This page contains legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation from 2012.
Regulation 105/19 made under the Pension Benefits Act
O. Reg. 105/19 ![[New Window]](/Style%20Library/FSCO/Internet/Images/icons/external.png "open new window")
was filed on May 21, 2019 and amends Regulation 909. The amendments relate to the funding framework for defined benefit single employer pension plans. Most provisions are in effect as at May 21, 2019.
Bill 100 Protecting What Matters Most Act (Budget Measures), 2019
Bill 100 received first reading on April 11, 2019. Schedule 48 relates to amendments to the Pension Benefits Act. Schedule 26 relates to amendments to the Financial Services Commission of Ontario Act, 1997. Schedule 27 relates to amendments to the Financial Services Regulatory Authority of Ontario Act, 2016. Schedule 28 relates to amendments to the Financial Services Tribunal Act, 2017. More information is available on the Ministry of Finance website; see the 2019
Ontario Budget .
Bill 66, Restoring Ontario’s Competitiveness Act, 2019
Bill 66 received Royal Assent on April 3, 2019. Schedule 6 relates to amendments to the Pension Benefits Act.
Bill 57 Restoring Trust, Transparency and Accountability Act, 2018
Bill 57 received third reading and Royal Assent on December 6, 2018. Schedule 33 relates to amendments to the Pension Benefits Act. Schedule 17 relates to amendments to the Financial Services Regulatory Authority of Ontario Act, 2016.
Bill 66 Restoring Ontario’s Competitiveness Act, 2019
Bill 66 received first reading on December 6, 2018. Schedule 6 relates to amendments to the Pension Benefits Act.
Bill 57 Restoring Trust, Transparency and Accountability Act, 2018
Bill 57 received first reading on November 15, 2018. Schedule 33 relates to amendments to the Pension Benefits Act. Schedule 17 relates to amendments to the Financial Services Regulatory Authority of Ontario Act, 2016.
Bill 31 Plan for Care and Opportunities Act (Budget Measures), 2018
Bill 31 received third reading and Royal Assent on May 8, 2018. Schedule 23 relates to amendments to the Pension Benefits Act.
Regulation 259/18 made under the Pension Benefit Act
O. Reg. 259/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 156/13 and relates to the General Synod Pension Plan of the Anglican Church of Canada.
Regulation 258/18 made under the Pension Benefit Act
O. Reg. 258/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 156/13 and relates to the General Synod Pension Plan of the Anglican Church of Canada.
Regulation 257/18 made under the Pension Benefit Act
O. Reg. 257/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 178/11, solvency funding relief for certain public sector pension plans.
Regulation 256/18 made under the Pension Benefit Act
O. Reg. 256/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 255/17 and relates to U.S. Steel Canada Inc. pension plans.
Regulation 255/18 made under the Pension Benefit Act
O. Reg. 255/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 311/15, conversions and transfers of assets under section 80.4 and conversions under section 81.0.1 of the Pension Benefits Act.
Regulation 254/18 made under the Pension Benefit Act
O. Reg. 254/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 202/02, Essar Steel Algoma Inc. pension plans.
Regulation 253/18 made under the Pension Benefit Act
O. Reg. 253/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 310/13, asset transfers under sections 80 and 81 of the Pension Benefits Act.
Regulation 252/18 made under the Pension Benefit Act
O. Reg. 252/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 909 by adding a new section 47.9.
Regulation 251/18 made under the Pension Benefit Act
O. Reg. 251/18 was filed on April 20, 2018 and will come into force on May 1, 2018. It amends Regulation 196/11, Resolute FP Canada Inc. pension plans.
Regulation 250/18 made under the Pension Benefit Act
O. Reg. 250/18 was filed on April 20, 2018 and most provisions will come into force on May 1, 2018. It amends Regulation 909 and sets out the new funding framework for defined benefit single employer pension plans.
Regulation 249/18 made under the Pension Benefit Act
O. Reg. 249/18 was filed on April 20, 2018 and will come into force on July 1, 2018. It amends Regulation 311/15, conversions and transfers of assets under section 80.4 and conversions under section 81.0.1 of the Pension Benefits Act.
Bill 31 Plan for Care and Opportunities Act (Budget Measures), 2018
Bill 31 received first reading on March 28, 2018. Schedule 23 relates to amendments to the Pension Benefits Act.
More information is available on the Ministry of Finance website; see the
2018 Ontario Budget .
Regulation 180/18 made under the Pension Benefits Act
O. Reg. 180/18 was filed on April 3, 2018 and will come into force on the day section 350 of Schedule 1 to the Supporting Children, Youth and Families Act, 2017 comes into force. This regulation makes some housekeeping amendments to Regulation 909 about the name of the Child, Youth and Family Services Act, 2017.
