This page contains legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation.
Year 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006
2019
Regulation 420/19 made under the Pension Benefits Act
O.Reg. 420/19 was filed on December 11, 2019 and amends Regulation 909. The amendments relate to the Canadian Institute of Actuaries’ Standards of Practice, the Handbook of the Chartered Professional Accountants of Canada, as well as increasing the threshold of assets triggering the filing of an auditor’s report. These changes are in effect December 11, 2019.
Regulation 421/19 made under the Pension Benefits Act
O.Reg. 421/19 was filed on December 11, 2019 and amends O.Reg. 287/11. The amendments relate to the Canadian Institute of Actuaries’ Standards of Practice. These changes are in effect December 11, 2019.
Regulation 422/19 made under the Pension Benefits Act
O.Reg. 422/19 was filed on December 11, 2019 and amends O.Reg. 310/13. The amendments relate to the Canadian Institute of Actuaries’ Standards of Practice. These changes are in effect December 11, 2019.
Regulation 423/19 made under the Pension Benefits Act
O.Reg. 423/19 was filed on December 11, 2019 and amends O.Reg. 311/15. The amendments relate to the Canadian Institute of Actuaries’ Standards of Practice. These changes are in effect December 11, 2019.
Bill 138 Plan to Build Ontario Together Act, 2019
Bill 138 received Royal Assent on December 10, 2019. Schedule 29 relates to amendments to the Pension Benefits Act.
Bill 132 Better for People, Smarter for Business Act, 2019
Bill 132 received Royal Assent on December 10, 2019. Schedule 9 relates to amendments to Regulation 909 under the Pension Benefits Act.
Regulation 400/19 made under the Pension Benefits Act
O.Reg. 400/19 was filed on December 2, 2019 and amends Regulation 909. The amendments relate to specified Ontario multi-employer pension plans. Most provisions are in effect December 31, 2019.
Regulation 401/19 made under the Pension Benefits Act
O.Reg. 401/19 was filed on December 2, 2019 and amends O.Reg. 156/13. The amendment relates to specified Ontario multi-employer pension plans. This change is effective December 31, 2019.
Regulation 105/19 made under the Pension Benefits Act
O. Reg. 105/19 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.
2018
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.
2017
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. 359/16was 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).
2016
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.
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.
2015
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
On October 21, 2015, the Lieutenant Governor issued a proclamation in respect of the Building Opportunity and Securing Our Future Act (Budget Measures), 2014. On November 1, 2015, certain provisions of the Act which amend the Pension Benefits Act, will come into force.
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.
2014
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)
Bill 14 received Royal Assent on July 24, 2014. Schedule 26 relates to amendments to the Pension Benefits Act.
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.
Regulation 105/14 and 106/14 made under the Pension Benefits Act
O. Reg. 105/14 made under the Pension Benefits Act amending O.Reg. 196/11, and O.Reg. 106/14 amending Regulation 909, R.R.O. 1990 (General), relating to the Abibow Canada Inc. Pension Plans was filed and came into force on April 10, 2014.
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
O. Reg. 52/14 relating to the Essar Steel Algoma Inc. Pension Plans (Regulation 202/02) was filed and came into force on March 7, 2014.
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.
2013
Regulation 327/13 and Regulation 328/13 made under the Pension Benefits Act
O. Reg. 327/13 and 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.
The Ministry of Government Services news release has more information.
Sections of the Pension Benefits Act for Transfer of Assets Between Pension Plans Proclaimed into Force Effective January 1, 2014
On November 27, 2013, the Lieutenant Governor in Council issued proclamations to bring amendments to the Pension Benefits Act into force effective January 1, 2014. These amendments were enacted in the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120), Pension Benefits Amendment Act, 2010 (Bill 236), and Better Tomorrow for Ontario Act (Budget Measures), 2011 (Bill 173). They amend the sections of the Pension Benefits Act which set out rules for certain asset transfers between pension plans.
Regulations made under the Pension Benefits Act
O. Reg. 306/13, O. Reg. 308/13 and O. Reg. 310/13 were 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.
Regulation 185/13 made under the Pension Benefits Act
On June 20, 2013, the government enacted O. Reg. 185/13 made under the Pension Benefits Act, which will come into force on January 1, 2014. The new regulation provides that an application to unlock money must be made to the financial institution that holds the locked-in account and sets out the criteria for making such an application.
