Tag: Act s. 73.1
Effective January 1, 2018, New Brunswick has amended its Pension Benefits Act and Regulation 2012-75 to make certain changes respecting shared risk plans. These amendments are included in Bill 7 and Regulation 2017-49 (p. 79).
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).
On October 25, 2017, New Brunswick introduced two Bills which include amendments to its Pension Benefits Act (PBA): Bill 7, An Act to Amend the Pension Benefits Act and Bill 8, An Act Respecting the Financial and Consumer Services Tribunals.