Regulation 192/18 made under the Pension Benefits Act
O. Reg. 192/18 was filed on April 3, 2018 and will come into force on July 1, 2018. The regulation relates to specified Ontario multi-employer pension plans.
Regulation 193/18 made under the Pension Benefits Act (PBA)
O. Reg. 193/18 was filed on April 3, 2018 and will come into force on the day section 20 of Schedule 33 to the Stronger, Fairer Ontario Act (Budget Measures), 2017 comes into force. It contains the regulations pertaining to the provision of a discharge for the purchase of pension benefits from an insurance company under section 43.1 of the PBA.
Regulation 98/18 made under the Pension Benefits Act (PBA)
O. Reg. 98/18 made under the PBA was filed and came into force on March 9, 2018. Two public sector pension plans have been added to Schedule 2 of Ontario Regulation 178/11 (Stage two solvency funding relief).
Regulation 15/18 made under the Pension Benefits Act (PBA)
O. Reg. 15/18 made under the PBA, was filed and came into force on February 9, 2018. It amends O. Reg. 310/13 that relates to asset transfers under sections 80 and 81 of the PBA.
Regulation 536/17 made under the Pension Benefits Act (PBA)
O. Reg. 536/17 made under the PBA was filed on December 18, 2017. It comes into force on January 1, 2018, and relates to a non activating event in the grow-in provision.
Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017
Bill 177 received third reading and Royal Assent on December 14, 2017. Schedule 33 relates to amendments to the Pension Benefits Act.
Regulation 443/17 made under the Pension Benefits Act (PBA)
O. Reg. 443/17 made under the PBA was filed on November 24, 2017 and comes into force on January 1, 2018. Three public sector pension plans have been added to Schedule 2 of Ontario Regulation 178/11 (Stage two solvency funding relief).
Regulation 442/17 made under the Pension Benefits Act (PBA)
O. Reg. 442/17 made under the PBA was filed on November 24, 2017 and comes into force on January 1, 2018. The Jointly Sponsored Pension Plans named in s.47.7.1(1) of Regulation 909 are exempt from paragraphs 1.2 and 2 of subsection 4(2.3) of Regulation 909.
Regulation 441/17 made under the Pension Benefits Act (PBA)
O. Reg. 441/17 made under the PBA was filed and came into force on November 24, 2017. The temporary exemption from the annual valuation filing requirement for Certain Jointly Sponsored Pension Pension Plans has been extended for an additional two years.
Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017
Bill 177 received first reading on November 14, 2017. Schedule 33 of the Bill proposes a number of changes to the Pension Benefits Act including those related to missing beneficiaries, annuity discharge, provision for adverse deviations, target benefits, pension benefits guarantee fund and variable benefits. It also proposes changes to the Financial Services Regulatory Authority of Ontario Act, 2016 (Schedule 16) and the Financial Services Tribunal Act (Schedule 17) with consequential amendments to the Financial Services Commissions of Ontario Act, 1997.
Regulation 412/17 made under the Pension Benefits Act (PBA)
O. Reg 412/17 made under the PBA was filed on November 3, 2017. It relates to the timing and manner of section 72(3) payments i.e. purchase of annuities in certain wind up situations. It comes into force on January 1, 2018, the day section 6 of Schedule 19 to the Building Ontario Up for Everyone Act (Budget Measures), 2016 comes into force.
Regulation 390/17 made under the Pension Benefits Act (PBA)
O. Reg. 390/17 made under the PBA, was filed and came into force on October 23, 2017. It amends O. Reg. 310/13 that relates to asset transfers under sections 80 and 81 of the PBA.
Regulation 365/17 made under the Pension Benefits Act (PBA)
O. Reg. 365/17 made under the PBA, relating to Administrative Penalties, was filed on September 15, 2017, and comes into force on January 1, 2018, the day section 5 of Schedule 19 to the Building Ontario Up for Everyone Act (Budget Measures), 2016 comes into force.
Regulation 286/17 made under the Pension Benefits Act (PBA)
O. Reg. 286/17
made under the PBA, was filed and came into force on July 28, 2017. It amends O. Reg. 311/15 that relates to conversions and transfers of assets under section 80.4 of the PBA and conversions under section 81.0.1 of the PBA.
Regulation 213/17 made under the Pension Benefits Act
O. Reg. 213/17
made under the Pension Benefits Act, related to the Superintendent's enhanced powers, was filed and came into force on June 29 2017.
Regulation 205/17 made under the Pension Benefits Act
O. Reg. 205/17 made under the Pension Benefits Act, relating to the U.S. Steel Canada Inc. Pension Plan, was filed and came into force on June 28, 2017.
