Pension Benefits Act – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 22 Nov 2024 22:16:07 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-108/ Fri, 15 Nov 2024 14:00:24 +0000 https://www.benefitscanada.com/?p=162852 An article on incoming changes to Nova Scotia’s provincial Pension Benefits Act was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. Nova Scotia to allow unlocking of pension benefits 2. Alberta government fires AIMCo CEO, board, citing rising costs and poor […]

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]]> Nova Scotia to allow unlocking of pension benefits https://www.benefitscanada.com/pensions/governance-law/nova-scotia-to-allow-unlocking-of-pension-benefits/ Mon, 11 Nov 2024 14:00:20 +0000 https://www.benefitscanada.com/?p=162526 The Nova Scotia government is updating the provincial Pension Benefits Act to allow the unlocking of pension benefits. Effective April 1, 2025, plan members aged 55 and older will have a one-time ability to unlock up to 50 per cent of their locked-in funds when transferring to a life income fund. Read: Quebec’s amendment to […]

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]]> Ontario’s target-benefit framework too prescriptive, could lead to increased plan costs: ACPM https://www.benefitscanada.com/pensions/governance-law/ontarios-target-benefit-framework-too-prescriptive-could-lead-to-increased-plan-costs-acpm/ Wed, 28 Aug 2024 19:00:38 +0000 https://www.benefitscanada.com/?p=159557 Ontario’s proposed regulatory framework for target-benefit pension plans includes requirements that are more prescriptive than other jurisdictions and could result in additional costs and reduced benefits for plan members, said the Association of Canadian Pension Management. In an open letter, the ACPM noted the inclusion of policies — such as those determining funding and benefits, […]

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]]> Ontario’s proposed amendment to succession law could create confusion around pension matters: ACPM https://www.benefitscanada.com/pensions/governance-law/ontarios-proposed-amendments-to-succession-law-could-create-confusion-around-pension-matters-acpm/ Wed, 07 Aug 2024 19:00:00 +0000 https://www.benefitscanada.com/?p=158470 The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed amendment to the Succession Law Reform Act doesn’t introduce unintended confusion or ambiguities that would make it challenging for pension plan sponsors, administrators and trustees to carry out their duties. In an open letter, the ACPM said the language of the […]

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]]> FSRA outlines final guidance on retroactive adverse amendments https://www.benefitscanada.com/pensions/governance-law/fsra-outlines-final-guidance-on-retroactive-adverse-amendments/ Wed, 05 Jun 2024 13:00:28 +0000 https://www.benefitscanada.com/?p=156539 In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]

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]]> FSRA’s proposed guidance on retroactive adverse amendments inconsistent with case law, Pension Benefits Act: ACPM https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-guidance-on-retroactive-adverse-amendments-inconsistent-with-case-law-pensions-benefits-act-acpm/ Mon, 05 Feb 2024 14:00:12 +0000 https://www.benefitscanada.com/?p=151552 The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]

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]]> FSRA’s proposed rule could increase fairness in division of pension benefits during marriage breakdown: expert https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-rule-could-increase-fairness-in-division-of-pension-benefits-during-marriage-breakdown-expert/ Fri, 08 Dec 2023 14:00:55 +0000 https://www.benefitscanada.com/?p=148525 The Financial Services Regulatory Authority of Ontario’s proposed family rule could allow for pension benefits to be divided more fairly in the event of a marriage breakdown, says Louis Duranleau, a senior principal of pensions at Normandin Beaudry. “When there’s an agreement between the spouses to share the retiree’s pension before it’s effectively divided in […]

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]]> FSRA pension plan administration guidance requires clarity, consistency, says ACPM https://www.benefitscanada.com/pensions/governance-law/fsra-pension-plan-administration-guidance-requires-clarity-consistency-says-acpm/ Thu, 12 Oct 2023 13:00:59 +0000 https://www.benefitscanada.com/?p=145153 The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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]]> ACPM advising FSRA to take best practices approach to IT risk management https://www.benefitscanada.com/pensions/governance-law/acpm-advising-fsra-to-take-best-practices-approach-to-it-risk-management/ Wed, 05 Apr 2023 19:00:02 +0000 https://www.benefitscanada.com/?p=136071 The Association of Canadian Pension Management is urging the Financial Services Regulatory Authority of Ontario to apply a best practices approach for the pension sector in its information technology risk management guidance. In an open letter to the FSRA, the ACPM said a real-time reporting framework for material IT risk incidents could result in a […]

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]]> Expert panel: What does it mean for pension plan members to live separate and apart? https://www.benefitscanada.com/pensions/governance-law/expert-panel-what-does-it-mean-for-pension-plan-members-to-live-separate-and-apart/ Tue, 06 Dec 2022 14:00:56 +0000 https://www.benefitscanada.com/?p=130744 While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how often they text their spouse or whether they have family dinners every night. However, in most jurisdictions, the spouse of a defined benefit plan member is entitled to a joint […]

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