For more information, see Changes to the Rules for Financial Hardship Unlocking on January 1, 2014.
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 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
Ontario Regulation 7/13 made under the PBA amending Ontario Regulation 202/02 (Algoma Steel Inc. Pension Plans) was filed and came into force on January 11, 2013.
2012
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
On November 14, 2012, the Lieutenant Governor in Council proclaimed section 3 of Schedule 44 of the Strong Action for Ontario Act (Budget Measures), 2012, and section 18 of the Securing Pension Benefits Now and in the Future Act, 2010 (Bill 120) , both in force effective January 1, 2013. As a result, section 55.2 of the Pension Benefits Act (PBA) (including the amended subsection 55.2(12)) comes into force effective January 1, 2013. Section 55.2 permits the use of a letter of credit to cover a portion of the pension plan’s solvency deficiency where prescribed requirements are met.
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
O. Reg. 330/12 came into force on November 1, 2012 and amended Regulation 177/11. Regulation 177/11 affected jointly sponsored pension plans and came into force on May 20, 2011.
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.
For more information, see 2012 Solvency Funding Relief.
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
On June 21, 2012, proclamations issued under orders of the Lieutenant Governor in Council proclaimed a number of sections of the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120), Pension Benefits Amendment Act, 2010 (Bill 236), Better Tomorrow for Ontario Act (Budget Measures), 2011 (Bill 173) and Creating the Foundation for Jobs and Growth Act, 2010 (Bill 16) to be in force on July 1, 2012. This supports the Ontario Government’s commitment to modernize and strengthen the Pension Benefits Act (PBA).
The proclaimed sections of each Bill are provided in the following:
For more information, see Legislative Changes effective July 1, 2012.
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.
Regulation 164/12 made under the Pension Benefits Act
O. Regulation 164/12 made under the Pension Benefits Act was filed and came into force on June 22, 2012. The regulation amends subsection 14 (11) of Regulation 909 to provide a filing extension to December 31, 2012 for a valuation report for which the valuation date is on or after September 30, 2011 and before March 31, 2012. The regulation also amends the requirements related to Jointly Sponsored Pension Plans. For additional information please see the Ministry of Finance posting.
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)
On May 3, 2012, CAPSA released an update to the Frequently-Asked Questions document related to the Agreement respecting 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.
2011
Regulation 467/11 made under the Pension Benefits Act
Effective January 1, 2012, Ontario Regulation 467/11 amends Ontario Regulation 287/11 (Family Law Matters) by temporarily adding the unproclaimed section 1.1 Pension Benefits Act (PBA) definitions of “retired member” and “former member. Once the new (Bill 236 ) section 1.1 PBA definitions come into force, the definitions in the Family Law Matters regulation will automatically be revoked. See also Questions and Answers related to Family Law Matters.
Regulation 466/11 made under the Pension Benefits Act
Regulation 466/11 was filed on December 16, 2011 and will come into effect on January 1, 2012. Regulation 466/11 implements changes to the Pension Benefits Guarantee Fund (PBGF). The Order in Council proclaiming subsection 38(1) of the Securing Pension Benefits Now and for the Future Act, 2010 (Bill 120 ) into force will also come into effect on the same date. See also Questions and Answers related to PBGF. More information is available at the Ministry of Finance website
The Federal government introduces the Pooled Registered Pension Plans (PRPP) Act
On November 17, 2011, the federal government introduces the PRPP Act. More information can be found at the Canada Finance website.
Regulation 396/11 made under the Pension Benefits Act
O. Reg. 396/11 relating to the Ontario Municipal Employees Retirement System Pension Plan was filed and comes into force on August 23, 2011.
Regulation 336/11 made under the Pension Benefits Act
O. Reg. 336/11 relating to the Toronto Transit Commission Pension Fund Society was filed and comes into force on July 21, 2011.