Regulation 255/17 made under the Pension Benefits Act
O. Reg. 255/17 made under the Pension Benefits Act, relating to the U.S. Steel Canada Inc. Pension Plans, was filed and comes into force on June 30, 2017.
Regulation 225/17 made under the Pension Benefits Act
O. Reg. 225/17 made under the Pension Benefits Act which was filed on June 29, 2017 and comes into force on July 1, 2017, provides transitional funding measures for defined benefit pension plans and extends the Specified Ontario Multi-Employer Pension Plans (SOMEPP) regulation.
Bill 127 Stronger, Healthier Ontario Act (Budget Measures), 2017 received Royal Assent
Bill 127 received third reading and Royal Assent on May 17, 2017. Schedule 27 relates to amendments to the Pension Benefits Act.
Bill 127 Stronger, Healthier Ontario Act (Budget Measures), 2017
Bill 127 received first reading on April 27, 2017. Schedule 27 relates to amendments to the Pension Benefits Act.
More information is available on the Ministry of Finance website; see the
2017 Ontario Budget .
Regulation 49/17 made under the Pension Benefits Act
O. Reg. 49/17 made under the Pension Benefits Act (PBA), was filed on February 17, 2017. This Regulation comes into force on the day section 2 of Schedule 19 to the Building Ontario Up for Everyone Act (Budget Measures), 2016 comes into force.
Regulation 48/17 made under the Pooled Registered Pension Plans (PRPP)Act, 2015
O. Reg. 48/17 made under the PRPP Act 2015 and amending
O. Reg. 359/16 was filed and came into force on February 17, 2017.
Regulation 47/17 made under the Pension Benefits Act
O. Reg. 47/17 made under the Pension Benefits Act (PBA), was filed and came into force on February 17, 2017. Section 55.2 of the PBA will apply to three more plans under 5.2.1(1.1) of
Regulation 909 (Letters of Credit re Solvency Deficiencies) .
Regulation 465/16 made under the Pension Benefits Act
O. Reg. 465/16 made under the Pension Benefits Act, relating to the General Synod Pension Plan of the Anglican Church of Canada, was filed and came into force on December 16, 2016. This Regulation amends O. Reg. 156/13.
Regulation 464/16 made under the Pension Benefits Act
O. Reg. 464/16 made under the Pension Benefits Act, relating to the Resolute FP Canada Inc. Pension Plans, was filed and came into force on December 16, 2016. This Regulation amends O. Reg. 196/11.
Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 received Royal Assent
Bill 70 received third reading and Royal Assent on December 8, 2016 and is an Act to implement the Budget Measures and amends various statutes. Schedule 19 of the Bill includes a number of changes to the Pension Benefits Act. Schedule 8 includes provisions related to the Financial Services Regulatory Authority of Ontario Act, 2016.
Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016
Bill 70
which received first reading on November 16, 2016 is an Act to implement the Budget Measures and amends various statutes. Schedule 19 of the Bill includes a number of changes to the Pension Benefits Act. Schedule 8 includes provisions related to the Financial Services Regulatory Authority of Ontario Act, 2016.
Pooled Registered Pension Plans Act, 2015
On November 8, 2016, the Ontario Government proclaimed the
Pooled Registered Pension Plans(PRPP) Act, 2015 and enacted the PRPP
Regulation 359/16 .
More Information
Federal government’s amendments to the Pension Benefits Standards Regulations
Proposed amendments to the
Assessment of Pension Plans Regulations to include provisions for recovering expenses from pooled registered pension plans (PRPPs) were published for comment in Part I of the Canada Gazette on June 25, 2016. No comments were received and these amendments have now been approved by the Governor in Council and were published in Part II of the Canada Gazette on November 2, 2016. These amendments allow OSFI to implement annual assessments of PRPPs with the first assessment due on March 31, 2017. The PRPP Assessment Remittance Form will be available on OSFI’s website shortly.
Regulation 359/16 made under the Pooled Registered Pension Plans Act, 2015 (PRPP Act)
O. Reg. 359/16 made under the PRPP Act was filed on November 4, 2016. This Regulation will come into force on the day section 25 of the PRPP Act comes into force.
Regulation 352/16 made under the Pension Benefits Act
O. Reg. 352/16
made under the Pension Benefits Act (PBA) and amending Regulation 909, R.R.O. 1990 (General) was filed and came into force October 31, 2016. This Regulation prescribes the circumstances in which the Superintendent of Financial Services may appoint an administrator for a pension plan or act as administrator of a pension plan. The Order in Council proclaiming into force sections 8(1.1) and 8(1.2) of the PBA also came into effect on the same date.
