for the investment of pension fund assets. For these changes to be effective for pension plans registered in Ontario they would have to be specifically adopted by the Ontario Government.
Bill 16, the spring 2010 budget bill
On May 18, 2010, Bill 16
received Royal Assent. The Bill implements the 2010 budget measures and enacts or amends various Acts including the Pension Benefits Act (PBA) (schedule 23). The changes to the PBA provide the authority for the adoption of the new agreement which would impact multi-jurisdictional pension plans. These changes do not come into effect until proclamation.
Bill 236, the Pension Benefits Amendment Act, 2010
On May 18, 2010, Bill 236
received Royal Assent. This bill makes a number of changes to the Pension Benefits Act. Some of these changes come into effect immediately while other changes will come into effect upon proclamation. See also Bill 236 FAQs
Regulation 477/09 made under the Pension Benefits Act
O. Reg. 477/09
adds the non-registered supplemental pension plan for Justices of the Peace to the list of plans that are exempted from the application of the Pension Benefits Act. Ontario Regulation 477/09 was filed on and is effective December 11, 2009.
Regulation 447/09 made under the Pension Benefits Act
Effective November 27, 2009
- The surplus sharing regulation is extended for two years to December 31, 2011.
- The SOMEPP regulations are extended for two years to 2012.
Effective on the day section 2 of the Long-Term Care Homes Act, 2007 comes into force
- The definition of "medical expenses" under section 83(1) of the PBA relating to financial hardship unlocking is updated by replacing the reference to "nursing home" with the term "long-term care home, as defined in subsection 2(1) of the Long-Term Care Homes Act, 2007."
Regulation 322/09 made under the Pension Benefits Act
O. Reg. 322/09 sets out further changes relating to the solvency funding relief provisions of Regulation 909 made under the Pension Benefits Act. Sections 1 and 3 of the regulation come into force on the date of filing. All other sections of the regulation are deemed to come into force on September 30, 2008. Ontario Regulation 322/09 was filed on August 25, 2009.
Regulation 321/09 made under the Pension Benefits Act
O. Reg. 321/09
relating to General Motors pension plans was filed on August 25, 2009.
Regulation 239/09 made under the Pension Benefits Act
O. Reg. 239/09
made under the Pension Benefits Act was filed on June 19, 2009. The Regulation included a number of changes
to locked-in accounts, solvency funding and related issues, including:
Consolidation of the rules governing locked-in retirement accounts (LIRAs) under a new Schedule 3.
Bill 162, An Act respecting the budget measures and other matters
contains three schedules relating to pension plans.
Schedule 24 to the Bill amends the Ontario Pension Benefits Act to:
- Clarify and expand provisions with respect to loans and grants to the Pension Benefits Guarantee Fund (PBGF).
- Provide temporary authority to make regulations with retroactive effect to September 30, 2008, relating to the funding of defined benefit pension plans. The authority is required to implement the solvency funding relief measures announced in the 2009 Budget.
- Schedule 22 to the Bill amends the Ontario Municipal Employees Retirement System Act, 2006 to allow the Administration Corporation to establish subsidiaries and, with the consent of the Sponsors Corporation, to enter into agreements to provide certain pension administration and investment services to administrators of other pension plans and other specified bodies and to invest the assets of the pension fund in an authorized subsidiary.
- Schedule 29 to the Bill amends the Teachers’ Pension Act to allow the Ontario Teachers’ Pension Plan Board, with the consent of the Minister of Education and the executive of the Ontario Teachers’ Federation, to establish subsidiaries to provide certain pension administration and investment services to administrators of other pension plans and other specified bodies and to invest the assets of the pension fund in an authorized subsidiary.
Bill 162 received Royal Assent on June 5, 2009.
Bill 133, An Act to amend various Acts in relation to certain family law matters and to repeal the Domestic Violence Protection Act, 2000
Bill 133 includes a number of amendments to the Pension Benefits Act (PBA). New sections of the PBA provide for the valuation, for family law purposes, of the benefits and entitlements of members and former members of pension plans and for the division of their benefits and entitlements for certain family law purposes. Many of the details of how these provisions will work will be set out in regulation.
Bill 133 received Royal Assent on May 14, 2009. The amendments to the PBA contained in Bill 133 will come into force on a day to be named by proclamation of the Lieutenant Governor.
Ontario Regulation 116/09 made under the Pension Benefits Act
O. Reg. 116/09
adopts the revised Canadian Institute of Actuaries Standard of Practice for pension commuted values. The regulation is effective on April 1, 2009 and applies to terminations on and after that date.
There is no legislative update in 2008.
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
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):
(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.
Current Legislative and Regulatory Changes