Regulations 287/11 and 288/11 made under the Pension Benefits Act
On June 22, 2011, the Ontario Government proclaimed the amendments to the Pension Benefits Act (O. Reg. 287/11 and O. Reg. 288/11 ) and the Ontario Family Law Act that relate to the valuation and division of pension assets on breakdown of a spousal relationship. The new rules come into effect on January 1, 2012.
Regulation 196/11 made under the Pension Benefits Act
O. Reg. 196/11 relating to the Abitibi pension plans was filed and comes into force on June 3, 2011. The regulation implements certain agreements involving Ontario, Quebec and Abibow Canada Inc. relating to the funding of certain specified Ontario and Quebec pension plans listed in schedules 1 and 2 of the regulation.
Regulation 195/11 made under the Pension Benefits Act (PBA)
O. Reg. 195/11 relating to multi-jurisdictional pension plans was filed on June 3, 2011. The regulation adds a table to Regulation 909 which lists each agreement entered into under section 100 of the PBA with a designated jurisdiction. In particular, the agreement with Quebec, entitled “Agreement respecting multi-jurisdictional pension plans”, was signed in May 2011. Regulation 195/11 comes into force on July 1, 2011.
Regulation 178/11 Temporary Solvency Funding Relief for Broader Public Sector Pension Plans
O. Reg. 178/11 relating to certain pension plans within the broader public sector was filed on May 20, 2011. The regulation amends the Pension Benefits Act to provide temporary relief for specified pension plans. More information is available at the Ministry of Finance website .
The government has announced a second window for applications for temporary solvency funding relief for broader public sector pension plans. Completed applications must be submitted to the Ministry of Finance no later than December 30, 2011. More information is available at the Ministry of Finance website .
Regulation 177/11 made under the Pension Benefits Act (PBA)
O. Reg. 177/11 , which makes changes to the rules for jointly sponsored pension plans and to certain filing requirements for all plans, was filed on May 20, 2011. More information is available at the Ministry of Finance website.
The changes that affect jointly sponsored pension plans are:
- a new process by which a pension plan identifies itself as a jointly sponsored pension plan and new filing deadlines; and
- the following public sector jointly sponsored pension plans are exempted from funding on a solvency basis but must satisfy additional requirements, including the filing of a solvency funding report with the Superintendent and the disclosure of information about the funded status of the plan to members and other beneficiaries:
- Pension plan for the Employees of the Ontario Public Service Employees Union, number 339861;
- Ontario Teachers’ Pension Plan, number 345785;
- OMERS Primary Pension Plan, number 345983;
- Healthcare of Ontario Pension Plan, number 346007;
- Colleges of Applied Arts and Technology Pension Plan, number 589895; and
- Ontario Public Service employees’ Union Pension Plan, number 1012046.
The changes that affect all pension plans are:
- Changes to the requirements that determine the filing of annual solvency reports;
- Changes to the information that must be included in the annual statement to members, and additional information that must be included in the annual statement to members of jointly sponsored pension plans that have a solvency deficiency below a certain limit; and
- Changes to the contributions and interest that must be made to public sector plans that satisfy certain requirements.
Regulation 177/11 comes into force on June 1, 2011, although some provisions will come into force on January 1, 2012 and December 31, 2012.
Clear, Consistent Rules for Multi-jurisdictional Pension Plans
May 20, 2011 - The Government of Ontario announced that the Ontario and Quebec governments have signed the Agreement Respecting Multi-jurisdictional Pension Plans (MJPPA). The MJPPA will come into effect July 1, 2011 for those pension plans registered in Ontario or Quebec with both Ontario and Quebec members.
The MJPPA provides an efficient and transparent regulatory environment for multi-jurisdictional pension plans. It specifies the rules that apply to these plans and allows, to the extent provided for in the MJPPA, a single supervisory authority whose government has signed the MJPPA to exercise all of the supervisory and regulatory powers to which these plans are subject.
The MJPPA replaces the existing Memorandum of Reciprocal Agreement for multi-jurisdictional pension plans where the major authority (province of registration) is Ontario or Quebec and the pension plans have Ontario and Quebec plan members. To the extent described in the MJPPA, the Memorandum will continue to apply to those jurisdictions that have not yet signed the MJPPA.
