Category: Member Communications
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Denluck v. The Board of Trustees for the Boilermakers’ Lodge 359 Pension Plan, 2021 BCSC 242 – Settlement of Class Action Approved
When Denluck transferred his pension out of the Boilermakers’ Lodge 359 Pension Plan (the Plan), he was advised that since the Plan was underfunded, about a quarter of the commuted value of his pension would be held back (the Transfer Deficiency . . .
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Canada (Attorney General) v. Jost, 2020 FCA 212 – Court Overturns Certification of Class Action re Delayed Pension
In the spring of 2015, Jost was considering retirement from the Canadian Armed Forces (CAF), and was advised that he could expect to receive a lump sum pension benefit within 8 to 12 weeks. At the time, the transfer value was estimated to be $859,980.00 . . .
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Ontario FSRA Guidance re Missing Plan Members
Further to its consultation earlier this year, the Financial Services Regulatory Authority published final Guidance documents: Principles and Practices Regarding Missing Members and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Ontario Passes Bills 213 & 229
Ontario Bill 213, Better for People, Smarter for Business Act, 2020 and Bill 229, Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020. Both Bills include amendments to the Pension Benefits Act (PBA). Bill 229 also includes amendments to the Financial Services Commission of Ontario Act, 1997 and the Financial Services Regulatory Authority of Ontario Act, 2016 . . .
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Boreen v. Mosaic Esterhazy Holdings ULC, 2020 SKCA 132 – Common Law Wife’s Disentitlement to Pension Not Due to Any Employer Negligence
After Mr. and Ms Holmes separated in 1993, they never entered into a formal separation agreement nor legally divorced. Mr. Holmes subsequently lived with Ms Boreen, as a common law couple, until his death in 2014 . . .
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Denluck v. The Board of Trustees for the Boilermakers’ Lodge 359 Pension Plan, 2020 BCSC 1460 – Class Action re Cancelled Commuted Value Transfers
When Denluck transferred his pension out of the Boilermakers’ Lodge 359 Pension Plan (the Plan), he was advised that since the Plan was underfunded, about a quarter of the commuted value of his pension would be held back (the Transfer Deficiency . . .
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Ontario Bill 213 Includes PBA Amendments
Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020, for first reading on October 6, 2020. Bill 213 includes amendments to the Pension Benefits Act (PBA) expanding the Financial Services Regulatory Authority's (FSRA) powers to waive PBA notice requirements and make its own rules regarding notice requirements . . .
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Alberta Regulation re Plan Funding & Communications
Alberta filed Regulation 96/2020 amending the Employment Pension Plans Regulation (EPPR). The amendments permit administrators to apply to the Superintendent for exemptions from certain funding requirements and enable electronic communications . . .
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Ontario FSRA Consultation re Guidance on Missing Plan Members
The Financial Services Regulatory Authority published two guidance documents for comment: Principles and Practices Regarding Missing Members, and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Ontario Regulations re Deadline Extensions
Ontario filed Regulation 287/20 and Regulation 288/20, extending a number of deadlines under the Pension Benefits Act in light of COVID-19. The Financial Services Regulatory Authority (FSRA) updated its questions and answers to provide further guidance on these amendments . . .
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