This page provides links to 2005
consultation papers and proposed legislation 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.
Prince Edward Island government tables bill to protect private sector pension plans
Prince Edward Island introduced the new Pension Benefits Act for first reading on December 2, 2010. An extensive consultation with stakeholders will take place throughout the upcoming months before being brought forth for second reading.
Bill 135 - Helping Ontario Families and Managing Responsibly Act, 2010
On November 18, 2010, the Ontario government introduced for first reading Bill 135
. 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.
Bill 120 - Securing Pension Benefits Now and in the Future Act, 2010
On October 19, the Ontario Government introduced Bill 120
and gave it first reading. This Bill implements changes announced by the minister on August 24, 2010. The changes to the Ontario Pension Benefits Act
include changes to types of benefits and pension plans, funding requirements, entitlement to surplus, Pension Benefit Guarantee Fund, administration of pension plans, regulatory oversight and enforcement, other technical and complementary amendments and a review of the PBA and regulations.
Ontario Government news release - Further Strengthening Pensions
On August 24, 2010 the Ontario Government issued a news release
and a technical backgrounder
providing further information about the additional steps being taken to strengthen Ontario’s pension system. The documents include information about the broad package of reforms that Ontario will propose this fall.
CAPSA Consultation Update– Draft guideline on Fund Holder Arrangements
Federal Government released draft regulations
On May 3, 2010, the federal government released draft regulations
, which propose changes to the defined benefit plan funding provisions and the federal investment rules. The proposed changes will affect pension plans that are registered under the Pension Benefits Standards Act, 1985 with the Office of the Superintendent of Financial Institutions.
Please note: Ontario has adopted the federal investment rules as they read on December 31, 1999 for the investment of pension fund assets. The draft regulations propose the removal of the quantitative limits which previously applied to the real estate and resource property investments. For the proposed changes to be effective for pension plans registered in Ontario they would have to be specifically adopted by the Ontario government.
CAPSA Consultation - Draft guideline on Fund Holder Arrangements
Amendments to the Pension Benefits Standards Act, 1985 (PBSA)
On March 29, 2010, the federal Government tabled Bill C-9
, An Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures. Part 9 of the Bill contains most of the proposed changes to the PBSA announced by the Government on October 27, 2009.
Manitoba News Release - Province Overhauls Pension Benefits Act
On March 26, 2010, Manitoba released changes
to its Pension Benefits Act and regulations that would strengthen and update the legislation.
Changes to the Pension Benefits Act, R.S.O. 1990 (PBA)
On March 25, 2010, Bill 16
passed first reading. The Bill implements the 2010 budget measures and enacts or amends various Acts including the PBA.
2010 Ontario Budget Delivered
On March 25, 2010, the Ontario Budget
was delivered. The budget proposes changes to Ontario’s tax and pension systems. For pension related matters, see chapter III of the budget (or pages 151, 167-174 in PDF format).
Alberta Starts Pension Consultation
Alberta has launched a public consultation on how to strengthen the province’s retirement income system and how to expand pension coverage for those not covered by a workplace pension. The deadline for feedback is April 16, 2010.
The Nova Scotia Department of Labour and Workforce Development released a discussion paper
on March 5, 2010 to gather more input from employers, employees, unions and industry about private-sector pension-plan management. The deadline for submission is April 15, 2010.
British Columbia Consultation - Ways to strengthen the pension system and expand pension coverage
On February 2, 2010, the British Columbia government released an online consultation
to seek public input on ways to strengthen the pension system and expand pension coverage. The deadline for submission is April 1, 2010.
CAPSA Consultation Update– Prudence Standard in Pension Plan Funding and Investment
The comment period for the consultation paper The Prudence Standard and the Roles of the Plan Sponsor and Plan Administrator in Pension Plan Funding and Investment
has been extended to April 30, 2010
to provide stakeholders with more opportunity to participate in the consultation process.
The consultation paper
is available for download or printing on the CAPSA website (www.capsa-acor.org
Changes to the Pension Benefits Act, R.S.O. 1990
On December 9, 2009, Bill 236 - Pension Benefits Amendment Act, 2009
passed first reading. The Bill amends the Pension Benefits Act in connection with several matters, including: benefits for members and others who are entitled to payments out of pension plans; asset transfers between pension plans; partial wind ups of pension plans; surplus-sharing agreements; the administration of pension plans; the powers of the Superintendent; and certain terminology used in the Act. Further information is available from the Ministry of Finance
CAPSA Consultation – Prudence Standard in Pension Plan Funding and Investment
The Canadian Association of Pension Supervisory Authorities (CAPSA) released a consultation paper The Prudence Standard and the Roles of the Plan Sponsor and Plan Administrator in Pension Plan Funding and Investment on November 30, 2009.
CAPSA is interested in receiving feedback on the paper, and has included specific questions in the paper to guide comments. The deadline for submissions has been extended to April 30, 2010. The consultation paper
is available for download or printing on the CAPSA website (www.capsa-acor.org
Federal Pension Proposals Released
On October 27, 2009, the federal government released pension reform proposals
aimed at improving the federal private pension legislative and regulatory framework. Other technical amendments are also proposed.
Manitoba releases Proposed Pension Regulations
Manitoba has released proposed amendments to the regulations that result from 2005 changes to its Pension Benefits Act. Comments on the proposed regulations may be submitted until August 15, 2009.