Bill 120 – Proclaimed sections of the Pension Benefits Act (PBA), effective June 1, 2011
On May 17, 2011, the Order in Council proclaimed several sections of Bill 120 to be in force on June 1, 2011. These proclaimed sections are 1(2.1), 10(3) and 55(4) of the PBA which relate to Jointly Sponsored Pension Plans.
Bill 173 – Better Tomorrow for Ontario Act (Budget Measures), 2011
On May 12, 2011, Bill 173 received Royal Assent. Section 35 of the bill contains amendments to the Pension Benefits Act (PBA). The pension-related provisions that are now in effect include:
- a change to section 42(1)(c) of the PBA to provide that this option is available to the member on termination of employment if the pension plan permits; and
- an amendment to section 68 (wind up of a pension plan) to authorize the Superintendent to require the plan administrator to provide specified additional information and documents to specified individuals.
Other proposed changes will only come into effect upon proclamation. See Bill 173 for more information.
Spring 2011 Ontario Budget - Chapter III: Tax and Pension Systems for Ontario’s Future
On March 29, 2011, the Minister of Finance announced the Ontario Budget. The budget (Section B: Securing Our Retirement Future: Reform of the Pension and Retirement Income Systems) contains a number of proposed changes to the Pension Benefits Act. An extension of the waiver of the fees on the application to unlock pension funds from a financial institution due to financial hardship was one of the proposed changes. The changes do not come into effect until proclamation.
Regulation 86/11 made under the Pension Benefits Act (PBA)
O. Reg. 86/11 relating to Abitibi pension plans was filed on March 25, 2011. This regulation amends the PBA to allow the employer to make certain payments into the pension fund within 180 days after a report under section 14 with a valuation date of September 30, 2010 is filed.
Regulation 85/11 made under the Pension Benefits Act (PBA)
O. Reg. 85/11 amends the PBA to provide for Ontario to adopt the federal investment rules (for investment of pension fund assets) as they are amended from time to time. Regulation 85/11 comes into force on March 25, 2011.
Please note: Pension plans registered in Ontario may now use the federal investment rules passed into law on June 25, 2010. Future changes to the federal investment rules will apply to Ontario registered pension plans upon enactment by the federal government.
Regulation 84/11 made under the Pension Benefits Act (PBA)
O. Reg. 84/11 relating to broader public sector pension plans was filed on March 25, 2011. This regulation amends the PBA to allow that a report under section 14 with a valuation date on or after December 31, 2009 and on or before August 1, 2010 may be filed on or before May 31, 2011. The amendment also provides that contributions with interest owing as a result of the filing of these reports are to be paid by June 1, 2011.
Regulation 19/11 made under the Pension Benefits Act
O. Reg. 19/11 relating to Abitibi pension plans was filed on January 28, 2011.
Bill 120 - Securing Pension Benefits Now and in the Future Act, 2010
On December 8, 2010, Bill 120 received Royal Assent. This bill follows the Pension Benefits Amendment Act, 2010 which received Royal Assent on May 18, 2010. Bill 120 makes significant changes that will further modernize and strengthen the Pension Benefits Act. Some of these changes come into effect immediately while other changes will come into effect upon proclamation.
Bill 135 – Helping Ontario Families and Managing Responsibly Act, 2010
On December 8, 2010, Bill 135 received royal assent. Schedule 8 of the bill contains an amendment to the Financial Services Commission of Ontario (FSCO) Act, 1997 which allows the Superintendent to delegate to FSCO employees the exercise of powers and performance of duties that are delegated to the Superintendent in an agreement under section 100 of the Pension Benefits Act (PBA). Section 100 deals with the new multi lateral pension plan agreement.
Schedule 15 of the bill contains a proposed amendment to the PBA to repeal clause 42(1)(c), which enables a former member of a pension plan to transfer the commuted value of his or her deferred pension for the purchase of a life annuity on June 30, 2011. A related amendment to section 42 of the PBA provides that if the commuted value of the former member’s deferred pension is greater than the amount that the Income Tax Act permits to be used to purchase the former member’s life annuity, the excess amount is payable to the former member.
2010
Regulation 367/10 made under the Pension Benefits Act
O. Reg. 367/10 relating to funding and funding relief for two specified pension plans was filed and came into effect on September 16, 2010.
