Tag: Act s. 33
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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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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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Denluck v. The Board of Trustees for the Boilermakers’ Lodge 359 Pension Plan, 2018 BCSC 1109 – Class Action Certified re Cancelled Commuted Value Transfers
Denluck was a member of the Boilermakers’ Lodge 359 Pension Plan (the Plan), a negotiated-cost, multi-employer pension plan. The Plan is administered by a board of trustees who have the authority to reduce benefits when the Plan is underfunded.
In 2008, Denluck transferred his pension to another Boilermakers' pension plan. He was advised that since the Plan was underfunded, about a quarter of the commuted value of his pension would be held back (the Transfer Deficiency) until the earlier of: (i) five years from the date of the initial transfer; or (ii) restoration of the Plan’s Transfer Ratio to 1.00.
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Retraite Quebec Newsletter re SPPA Amendments
Retraite Québec published Newsletter #31, which provides guidance for plan administrators on the key amendments to the Supplemental Pension Plans Act that took effect on January 1, 2016. The Newsletter addresses the following changes:
- Pension Plan Funding: actuarial valuation frequency and requirements, notice requirements, stabilization provisions, letters of credit, transitional rules
- Measures for Risk Management: funding, investment and annuity purchasing policies
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Status Update: Quebec Bill 57 re DB Plan Funding
Earlier this year, the Quebec government enacted legislation, which established a new funding method for Quebec defined benefit pension plans. Draft regulations, released last week, provide DB plan administrators with additional guidance regarding these new funding requirements.
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