Tag: Act s. 8
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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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Manitoba Introduced Bill 8 re Pension Benefits Act
Manitoba introduced Bill 8, The Pension Benefits Amendment Act, for first reading on November 27, 2019. Bill 8 includes amendments to the Manitoba Pension Benefits Act . . .
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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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Picard v. Canada (Attorney General), 2018 FC 747 – Indigenous Pension Plan Incorrectly Deemed to be Subject to Provincial Jurisdiction
The First Nations Public Security Pension Plan (the Plan), a multi-employer pension plan covering the police departments of 14 band councils serving Indigenous communities in Quebec, was registered with the Office of the Superintendent of Financial Institutions of Canada (OSFI) in 1981. Employees of band councils across Canada were considered to be employed in a "federal undertaking", and thus governed by the Canada Labour Code (the Code). Therefore, the Plan participants fell within the definition of "included employment" per ss. 4(2)(4) of the Pension Benefits Standards Act, 1985 (PBSA).
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OSFI Guide re Default Member Investment Option
OSFI has published Guidance Note: Default Option for Member Choice Defined Contribution Plans, which sets out OSFI’s interpretation and expectations related to default investment options for federally regulated DC plans.
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OSFI Final Derivatives Guideline
OSFI has published the final version of the Derivatives Sound Practices for Federally Regulated Private Pension Plans Guideline, which replaces the 1997 guideline “Derivatives Best Practices”. The Guideline, which covers both exchange traded and over-the-counter derivatives, outlines the factors that OSFI expects administrators of federally regulated private pension plans to consider when developing policies and procedures for risk management of derivative activities.
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ITB Marine Group Ltd. v. Northern Transportation Company Limited, 2017 BCSC 2007 – Deemed Trust, Including Workout Agreement, Cannot Trump Security Interest
In 2011, Northern Transportation Company Limited (NTCL), a federally regulated business, entered into a distressed pension plan workout scheme with respect to its defined benefit pension plan. Pursuant to the workout agreement, NTCL was permitted to fund the plan's deficit over a 10-year period instead of the 5-year period required under the federal Pension Benefits Standards Act (PBSA).
In 2016, NTCL assigned itself into bankruptcy. ITB Marine Group Ltd. (ITB) applied to enforce its security interest in certain marine vessels and equipment (Marine Assets), which it had sold on a conditional basis to NTCL via an equipment lease. Morneau Sheppell, as administrator of the plan, argued that the proceeds from the sale of the Marine Assets was subject to a deemed trust under s. 8 of the PBSA and should be used to pay the shortfall still owing under the workout agreement.
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Arrangement relatif à Bloom Lake, 2017 QCCS 4057 – Deemed Trust Does Not Operate in Context of CCAA
Wabush Iron Co. Limited, Wabush Resources Inc. and other related entities (Wabush) filed proceedings under the Companies’ Creditors Arrangement Act (CCAA).
Wabush had two pension plans, which provided defined benefits – a salaried plan and a union plan. The salaried plan is governed by the Newfoundland Pension Benefits Act (NLPBA) and the union plan, which includes railway employees, is governed by both the NLPBA and the federal Pension Benefits Standards Act (PBSA). In addition, the plans include employees located in Quebec.
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OSFI Draft Derivatives Guideline
OSFI issued a Draft Guideline for Derivatives Sound Practices for Federally Regulated Private Pension Plans (the New Guideline), which will replace the 1997 guideline “Derivatives Best Practices” (the 1997 Guideline). Comments are due by September 29, 2017.
The New Guideline, which covers both exchange traded and over-the-counter derivatives, outlines the factors that OSFI expects administrators of federally regulated private pension plans to consider when developing policies and procedures for risk management of derivative activities. Generally, the New Guideline expands upon the 1997 Guideline and reflects current practices with respect to derivatives.
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Arrangegement relatif à Bloom Lake, g.p.l., 2017 QCCS 284 – Quebec CCAA Court Retains Jurisdiction over NFLD Pension Issues
Wabush Iron Co. Limited, Wabush Resources Inc. and other related entities (Wabush) filed proceedings under the Companies’ Creditors Arrangement Act (CCAA).
Wabush had two pension plans, which provided defined benefits - a salaried plan and a union plan. The salaried plan is governed by the Newfoundland Pension Benefits Act (NLPBA) and the union plan, which includes railway employees, is governed by both the NLPBA and the federal Pension Benefits Standards Act (PBSA). In addition, the plans included employees located in Quebec.
In an earlier decision, the Quebec Superior Court (the CCAA Court in these circumstances) ordered the suspension of special payments by Wabush, and confirmed the priority of the Interim Lender Charge over the deemed trusts with respect to the pension liabilities. The plans - both of which were underfunded - were subsequently ordered wound up.
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