Regulation 342/10 made under the Pension Benefits Act
O. Reg. 342/10 relating to designated jurisdictions and reciprocal agreements for multi-jurisdictional pension plans was filed on September 3, 2010. The regulation comes into force on October 1, 2010.
Federal Bill C-9, an Act respecting the March 2010 budget measures and other matters
On July 12, 2010, Bill C-9 received Royal Assent. The Bill was initially introduced on March 29, 2010 and is an Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures. Part 9 of the Bill amends the Pension Benefits Standards Act, 1985 and implements many of the significant pension reform initiatives announced by the Minister of Finance in October 2009.
Federal Government amended the Pension Benefits Standards Regulations, 1985
On June 25, 2010, the federal government released the final regulations to enhance the protection for private sector pension plan members. Part 6 of the regulations repeals section 10 of the Schedule III of the Regulations to the Pension Benefits Standards Act which are the quantitative limits on real estate and resource property on investments.
Note: Ontario has adopted the federal investment rules as they read on December 31, 1999 for the investment of pension fund assets. For these changes to be effective for pension plans registered in Ontario they would have to be specifically adopted by the Ontario Government.
Bill 16, the spring 2010 budget bill
On May 18, 2010, Bill 16 received Royal Assent. The Bill implements the 2010 budget measures and enacts or amends various Acts including the Pension Benefits Act (PBA) (schedule 23). The changes to the PBA provide the authority for the adoption of the new agreement which would impact multi-jurisdictional pension plans. These changes do not come into effect until proclamation.
Bill 236, the Pension Benefits Amendment Act, 2010
On May 18, 2010, Bill 236 received Royal Assent. This bill makes a number of changes to the Pension Benefits Act. Some of these changes come into effect immediately while other changes will come into effect upon proclamation. See also Bill 236 FAQs.
2009
Regulation 477/09 made under the Pension Benefits Act
O. Reg. 477/09 adds the non-registered supplemental pension plan for Justices of the Peace to the list of plans that are exempted from the application of the Pension Benefits Act. Ontario Regulation 477/09 was filed on and is effective December 11, 2009.
Regulation 447/09 made under the Pension Benefits Act
O. Reg. 447/09 contains three items:
Effective November 27, 2009
- The surplus sharing regulation is extended for two years to December 31, 2011.
- The SOMEPP regulations are extended for two years to 2012.
Effective on the day section 2 of the Long-Term Care Homes Act, 2007 comes into force
- The definition of "medical expenses" under section 83(1) of the PBA relating to financial hardship unlocking is updated by replacing the reference to "nursing home" with the term "long-term care home, as defined in subsection 2(1) of the Long-Term Care Homes Act, 2007."
Regulation 322/09 made under the Pension Benefits Act
O. Reg. 322/09 sets out further changes relating to the solvency funding relief provisions of Regulation 909 made under the Pension Benefits Act. Sections 1 and 3 of the regulation come into force on the date of filing. All other sections of the regulation are deemed to come into force on September 30, 2008. Ontario Regulation 322/09 was filed on August 25, 2009.
Regulation 321/09 made under the Pension Benefits Act
O. Reg. 321/09 relating to General Motors pension plans was filed on August 25, 2009.
Regulation 239/09 made under the Pension Benefits Act
O. Reg. 239/09 made under the Pension Benefits Act was filed on June 19, 2009. The Regulation included a number of changes to locked-in accounts, solvency funding and related issues, including:
Introduction of Temporary Solvency Funding Relief Measures applicable to the first actuarial valuation filed on or after September 30, 2008.
Revised Standards for the use in solvency valuations with an effective date on and after December 12, 2008.
Changes related to the payment of commuted values.
Unlocking of up to 50% of a NEW LIF starting January 1, 2010.
Changes to the rules governing locked-in accounts.
Consolidation of the rules governing locked-in retirement accounts (LIRAs) under a new Schedule 3.
Bill 162, An Act respecting the budget measures and other matters
Bill 162 contains three schedules relating to pension plans.
Schedule 24 to the Bill amends the Ontario Pension Benefits Act to:
- Clarify and expand provisions with respect to loans and grants to the Pension Benefits Guarantee Fund (PBGF).