Regulation 351/16 made under the Pension Benefits Act
O. Reg. 351/16
made under the Pension Benefits Act (PBA) and amending Regulation 909, R.R.O. 1990 (General) was filed on October 31, 2016. This Regulation relates to the establishment of advisory committees under subsection 24 (1) of the PBA. It comes into force on January 1, 2017. The Order in Council proclaiming into force section 24 (1) and (2) of the PBA will also come into force on January 1, 2017.
Regulation 350/16 made under the Pension Benefits Act
O. Reg. 350/16
made under the Pension Benefits Act was filed and came into force on October 31, 2016. This Regulation amends O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans).
Regulation 240/16 made under the Pension Benefits Act
O. Reg. 240/16 made under the Pension Benefits Act was filed on June 24, 2016. This Regulation relates to the 2016 Agreement Respecting Multi-jurisdictional Pension Plans and comes into force on July 1, 2016.
Regulation 239/16 made under the Pension Benefits Act
O. Reg. 239/16 made under the Pension Benefits Act (PBA), relating to asset transfers between multi-employer pension plans (MEPPs) under section 81 and amending
O. Reg. 310/13, was filed on June 24, 2016, and will come into force on July 1, 2016. The regulation allows the existing asset transfer rules in section 81 to apply to MEPPs. On July 1, 2016, certain provisions of the
Budget Measures Act, 2015 , which amended sections 79.2 and 81 of the PBA, will also come into force. Note that this regulation is not related to the proposed framework for Target Benefit MEPPs.
Regulation 161/16 made under the Pension Benefits Act
O. Reg. 161/16 made under the Pension Benefits Act was filed on June 3, 2016 and comes into force on July 1, 2016. It provides an extension of the 2009 and 2012 temporary solvency relief measures for private sector pension plans.
Bill 186 - Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016
Bill 186 which enacts the Ontario Retirement Pension Plan (ORPP) Act, passed third reading on June 2, 2016. The ORPP Act establishes the ORPP and makes amendments to the Pension Benefits Act.
Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016
Bill 173 received royal assent on April 19, 2016. Schedule 22 relates to the Pension Benefits Act and Schedule 23 relates to amendments to the Pooled Registered Pension Plans Act.
Bill 186 - Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016
Bill 186 received first reading on April 14, 2016. The Bill enacts the Ontario Retirement Pension Plan (ORPP) Act, which establishes the ORPP and makes other complementary and consequential amendments to other Acts.
Pooled Registered Pension Plans (Saskatchewan)
The Pooled Registered Pension Plans (Saskatchewan) Regulations and The Pension Benefits (Pooled Registered Pension Plans) Amendment Regulations, 2016 were passed on February 25, 2016. The Regulations will come into force on proclamation of The Pooled Registered Pension Plans (Saskatchewan) Act. A proclamation date for the Act has not been set.
Bill 173, Jobs for Today and Tomorrow Act (Budget Measures), 2016
Bill 173 received first reading on February 25, 2016.
Schedule 22 which relates to the Pension Benefits Act, recommends changes to Pension Advisory Committees and extends the period for the use of Section 80.1 by public sector plans by July 1, 2017. Schedule 23 relates to amendments to the Pooled Registered Pension Plans Act.
Regulation 395/15 made under the Pension Benefits Act
O. Reg. 395/15 made under the Pension Benefits Act and amending Regulation 909, R.R.O. 1990 (General) was filed on December 10, 2015 and comes into force on January 1, 2016. The amendment adds the Hamilton Street Railway Pension Plan to the list of exempted plans in Section 47(1).
Regulation 394/15, 393/15, 391/15 and 390/15 made under the Pension Benefits Act
O. Reg. 394/15 ,
O. Reg. 393/15 , O. Reg. 391/15 and O. Reg. 390/15 , made under the Pension Benefits Act and Regulations were filed and came into force on December 10, 2015. These Regulations relate to the effective date of the actuarial standards to be used as the new basis for calculating commuted values.
Regulation 392/15 made under the Pension Benefits Act
O. Reg. 392/15 made under the Pension Benefits Act (PBA) was filed on December 10, 2015 and comes into force on January 1, 2016. The regulation amends
O. Reg. 308/13 and adds Hydro One Pension Plan to the list of prescribed plans.
Bill 144, Budget Measures Act, 2015
Bill 144
received third reading and royal assent on December 10, 2015. The amendments to the Pension Benefits Act are in Schedule 17 of the Bill, and relate to multi-employer pension plans.
Regulation 344/15 made under the Pension Benefits Act
O. Reg. 344/15
made under the Pension Benefits Act was filed and came into force on November 26, 2015, This Regulation amends O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans).
Regulation 343/15 made under the Pension Benefits Act
O. Reg. 343/15 made under the Pension Benefits Act and amending Regulation 909, R.R.O. 1990 (General) which was filed and came into force on November 26, 2015, relates to the Teachers’ Pension Plan.
