Tag: Reg. 28.1
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Saskatchewan Amends Regulations to Freeze Transfer Payments
Effective April 16, 2020, Saskatchewan amended The Pension Benefits Regulations, 1993 to require administrators to obtain prior written consent from the Superintendent to transfer monies or make payments out of defined benefit plans if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund . . .
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FSCO Updates Surplus Policies
FSCO has published two updated surplus policies: S900-514: Surplus Distribution by Written Agreement – The Role of Legal Counsel and S900-512: Application by Employer for Payment of Surplus on Wind Up of a Pension Plan . . .
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FSCO Guideline re Administrative Penalties
FSCO has published an Administrative Penalties Guideline, which provides guidance regarding the process that is followed when the Superintendent imposes an administrative penalty under the Ontario Pension Benefits Act (PBA).
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FSCO Consultation re Surplus Policies
FSCO has launched a consultation regarding its surplus policies. Comments are due by November 12, 2018. In particular, FSCO is seeking guidance on the following policies:
- Application by Employer for Payment of Surplus on Wind Up of a Pension Plan
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Ontario Final Regulation re Administrative Penalties
Ontario has published Regulation 365/17 "Administrative Penalties", a new regulation under the Ontario Pension Benefits Act (PBA). These new Regulations (as well as the related PBA amendments) are scheduled to come into force on January 1, 2018.
Late last year, the government passed Bill 70, which added ss.108.1-108.5 to the PBA. These sections authorize the Superintendent to impose: (i) general administrative penalties for contravening a prescribed provision of the PBA or the regulations, a requirement imposed by order, or an obligation assumed by way of undertaking; and (ii) summary administrative penalties for contravening a prescribed provision of the PBA or the regulations.
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- Application by Employer for Payment of Surplus on Wind Up of a Pension Plan