- Provide temporary authority to make regulations with retroactive effect to September 30, 2008, relating to the funding of defined benefit pension plans. The authority is required to implement the solvency funding relief measures announced in the 2009 Budget.
In addition:
- Schedule 22 to the Bill amends the Ontario Municipal Employees Retirement System Act, 2006 to allow the Administration Corporation to establish subsidiaries and, with the consent of the Sponsors Corporation, to enter into agreements to provide certain pension administration and investment services to administrators of other pension plans and other specified bodies and to invest the assets of the pension fund in an authorized subsidiary.
- Schedule 29 to the Bill amends the Teachers’ Pension Act to allow the Ontario Teachers’ Pension Plan Board, with the consent of the Minister of Education and the executive of the Ontario Teachers’ Federation, to establish subsidiaries to provide certain pension administration and investment services to administrators of other pension plans and other specified bodies and to invest the assets of the pension fund in an authorized subsidiary.
Bill 162 received Royal Assent on June 5, 2009.
Bill 133, An Act to amend various Acts in relation to certain family law matters and to repeal the Domestic Violence Protection Act, 2000
Bill 133 includes a number of amendments to the Pension Benefits Act (PBA). New sections of the PBA provide for the valuation, for family law purposes, of the benefits and entitlements of members and former members of pension plans and for the division of their benefits and entitlements for certain family law purposes. Many of the details of how these provisions will work will be set out in regulation.
Bill 133 received Royal Assent on May 14, 2009. The amendments to the PBA contained in Bill 133 will come into force on a day to be named by proclamation of the Lieutenant Governor.
Ontario Regulation 116/09 made under the Pension Benefits Act
O. Reg. 116/09 adopts the revised Canadian Institute of Actuaries Standard of Practice for pension commuted values. The regulation is effective on April 1, 2009 and applies to terminations on and after that date.
2008
There is no legislative update in 2008.
2007
Regulation 415/07 made under the Financial Services Commission of Ontario Act, 1997
O. Reg. 415/07 under the Financial Services Commission of Ontario Act, 1997 amends the description of the information used for calculation of pension sector assessments to reflect the information that is reported in the Annual Information Return.
The regulation amends O. Reg. 11/01 and is effective July 27, 2007.
Ontario Regulation 489/07 made under the Pension Benefits Act
O. Reg. 489/07 makes changes to the funding rules for multi-employer pension plans.
The regulation clarifies the funding requirements applicable to multi-employer pension plans and provides for temporary solvency funding relief for Specified Ontario Multi-Employer Pension Plans ("SOMEPPs"). A SOMEPP is a multi-employer pension plan which meets certain eligibility criteria and files a written election with the Superintendent of Financial Services during the period of September 1, 2007 to September 1, 2010. Any actuarial report filed in respect of a SOMEPP with a valuation date on or after September 1, 2007 and prior to September 1, 2010 is not required to demonstrate the sufficiency of contributions on the basis of a solvency valuation.
The regulation provides that a multi-employer pension plan that makes use of the temporary solvency funding relief must advise the members and former members of the pension plan that an election declaring the plan to be a SOMEPP has been filed and must provide the information set out in the regulation.
O. Reg. 489/07 was filed on August 24, 2007 and amends Regulation 909 R.R.O. 1990 effective September 1, 2007.
Any questions or queries about the above regulation should be directed to:
Mr. George Ma
Chief Actuary
Pension Division
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto ON M2N 6S6
Telephone: 416-226-7785 or 1-800-668-0128 extension 7785
Ontario Regulation 413/07 made under the Pension Benefits Act
O. Reg. 413/07 makes changes that are specific to the primary and supplemental pension plans of the Ontario Municipal Employees Retirement System. Amendments are made to the definition of "solvency liability adjustment" to correctly reference the solvency asset adjustment determination.
O. Reg. 413/07 was filed on July 27, 2007 and amends Regulation 909 of R.R.O 1990. These changes come into effect at various dates from July 27, 2007 to July 1, 2008.