Bill 144, Budget Measures Act, 2015
Bill 144 received first reading on November 18, 2015. The amendments to the Pension Benefits Act are in
Schedule 17
of the Bill, and relate to multi-employer pension plans.
Regulation 313/15 made under the Pension Benefits Act
O. Reg. 313/15
made under the Pension Benefits Act was filed on October 22, 2015, and will come into force on January 1, 2016. This Regulation amends O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans).
Regulations 311/15 and 312/15 made under the Pension Benefits Act
The Ontario Government has proclaimed amendments to the Pension Benefits Act that would permit a broader public sector employer-sponsored single employer pension plan (SEPP) to either transfer or merge into a new or an existing jointly sponsored pension plan (JSPP) (section 80.4), or convert to a JSPP (section 81.0.1), if specified conditions are met. These provisions only apply to SEPPs that are in the broader public sector. Related Ontario regulations
O. Reg. 311/15
and
O. Reg. 312/15 have been filed and are effective November 1, 2015.
Bill 14 - Building Opportunity and Securing Our Future Act (Budget Measures), 2014
Regulation 147/15 made under the Pension Benefits Act
O. Reg. 147/15 made under the Pension Benefits Act, relating to asset transfers under section 80.1 and amending
O. Reg. 308/13 was filed and came into force on June 18, 2015.
Bill 91, Building Ontario Up Act (Budget Measures), 2015
Bill 91 received royal assent on June 4, 2015. Schedule 34 of the Act relates to amendments to the Pension Benefits Act which will come into force on a date to be proclaimed.
Bill 57 - Pooled Registered Pension Plans Act, 2015
Bill 57, Pooled Registered Pension Plans (PRPPs) Act, 2015
received royal assent on May 28, 2015.
The Act creates a framework for Ontario businesses to offer PRPPs to their employees, as well as make PRPPs available to the self-employed. The Bill also contains consequential amendments made to the Financial Services Commission of Ontario Act, 1997 and the Pension Benefits Act. The Act will come into force on a date to be proclaimed.
New Pension Legislation proclaimed in British Columbia
On May 11, 2015, the Lieutenant Governor of British Columbia approved the new Pension Benefits Standards Regulation (the New Regulation).
The New Regulation supports Bill 38-2012, the new Pension Benefits Standards Act, SBC 2012, c. 30. (the New Act) which was passed in May 2012 and subsequently amended by Bill 10-2014, the Pension Benefits Standards Amendment Act. The
New Act and Regulation
will come into force on September 30, 2015.
Ontario Retirement Pension Plan Act
On May 5, 2015, Bill 56 received Royal Assent.
Bill 56 is an Act to require the establishment of the
Ontario Retirement Pension Plan (ORPP) . The Act forms the foundation of the ORPP which will
be put in place by January 1, 2017.
Federal government’s amendments to the Pension Benefits Standards Regulations
On March 25, 2015, the federal government published amendments to the Pension Benefits Standards Regulations (PBSR), made under the Pension Benefits Standards Act, 1985 (Canada). These include changes to the federal investment regulations (FIR) which are incorporated by reference in sections 78 and 79 of Regulation 909 made under the Ontario Pension Benefits Act.
For purposes of
Regulation 909, the FIR includes sections 6, 7, 7.1 and 7.2 and Schedule III to the PBSR, as they may be amended from time to time.
Regulation 38/15 made under the Pension Benefits Act
O. Reg. 38/15 made under the Pension Benefits Act was filed and came into force on March 6, 2015. This Regulation amends
O.Reg. 178/11
(Solvency Funding Relief for Certain Public Sector Pension Plans).
Regulation 37/15 made under the Pension Benefits Act
O. Reg. 37/15 made under the Pension Benefits Act and amending
Regulation 909, R.R.O. 1990 (General) was filed and came into force on March 6, 2015.
Regulation 36/15 made under the Pension Benefits Act
O. Reg. 36/15 made under the Pension Benefits Act, relating to asset transfers under section 80.1 and amending
O. Reg. 308/13, was filed and came into force on March 6, 2015.
Bill 57 –Pooled Registered Pension Plans Act, 2014
Bill 57, Pooled Registered Pension Plans Act, 2014
received first reading on December 8, 2014.
The purpose of the Act is to provide a framework for the establishment and administration of a pooled registered pension plan (PRPP).
The Superintendent of Financial Services appointed under the
Financial Services Commission of Ontario Act, 1997 has regulatory authority over PRPPs under the Act.
The Bill also contains consequential amendments made to the Financial Services Commission of Ontario Act, 1997 and the Pension Benefits Act.
Bill 56 - Ontario Retirement Pension Plan Act, 2014
Bill 56 An Act to require the establishment of the Ontario Retirement Pension Plan, received first reading on December 8, 2014.
