Category: Member Communications
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OSFI Update re COVID-19 Measures
Further to my earlier post, OSFI has updated its guidance on a portability freeze and other measures. There was no reference, however, to yesterday's announcement regarding solvency funding relief . . .
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Ontario Passes Bill 132 & 138 re PBA Amendments
Ontario Bill 132, Better for People, Smarter for Business Act, 2019 and Bill 138, Plan to Build Ontario Together Act, 2019, received Royal Assent on December 10, 2019 . . .
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Integram Windsor Seating division of Magna Seating Inc. v Unifor Local 444, 2019 CanLII 114882 – Temporary Plan Interpretation Error Did not Give Rise to Detrimental Reliance
The Pension Plan for Canadian Employees of Magna International Inc. permits early retirement, subject to the member's basic benefit and bridge benefit being reduced by 4% per year for each year their retirement precedes age 60 . . .
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Ontario Fall Economic Statement 2019
Today, the Ontario government published its fall Economic Statement for 2019, which includes pension-related announcements . . .
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Jost v. Canada (Attorney General), 2019 FC 1356 – Class Action re Delayed/Reduced Pension Certified
In the spring of 2015, Jost was considering retirement from the Canadian Armed Forces (CAF) and he elected to receive the transfer value of his pension. At the time, the transfer value was estimated to be 859,980.00. Shortly after Jost's retirement - October 2015 - the transfer value had decreased to $703,180.00 . . .
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Ontario Bill 132 Includes PBA Amendments
Ontario introduced Bill 132, Better for People, Smarter for Business Act, 2019, for first reading on October 28, 2019. Bill 132 includes amendments to the Ontario Pension Benefits Act . . .
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Ontario Draft Amendments re Electronic Communications
In this year's Budget, the Ontario government announced that electronic communications will become the default method, with appropriate safeguards, to provide pension plan information to plan members. The government is now seeking input on draft amendments to the Pension Benefits Act . . .
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Calder v. Alberta, 2019 ABCA 289 – Court Upholds Lower Court Decision re Plan Interpretation and Negligent Misrepresentation
At the time of his retirement, Calder was advised that his pension under the Old Plan would be based on his highest average annual salary over a 5-year period (i.e., whether earned before or after the closure of the Old Plan). A couple of years later, however, the APSC decided that its interpretation of the Old Plan had been incorrect. The APSC was now of the view that the salary earned after the Old Plan closure should not to be taken into account when calculating pensions under that plan . . .
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Dillman v. BC Pension Corporation, 2019 ABQB 395 – Public Sector Plan Required to Answer Certain Questions as Part of Ongoing Litigation
Dillman had been a member of the British Columbia Teachers’ Pension Plan (BCTPP), which is administered by the BC Pension Corporation (the Corporation). She was considering transferring her pension from the BCTPP to an Alberta pension plan. In relation to that proposed transfer, Dillman commenced a legal action against the Corporation and subsequently posed a series of questions to the Corporation . . .
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CAPSA Guidance re Electronic Communications & Solvency Liability Reports
Further to consultations last fall, CAPSA has published two guidelines in final form: Guideline No. 2: Electronic Communication in the Pension Industry (updated) and Guidance re Solvency or hypothetical wind-up liabilities based on actual life insurance company annuity quotation . . .
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