Ontario Regulation 416/07 made under the Pension Benefits Act
O. Reg. 416/07 makes changes to the rules governing locked-in accounts.
Effective July 27, 2007, owners of existing Life Income Funds (Old LIFs) are no longer required to purchase an annuity by the end of the year in which they reach 80 years of age and may continue their Old LIF after age 80. Owners of Locked-In Retirement Accounts (LIRAs) may keep the money in their LIRA until the end of the year in which they reach 71 years of age.
Effective January 1, 2008:
- financial institutions will be able to offer a new Life Income Fund (New LIF) that will provide more flexible payments and allow owners a one-time opportunity to withdraw up to 25% of the amount in their New LIF,
- owners of Old LIFs and Locked-In Retirement Income Funds (LRIFs) will be able to transfer the money in these accounts to New LIFs,
- surviving spouses will be allowed to transfer the survivor benefits from a locked-in account directly to an RRSP or an RRIF,
- owners of locked-in accounts who are non-residents of Canada for two years may withdraw the money in their account.
After December 31, 2008, Old LIFs and LRIFs will no longer be available for purchase.
Additional information can be found at Changes To The Rules For Ontario Locked-In Accounts which provides guidance on many of the questions that may arise from these changes.
O. Reg. 416/07 was filed on July 27, 2007 and amends Regulation 909 with respect to the treatment of locked-in accounts. These changes come into effect at various dates from July 27, 2007 to January 1, 2009.
Bill 187, An Act respecting Budget Measures, interim appropriations and other matters
Bill 187 contains two schedules relating to pension plans.
Schedule 31 to the Bill amends the Ontario Pension Benefits Act in respect of multi-employer pension plans. It revises the definition of multi-employer pension plan, amends section 8(3) of the PBA concerning persons and entities who are permitted to administer a pension plan and amends section 115 of the PBA to allow regulations to establish classes of multi-employer pension plans.
Schedule 32 to the Bill amends the Police Services Act and the Ontario Pension Benefits Act to facilitate the transfer of pension assets between the Public Service Pension Plan and the Ontario Municipal Employees Retirement System on the transfer of certain police force employees.
Bill 187 received Royal Assent on May 17, 2007 and the changes highlighted here took effect on that date.
Regulation 133/07 made under the Financial Services Commission of Ontario Act, 1997
Regulation 133/07 sets out a new process for calculating pension assessments under the Financial Services Commission of Ontario Act, 1997
The regulation is effective April 1, 2007 and applies to assessments in respect of pension plan year ends occurring on and after that date.
2006
Bill 14, An Act to promote access to justice by amending or repealing various Acts and by enacting the Legislation Act, 2006
Bill 14 changes section 93(10) of the PBA to read:
"93(10) An agreement and any amendment to an agreement is not a regulation within the meaning of Part III (Regulations) of the Legislation Act, 2006."
Bill 14 received Royal Assent on October 19, 2006, to be effective October 19, 2007, or such earlier date as may be proclaimed by the Lieutenant Governor.
Bill 151, An Act to enact various 2006 Budget measures and to enact, amend or repeal various Acts
Bill 151, in schedule Z.1, amends section 93(4) of the PBA by adding the following clauses (d) through (f):
"93(4)
(d) any matter that may be provided for in an agreement under section 95;
(e) the reciprocal exchange, between the Superintendent and a person who has supervisory or regulatory powers under the pension benefits legislation of a prescribed jurisdiction, of information necessary for the purposes of:
(i) complying with or implementing an agreement entered under this section, or
(ii) the administration and enforcement of this Act and the regulations and the pension benefits legislation of the prescribed jurisdiction; and
(f) any prescribed matter."
Bill 151 received Royal Assent on December 20, 2006 and these changes are effected on that date.
Ontario Regulation 570/06
Ontario Regulation 570/06 was filed on December 18, 2006. The regulation amends Regulation 909 with respect to funding, primarily of jointly sponsored pension plans. These changes come into effect at various dates from December 31, 2004 to December 31, 2006.
The provisions in section 30 of Regulation 909 concerning defined benefit pension plan wind ups are also amended. These changes come into effect on December 18, 2006 and apply to wind up reports filed with the Financial Services Commission of Ontario on or after that date.
In addition, sections 19(10) and 60 of Regulation 909 are revoked effective December 18, 2006.