Consultations and Proposed Legislation
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 January 11, 2010. |
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
In response to stakeholder requests, CAPSA has extended the comment period for the draft guideline on Fund Holder Arrangements to September 15, 2010. Stakeholders are encouraged to participate in this consultation process. A copy of the draft guideline, guideline table and letter to stakeholders are available on the CAPSA website (www.capsa-acor.org).
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
On May 4, 2010, CAPSA released a draft Guideline on Fund Holder Arrangements for stakeholders’ review and comment. A copy of the draft guideline, guideline table and letter to stakeholders are available for download or printing on the CAPSA website (www.capsa-acor.org). The deadline for submissions is July 30, 2010.
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.
Nova Scotia Consultation
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)
January 9, 2009 - The Financial Division of the Department of Finance has released a discussion paper - Strengthening the Legislative and Regulatory Framework for Private Pension Plans Subject to the Pension Benefits Standards Act, 1985 (PBSA).
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.
Previous Consultations and Legislative Proposals
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