Tag: Reg. 29
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Saskatchewan Policy re Unlocking Pensions
The Saskatchewan Financial Consumer Affairs Authority published a bulletin regarding the potential options for unlocking pensions . . .
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New Brunswick FCNB Bulletins re PEI Plans & Marriage Breakdown
The New Brunswick Financial and Consumer Services Commission (FCNB) published two Pension Bulletins: Pension Bulletin 2018-04 - Marriage Breakdown and Pension Bulletin 2018-05 - The New Brunswick Pension Benefits Act and Prince Edward Island.
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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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Ontario Final Regulation re Superintendent Authority on Wind Up
Ontario has published Regulation 412/17, which amends the General Regulation with respect to the Superintendent's authority on a plan wind up.
As I reported in an earlier post, Section 73.1 of the Ontario Pension Benefits Act (PBA) will require administrators appointed by the Superintendent to have the Superintendent’s approval prior to purchasing life annuities in connection with a plan wind up. Further, the Superintendent may defer giving such approval if they are of the opinion that the annuity purchase “would adversely affect the financial position” of the Pension Benefits Guarantee Fund (PBGF).
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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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Saskatchewan Amendments to Regulation Establish Limited Liability Plans
Saskatchewan has filed Regulation 100/2017, amending its Pension Benefits Regulation to establish a new funding and regulatory regime for "limited liability plans" (a form of target benefit plan).
Sections 40(5) and 40(6) of the Saskatchewan Pension Benefits Act provide for defined benefit plans where the funding obligations are limited by collective agreement or contract, and benefits can be reduced if there is a funding deficit. These amendments appear to be intended to clarify the funding and regulatory requirements governing such plans.
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Ontario Draft Regulation re Superintendent Authority on Wind Up
Late last year, the government passed Bill 70, which added s. 73.1 to the
Ontario Pension Benefits Act. Section 73.1 requires administrators appointed by the Superintendent to have the Superintendent’s approval prior to purchasing life annuities in connection with a plan wind up. Further, the Superintendent may defer giving such approval if they are of the opinion that the annuity purchase "would adversely affect the financial position" of the Pension Benefits Guarantee Fund (PBGF).This content is only available to subscribers. Please login or go to www.optimizelegal.com to learn more about this product. -
Ontario Regulations re Portability & Letters of Credit
On February 17, 2017, Ontario filed two amendments to General Regulation 909:
- Regulation 49/17, which enables retired members’ to access portability; and
- Regulation 47/17, which adds certain pension plans to the list of public sector plans that can use letters of credit.
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Ontario Draft Regulation re Portability for Retired Members
In 2016, Ontario passed amendments to the Ontario Pension Benefits Act to clarify that the portability provisions in s. 42 may apply to a retired member who has reached the normal retirement date and is entitled to receive a pension, but who has not yet elected to receive that pension, subject to the terms . . .
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Ontario Regulations re New Actuarial Standards
Effective December 10, 2015, Regulations 394/15 , 393/15 , 391/15 and 390/15 came into force. These Regulations amend the regulations related to asset transfers/conversions, This content is only available to subscribers. Please login or go to www.optimizelegal.com to learn more about this product.