Regulation 235/14 made under the Pension Benefits Act
O. Reg. 235/14 made under the Pension Benefits Act and amending Regulation 909, R.R.O. 1990 (General) was filed and came into force on November 27, 2014.
Regulation 233/14 made under the Pension Benefits Act
O. Reg. 233/14 made under the Pension Benefits Act was filed and came into force on November 27, 2014. This Regulation amends
O.Reg. 178/11
(Solvency Funding Relief for Certain Public Sector Pension Plans).
Regulation 207/14 made under the Pension Benefits Act
O. Reg. 207/14 made under the Pension Benefits Act was filed and came into force on November 7, 2014. It amends O.Reg. 177/11 which affects jointly sponsored pension plans and initially came into force on May 20, 2011.
Federal government’s proposed amendments to the Pension Benefits Standards Regulations
On September 19, 2014, the federal government proposed
amendments to the Pension Benefits Standards Regulations (PBSR). These will be posted for public consultation on September 27, 2014. The proposals support amendments to the Pension Benefits Standards Act, 1985 (Canada) (PBSA) that were passed in 2010 but have not yet been proclaimed.
The
amendments to the PBSR seek to improve the regulatory framework for defined contribution plans, enhance disclosure, and protect plan members’ and former members’ pension benefits. This includes modernizing pension fund investment rules by modifying a number of aspects of the ten per cent rule and updating definitions applicable to investment rules.
The proposals also include revisions to the Pooled Registered Pension Plan Regulations to ensure consistency with corresponding provisions in the PBSR. Amendments to
Solvency Funding Relief
Regulations,Solvency Funding Relief Regulations, 2009 and
Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 would address inconsistencies between the English and French versions and make other technical changes.
Bill 14 - Building Opportunity and Securing Our Future Act (Budget Measures, 2014)
Regulation 119/14 made under the Pension Benefits Act
O. Reg. 119/14 made under the Pension Benefits Act and amending
Regulation 909, R.R.O. 1990 (General) was filed and came into force on May 1, 2014.
Regulation 118/14 made under the Pension Benefits Act
O. Reg. 118/14 made under the Pension Benefits Act was filed and came into force on May 1, 2014. This Regulation amends
O.Reg. 178/11
(Solvency Funding Relief for Certain Public Sector Pension Plans).
Bill 194 - An act to implement Budget Measures (2014) and to enact and amend various Acts
Bill 194 received first reading on May 1, 2014. Schedule 24 relates to amendments to the Pension Benefits Act.
Bill 174
Bill 174 Pension Benefits Amendment Act 2014 is a private member’s bill introduced on March 19, 2014. It has passed first and second reading and was referred to the
Standing Committee on Finance and Economic Affairs on April 3, 2014. The Bill proposes an increase in the maximum pension benefits guaranteed by the Pension Benefits Guarantee Fund.
Regulation 52/14 made under the Pension Benefits Act
Regulation 51/14 made under the Pension Benefits Act
O. Reg. 51/14 relating to investments in securities issued by the Government of the United States of America was filed and
came into force on March 7, 2014.
Regulation 327/13 and Regulation 328/13 made under the Pension Benefits Act
O. Reg. 327/13and
O.Reg.328/13 relating to the Algoma Steel Inc. Pension Plans, made under the Pension Benefits Act was filed and came into force on December 13, 2013.
Regulation 326/13 made under the Pension Benefits Act
O. Reg. 326/13 relating to the General Synod Pension Plan of the Anglican Church of Canada, made under the PBA was filed and came into force on December 13, 2013.
Bill 151 - Strengthening and Improving Government Act
Bill 151 received first reading on December 11, 2013. Schedule 2 of the Bill contains amendments to the entitlements of common law spouses to survivor benefits under sections 44 and 48 of the Pension Benefits Act. The Schedule also contains amendments to section 80.1 of the Pension Benefits Act and section 80(4) of the Pension Benefits Amendment Act, 2010.
Sections of the Pension Benefits Act for Transfer of Assets Between Pension Plans Proclaimed into Force Effective January 1, 2014
Regulations made under the Pension Benefits Act
O. Reg. 306/13 ,
O. Reg. 308/13 and
O. Reg. 310/13were filed and will come into force on January 1, 2014. These new regulations support the changes to the Pension Benefits Act relating to certain asset transfers between pension plans which also come into force on January 1, 2014.
Regulation 307/13 made under the Pension Benefits Act
On November 29, 2013, the government announced temporary solvency funding relief for broader public sector pension plans. Details of the relief measures are
outlined in
O.Reg. 307/13
Regulation 291/13 made under the Pension Benefits Act
O. Reg.
291/13 relating to the Provincial Judges' Pension Plan was filed and came into force on October 31, 2013.
