Human Resources Legislative Update
Deadline for Filing Amendments Relating to British Columbia’s PBSA Reform Extended
Date: December 16, 2015
Significant reforms to the Pension Benefits Standards Act (“PBSA”) in British Columbia came into force on September 30, 2015. Originally, amendments to plans registered in British Columbia which reflect the new legislative requirements had to be filed by December 31, 2015. This week the British Columbia Financial Institutions Commission announced that the filing deadline will be extended to March 31, 2016.
Amendments related to the Alberta Employment Pension Plans Act are due on December 31, 2015, which was previously extended from June 30, 2015. The reforms in Alberta and British Columbia are intended to harmonize the pension minimum standards between the two provinces. The Ontario pension regulator, the Financial Services Commission of Ontario, previously replicated the extended filing deadline for amendments to Ontario-registered pension plans with Alberta members and is expected to do the same for the new British Columbia filing deadline.
The extended March 31, 2016 deadline also applies to funding policies (benefit formula provisions), participation agreements (non-collectively bargained multiemployer plans), and governance policies as required by the British Columbia PBSA for plans registered in British Columbia.