Pension reform timeline: Nova Scotia

Jan. 27, 2009
Pension Review Panel releases its final report regarding private sector pension plans.

March 5, 2010
Nova Scotia Government releases discussion paper on pensions based on recommendations made by the Pension Review Panel.

Nov. 15, 2011
Bill 96, Pension Benefits Act, is released, repealing the existing Nova Scotia Pension Benefits Act and replacing it with a new act:

  • introduction of JSPPs and target benefit plans;
  • immediate vesting;
  • enhanced disclosure requirements;
  • new surplus entitlement and withdrawal rules;
  • contribution holidays permitted where sufficient surplus levels and authorized by plan terms;
  • express right for payment of administrative fees and expenses from plan fund where permitted under plan terms;
  • new advisory committee rules; and
  • phased retirement.

December 7, 2011
Nova Scotia releases draft funding regulations under Bill 96:

  • eligibility criteria that plans must satisfy in order to qualify as a JSPP or specified multi-employer pension plan (SMEPP); and
  • detailed funding rules and requirements for DB plans, MEPPs, JSPPs, and SMEPPs

December 15, 2011
Bill 96 receives Royal Assent (not yet proclaimed into force).

Jessica Bullock is in the pension and employee benefits group with Blake, Cassels & Graydon LLP.