Tag: Act s. 23
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).
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.
On October 19, 2016, the federal government introduced Bill C-27, An Act to amend the Pension Benefits Standards Act, 1985, for first reading. If passed, the Bill will amend the federal Pension Benefits Standards Act (PBSA) to establish a framework enabling federally regulated employers to set up target benefit plans (TBP). The Bill will also amend the PBSA to permit pension plan administrators to purchase immediate or deferred life annuities for former members or survivors in satisfaction of defined benefit (DB) plan obligations.