Human Resources Legislative Update
Ontario Files Regulation under PBA Regarding SIPPs and Requirements for Disclosure Statements
Date: December 4, 2014
On November 27, 2014, the Ontario government filed O. Reg. 235/14, amending Regulation 909 made under the Pension Benefits Act (“PBA”).
O. Reg. 235/14 establishes new rules regarding Statements of Investment Policies and Procedures (“SIP&Ps”). It requires that a SIP&P be filed with the Superintendent of Financial Services within 60 days after January 1, 2016 (for plans registered before January 1, 2016) or within 60 days after a plan is registered (for plans registered on or after January 1, 2016). Effective January 1, 2016, SIP&Ps must specify whether environmental, social and governance (“ESG”) factors have been incorporated into them and if so, how.
O. Reg. 235/14 also provides for the content and issuance of periodic statements to former and retired members. For plans registered on or before January 1, 2015, the first statements for retirees and former members must be provided no later than July 1, 2017.
Effective July 1, 2016, members’ annual statements must include additional information relating to a plan’s SIP&P.
An FTR Now regarding O. Reg. 235/14 is available on our website.
