Tag: Act s. 61
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).
Newfoundland introduced Bill 5, An Act to Amend the Pension Benefits Act, on March 28, 2018. Bill 5 amends the Newfoundland Pension Benefits Act to apply provisions regarding payments on plan termination to individual pension plans (IPP), subject to an exemption where the members, former members and beneficiaries of the IPP consent.
If passed, the Bill comes into force on December 31, 2018.
Ed. Note: Bill 5 received royal assent on May 31, 2018.
Reference re Section 32 of the Pension Benefits Act, 1997 2018 NLCA – Scope of Deemed Trusts and Nature of Lien & Charge
This is the latest decision related to the Wabush Iron Co. Limited, Wabush Resources Inc. and other related entities (Wabush) proceedings under the Companies’ Creditors Arrangement Act (CCAA).
The Newfoundland government referred a number of questions to the Newfoundland and Labrador Court of Appeal regarding: (i) the scope of the deemed trusts under the Newfoundland Pension Benefits Act, 1997 (NLPBA); (ii) the application of the federal Pension Benefits Standards Act (PBSA), and Quebec Supplemental Pension Plans Act (SPPA) to the proceedings; and (iii) whether the NLPBA lien and charge constituted a valid secured claim in favour of the pension plan administrator.
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.
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.