Human Resources Legislative Update
New Pension Asset Transfer, Public Sector Solvency Funding Regulations
Date: December 16, 2013
On December 14, 2013, the Ontario government published the following regulations under the Pension Benefits Act (the “Act”):
- O. Reg. 308/13 (Asset Transfers Under Section 80.1 of the Act), providing a supporting asset transfer framework for certain prescribed plans under paragraph 2 of subsection 80.1 (2) of the Act (transition, transfers upon the sale of a business).
- O. Reg. 310/13 (Asset Transfers Under Section 80 and 81 of the Act), providing a support asset transfer framework for certain prescribed plans under section 80 (continuation of benefits under successor employer) and section 81 (adoption of new pension plan) of the Act, for the transfer of both defined benefits (Part II) and defined contribution benefits (Part III).
- Supporting amendments to Regulation 909 (General) in O. Reg. 306/13.
The foregoing regulations come into force on January 1, 2014, which is the date significant amendments to the asset transfer regime under the Act will be proclaimed into force.
In addition, the government filed O. Reg. 307/13 (Solvency Funding Relief for Certain Public Sector Pension Plans) under the Act, amending O. Reg. 178/11.
A detailed FTR Now will be posted on our website shortly.