Call for Retirement Summit
An August 6, 2009 news release
includes a call from the premiers for a national summit on retirement income.
Ontario Budget 2009 Delivered
On March 26, 2009, the Ontario budget
was delivered. The budget proposes changes to Ontario's tax and pension systems.
Nova Scotia Pension Review Panel releases Final Report
On January 27, 2009, the Nova Scotia Pension Review Panel released its final report
Law Commission of Ontario's final report on division of pensions upon marriage breakdown
The Law Commission of Ontario has released its final report
on the division of pensions upon marriage breakdown.
Consultation on Pension Plans Regulated by the Office of the Superintendent of Financial Institutions (OSFI)
The consultation includes, in part, a request for comments on ways to improve the regulatory framework governing pension investment. Ontario has, by reference in the Pension Benefits Act (PBA), adopted the federal investment rules, and this portion of the consultation may be of special interest to pension plans which are subject to the PBA. Comments are to be provided by interested parties by March 16, 2009.
Ontario Solvency Funding Relief
December 16, 2008 - The Ontario government is proposing to introduce legislation this spring to provide pension plans with temporary solvency funding relief.
Consultation on Locked-In Accounts
December 1, 2008 - Ontario Ministry of Finance initiates consultation on regulatory changes for locked-in accounts.
Alberta and British Columbia release report of Joint Expert Panel on Pension Standards
November 28, 2008 - The Alberta and British Columbia governments have released the report of the Joint Expert Panel on Pension Standards.
Family Law Reforms and Pensions
On November 24, 2008, Bill 133 - Family Statute Law Amendment Act passed first reading. Bill 133 includes provisions concerning the division of pensions on marriage breakdown.
Expert commission on pensions delivers final report
On November 20, 2008, the Ontario government announced receipt of A Fine Balance: Safe Pensions, Affordable Plans, Fair Rules , the final report from the Expert Commission on Pensions. The province is seeking feedback on the report from Ontarians, with a written comment period ending February 27, 2009.
CAPSA Releases Report on Regulatory Principles for a Model Law
On October 31, 2008, CAPSA released the final report on its work on Regulatory Principles for a Model Pension Law. The report is available for download or printing on the CAPSA website (www.capsa-acor.org ).
CAPSA In-Person Consultation in Ontario
The CAPSA Secretariat has confirmed the dates for the in-person consultation sessions across Canada. The Ontario consultation is scheduled for Monday December 1, 2008. Further details and registration information are available on the CAPSA website , or from Daniel Padro by calling 416-590-7034.
CAPSA Consultation - Multi-Jurisdictional Pension Plans
The Canadian Association of Pension Supervisory Authorities (CAPSA) released a proposed Agreement Respecting Multi-Jurisdictional Pension Plans on October 21, 2008.
CAPSA is interested in receiving feedback on the proposed Agreement, in particular on its practical application. The deadline for submissions is January 30, 2009. The consultation paper is available for download or printing on the CAPSA website (www.capsa-acor.org ).
Nova Scotia Pension Review Panel releases Interim Position Paper
On October 17, 2008, the Nova Scotia Pension Review Panel released an Interim Position Paper providing tentative answers to the questions posed in their Discussion Paper, and seeking further comments from interested stakeholders.
No consultations or legislative proposals were posted in 2007.
Pension Sector Cost Recovery Proposal
FSCO is proposing to implement an assessment process, commencing with its 2007/08 fiscal year, to ensure that FSCO’s expenditures for the pension sector are fully recovered. This new process will replace the current Annual Information Return (AIR) fee.
The proposed new cost recovery process retains the structure of the current AIR fee as a base assessment for each plan. The only noteworthy changes are to have an assessment adjustment assigning shortfalls/surpluses on a pro rata basis to the base assessment, and to have the new assessment collected through an invoice instead of with the AIR.
Comments on FSCO’s Pension Sector Cost Recovery Proposal Size: 29 kb may be made by August 18, 2006 to the attention of:
Senior Manager, Operations
Financial Services Commission of Ontario
5160 Yonge St., 4th Floor, Box 85
Toronto, ON M2N 6L9
Tel: 416 226-7820
Fax: 416 226-7777
Expert Commission Established
On November 9, 2006, the government of Ontario announced the appointment of an expert commission to carry out province wide consultations on possible changes to the Pension Benefits Act. The commission is to be chaired by Harry Arthurs, a noted academic and labour lawyer. Other commission members are Ian Markham, Kathryn Bush, Bob Baldwin and Murray Gold. The commission is expected to report back in the summer of 2008.
The commission’s areas of focus will include:
- pension plan funding and surplus;
- the Pension Benefits Guarantee Fund;
- full and partial plan wind ups, plan splits and mergers;
- asset transfers between pension plans; and
- funding of defined benefit multi-employer pension plans.
Information about the commission, its terms of reference and contact information is available at www.pensionreview.on.ca.
Surplus Sharing Regulation Extended
On November 9, 2006, the regulation to extend subsections 8 (1) and (2) of Regulation 909 to December 31, 2009 was filed as O. Reg. 509/06. The regulation will be published in The Ontario Gazette on November 25, 2006.
In June 2005, the Ontario Minister of Labour introduced Bill 211, An Act to amend the Human Rights Code and certain other Acts to end mandatory retirement. The Act received Royal Assent on December 12, 2005, to take effect one year after this date (except for section 7 which amended the Workplace Safety and Insurance Act, 1997).