Long-Awaited Federal Pension Regulations are Proposed
Date: September 22, 2014
On September 19, 2014, the federal government released long-awaited regulations for public comment that would, if adopted as drafted, implement significant reforms to the current framework governing federally-regulated private pension plans. Investment-related reforms will also have implications for Ontario regulated pension plans, and for pension plans regulated by other provinces where such jurisdictions have adopted the federal pension investment rules.
The proposed regulations support amendments to the Pension Benefits Standards Act, 1985 that were first passed in July 2010. The proposed amendments are intended to: improve the regulatory framework for defined contribution plans; modernize pension fund investments rules; and enhance disclosures relating to members’ and former members’ pension benefits.
A 30-day comment period will commence following the publication of the proposed regulations in the Canada Gazette on September 27, 2014.
We are in the process of reviewing the proposed regulations and we will be preparing an FTR Now with respect to the potential implications for employers and plan administrators.
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