Regulation 186/13 made under the Pension Benefits Act
O. Reg. 186/13
came into force on June 20, 2013 and amended Regulation 177/11. Regulation 177/11
affected jointly sponsored pension plans and initially came into force on May 20, 2011. It was then amended by
O. Reg. 330/12
which came into force on November 1, 2012, and deferred the dates for repealing certain transition provisions in the “solvency concerns” tests.
Bill 65 – An Act to implement Budget Measures (2013) received Royal Assent
Bill 65 received Royal Assent on June 13, 2013. Schedule 11 of the Bill contains an amendment to the Pension Benefits Act.
Regulation 181/13 made under the Pension Benefits Act
O. Reg. 181/13
made under the Pension Benefits Act was filed and came into force on June 10, 2013. This Regulation amends
Ontario Regulation 178/11
(Solvency Funding Relief for Certain Public Sector Pension Plans).
Alberta Bill 18 - Pooled Registered Pension Plans Act received Royal Assent
On May 27, 2013,
Bill 18
relating to pooled registered pension plans received Royal Assent. The Bill will not come into force until proclamation.
Regulation 156/13 made under the Pension Benefits Act
Ontario Regulation 156/13 relating to the General Synod Pension Plan of the Anglican Church of Canada was filed and came into force on May 17, 2013.
Bill 65 – An Act to implement Budget Measures (2013) and to enact and amend
various Acts
Bill 65 Size: ## kb received first reading on May 2, 2013. Schedules 6 and 11 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively.
Spring 2013 Ontario Budget – A Budget for a Prosperous and Fair Ontario
On May 2, 2013, the Minister of Finance
announced the
Ontario Budget , A Prosperous and Fair Ontario. The budget contains a number of initiatives related to pension matters which may be found in Chapters I and IV.
Alberta government introduces Pooled Registered Pension Plans (PRPPs)
legislation
On April 19, 2013, the Alberta government
introduced legislation that would allow PRPPs to be available in Alberta (
Bill 18)
. The Bill received first reading on April 18, 2013 and will not come into force until proclamation.
Regulation 131/13 made under the Pension Benefits Act
Ontario Regulation 131/13
made under the Pension Benefits Act was filed and came into force on April 11, 2013. This Regulation adds Ontario Teachers’ Pension Plan to Regulation 909 to which section 47.7.2 would apply.
Regulation 10/13 made under the Pension Benefits Act
Ontario Regulation 10/13 , made under the PBA came into force January 15, 2013. The regulation, among other requirements, establishes the method for determining the commuted value for those retired members and other plan beneficiaries who are in receipt of a pension and decide to make use of the option to transfer the value of their pension entitlements to a Life Income Fund as a result of the wind up of the Nortel pension plans. The regulation provides that the commuted value shall be determined using the Canadian Institute of Actuaries Commuted Value Standard method which is the same method used to determine the value of all other lump-sum transfers for non-retired plan members on wind up of the pension plan.
Regulation 7/13 made under the Pension Benefits Act
Regulation 447/12 made under the Pension Benefits Act
Ontario Regulation 447/12 comes into force on December 31, 2012. The regulation provides for an election with respect to the filing of a valuation report for certain specified pension plans.
Third Window Opens for Temporary Solvency Funding Relief – Broader Public Sector Pension Plans
On December 6, 2012, the government announced a third and final window for applications for temporary solvency funding relief for broader public sector pension plans. Details of the relief measures are outlined in
Ontario Regulation 178/11
. Completed applications must be submitted to the Ministry of Finance no later than December 31, 2012. More information is available at the
Ministry of Finance website .
Alberta Bill 10, the Employment Pension Plans Act received royal assent
On November 20, 2012, the Alberta government
Bill 10, the Employment Pension Plans Act passed third reading. The Bill will not come into force until proclamation after the release of the supporting regulations.
Sections of the Pension Benefits Act Proclaimed in Force
Regulation 364/12 Made Under the Pension Benefits Act
O. Regulation 364/12
made under the PBA, comes into force on January 1, 2013. The regulations establish the requirements related to the use of the letters of credit which may cover a portion of the pension plan’s solvency deficiency under section 55.2 of the PBA.
Regulation 330/12 made under the Pension Benefits Act
This regulation defers the dates for repealing certain transition provisions in the “solvency concerns” tests. The deferral will allow time for consultation regarding a new “funding concerns” test for plans which are not required to satisfy solvency funding requirements.
Regulation 329/12 made under the Pension Benefits Act
O. Regulation 329/12
made under the Pension Benefits Act came into force on November 1, 2012. The regulations provide an extension of the temporary solvency relief measures for private sector pension plans enacted by the government in 2009.
Regulation 314/12 made under the Pension Benefits Act
Ontario Regulation 314/12
relating to broader public sector and public sector pension plans was filed and came into force on October 19, 2012.
