The Ontario government is consulting on a revised proposal for amending the Pension Benefits Act(PBA) regulations with respect to Pension Advisory Committees (PACs). The consultation is open only until September 12, 2016…
Practice Area: Pensions, Benefits & Compensation
Annuitization of Supplementary Pension Benefits: Less Favourable Tax Treatment Arrives January 1, 2017
On January 1, 2017, changes to Canadian tax rules come into force that will impact how certain annuity payments are taxed. For prescribed annuities purchased after that date, more of each payment will become taxable as a result of these changes…
Review of Ontario’s Solvency Funding Framework for Defined Benefit Pension Plans Sets Out Potential Options For Change
As described in our FTR Now of July 26, 2016, Marshall Consultation Paper on Ontario Pension Solvency Funding Framework Released, the Ontario government is undertaking a review of the current solvency funding framework (the Marshall Review) under the Ontario Pension Benefits Act (PBA)…
New Multi-Jurisdictional Pension Plan Agreement Now in Effect
Parties involved in the administration of pension plans have been waiting for Canadian pension regulators to agree to a new set of rules applicable to plans with members in more than one province. Recently, the governments of British Columbia, Nova Scotia, Ontario, Quebec and Saskatchewan signed a new Agreement Respecting Multi-Jurisdictional Pension Plans, which took effect July 1, 2016 (2016 Agreement)…
Ontario to Repeal ORPP Administration Corporation Act
On July 28, 2016, the Ontario government announced its plans to repeal the Ontario Retirement Pension Plan Administration Corporation Act, 2015 (Act) when the Legislature resumes sitting in the Fall, 2016. The Act created the Ontario Retirement Pension Plan (ORPP) Administration Corporation to administer the ORPP, Ontario’s stand-alone solution to address retirement security concerns for…
Marshall Consultation Paper on Ontario Pension Solvency Funding Framework Released
Ontario registered defined benefit (DB) pension plans must be funded on the greater of a going concern or solvency basis, as we outlined in our recent FTR Now Ontario Pension Solvency Funding Framework Under Review. Due to the recent, yet prolonged, low-interest rate environment, most DB plans are in a deficit position on a solvency basis, requiring many employers to make large special payments to fund the deficits over a five-year period…
CPP Expansion and the (Likely) Demise of Ontario’s Provincial Pension Plan
On June 20, 2016, following a highly anticipated meeting between the federal, provincial and territorial Ministers of Finance…
Third Round of Ontario Temporary Solvency Funding Relief for DB Pension Plans is Now in Force July 1, 2016
Following the release last month of draft Regulations, the Ontario government has now adopted amendments…
Finalized Regulations Extend Temporary Solvency Funding Relief in Ontario
Effective July 1, 2016, amendments to Regulation 909 first proposed on…
ORPP Act Passes Third Reading as Amended by Committee
On June 2, 2016, Bill 186, the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016 (ORPP Act, 2016) passed…