Human Resources Legislative Update
Technical Pension Amendments Proclaimed In Force on October 1, 2010
Date: September 14, 2010
On October 1, 2010, amendments to the Pension Benefits Act and Financial Services Commission of Ontario Act, 1997, set out in Bill 16, the Foundation for Jobs and Growth Act, 2010, will come into force.
These Bill 16 amendments permit the Ontario government and the pension regulator to enter into agreements with other designated provincial pension regulators regarding the governance and regulation of multi-jurisdictional pension plans (“MJPPs”).
The amendments greatly expand the scope of the powers and duties of the pension regulator and the use of such agreements in the operation of MJPPs.
The amendments are supported by the previously reported new general pension regulation amendments filed on September 8, 2010, O. Reg. 342/10, which will also come into force on October 1, 2010.