Sections of the Pension Benefits Act proclaimed in force
On August 29, 2012, the Lieutenant Governor in Council proclaimed subsections 2(1), (2) and (4) of Schedule 44 of the 2012 Budget Bill (
Bill 55 - Strong Action for Ontario Act (Budget Measures) 2012
) to be in force on October 1, 2012. These sections amended section 44 of the Pension Benefits Act by adding subsections 44(3.1) and 44(7.1), and modifying 44(4).
Regulation 203/12 made under the Pension Benefits Act
O. Reg. 203/12
relating to Specified Ontario Multi-Employer Pension Plans (SOMEPP) was filed and came into force on July 20, 2012. The regulation provides an extension of the SOMEPP regulations to 2017. This allows SOMEPPs to be exempt from demonstrating contribution sufficiency on the basis of a solvency valuation in the actuarial valuation reports filed with the Superintendent of Financial Services.
Proclamations of Legislations Effective July 1, 2012
The proclaimed sections of each Bill are provided in the following:
Regulation 178/12 made under the Pension Benefits Act
Ontario Regulation 178/12
made under the PBA and amending Regulation 909, R.R.O. 1990 (General). Certain provisions related to Qualifying Pension Plans come into force on September 1, 2014. All other provisions come into force July 1, 2012.
Regulation 179/12 made under the Pension Benefits Act
Ontario Regulation 179/12
made under the PBA amending Ontario Regulation 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans) comes into force on July 1, 2012. For additional information please see the
Ministry of Finance posting .
Regulation 180/12 made under the Pension Benefits Act
Ontario Regulation 180/12
made under the PBA amending Ontario Regulation 196/11 (Abibow Canada Inc. Pension Plans) comes into force on July 1, 2012.
Regulation 181/12 made under the Pension Benefits Act
Ontario Regulation 181/12
made under the PBA amending Ontario Regulation 321/09 (General Motors Pension Plans) comes into force on July 1, 2012.
Regulation 182/12 made under the Pension Benefits Act
Ontario Regulation 182/12
made under the PBA amending Ontario Regulation 99/06 (Stelco Inc. Pension Plans) comes into force on July 1, 2012.
Regulation 183/12 made under the Financial Services Commission of Ontario Act
Ontario Regulation 183/12
made under the Financial Services Commission of Ontario Act, 1997 and amending Ontario Regulation 11/01 (Assessment of Expenses & Expenditures) comes into force on July 1, 2012.
Bill 55 – Strong Action for Ontario Act (Budget Measures) 2012
On June 20, 2012,
Bill 55 received Royal Assent. Schedules 21 and 53 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively. Some of the changes are effective on Royal Assent and some are effective upon proclamation.
New Brunswick introduces a new pension model
On May 31, 2012, the New Brunswick government
introduced pension legislation to support a new pension model called “Shared Risk Pension Plans” (
Bill 63 ). The model was developed by the NB Task Force on Protecting Pensions in collaboration with a number of union leaders and has received support from several public and private sector plan sponsors, including unions and the New Brunswick government.
Regulation 71/12 made under the Pension Benefits Act
O. Reg. 71/12
relating to the Abitibi pension plans was filed and came into force on May 4, 2012. The regulation amends Ontario Regulation 196/11 by redefining “Quebec Regulation” and adding various French versions of the regulation.
CAPSA update on FAQs relating to Multi-jurisdictional Pension Plans (MJPPs)
British Columbia has introduced new legislation
British Columbia has introduced legislation that will enable employers to offer a wider choice of pension plan options. Bill 38 repeals and replaces the current Pension Benefits Standards Act.
Bill 55 – An Act to Implement Budget Measures (2012) and to enact and amend various Acts
Bill 55 received first reading on March 27, 2012. Schedules 21 and 53 of the Bill contains amendments to the Financial Services Commission of Ontario Act, 1997 and to the Pension Benefits Act, respectively.
Spring 2012 Ontario Budget - Chapter IV: Tax and Pension Systems
On March 27, 2012, the Minister of Finance announced the Ontario Budget, Strong Action for Ontario. The
budget
contains a number of proposed changes to the Pension Benefits Act. The budget documents may be accessed at
http://www.fin.gov.on.ca/en/budget/ontariobudgets/2012/
O. Reg 12/12 amending Regulation 178/11 “Temporary Solvency Funding Relief for Broader Public Sector Pension Plans”
O. Reg. 12/12
amending
O. Reg 178/11
to the Pension Benefits Act relating to certain pension plans within the broader public sector was filed on February 16, 2012. The new amendment makes minor corrections to the regulation and adds seven pension plans to the schedule of specified pension plans that are eligible for temporary funding relief.