On July 2, 2013, the Ontario government posted a draft regulation made under the Pension Benefits Act (“Act”) regarding pension transfers under sections 80 and 81 of the Act. A summary of the draft regulation has also been posted. Approval of the draft regulation is required before the amendments to sections 80 and 81 of…
Tag: Pension Benefits Act
Time Period for Filing Solvency Funding Relief Reports Extended
On June 20, 2013, the Ontario government filed O. Reg. 186/13 amending O. Reg. 177/11 (as amended by O. Reg. 330/12) which amended Regulation 909 (General) made under the Pension Benefits Act. As previously reported, the definition of “solvency concerns” sets out the circumstances under which defined benefit pension plans are required to file annual actuarial…
PBA Regulatory Amendment Will Change Locked-In Retirement Fund Withdrawal Process
On June 20, 2013, the Ontario government filed O. Reg. 185/13 amending Regulation 909 (General) made under the Pension Benefits Act. As announced by the government, this amendment to Regulation 909 will permit individuals to apply to their financial institutions for financial hardship withdrawals of their locked-in retirement funds, rather than to the Superintendent of…
Amendment to PBA Solvency Funding Relief Regulation Adds Public Sector Plans
On June 10, 2013, the Ontario government filed O. Reg. 181/13, amending O. Reg. 178/11, (Solvency Funding Relief for Certain Public Sector Pension Plans) made under the Pension Benefits Act. Among other things, O. Reg. 181/13 revokes and substitutes Schedule 1, Public Sector Pension Plans Receiving Stage One Solvency Funding Relief, to add a number…
Ontario Government Introduces Budget 2013
On May 2, 2013, the Ontario government tabled its Budget 2013, “A Prosperous and Fair Ontario” as well as Bill 65, Prosperous and Fair Ontario Act (Budget Measures), 2013, legislation which, if passed, would implement certain initiatives contained in the Budget. Among other things, the measures contained in the Budget of interest to employers…
PBA Regulation Relating to OTPP Filed
On April 11, 2013, O. Reg. 131/13, amending Regulation 909 (General) made under the Ontario Pension Benefits Act, was filed and came into force on that date. O. Reg. 131/13 amends subsection 47.7.2 (1) of Regulation 909 to add the following paragraph: 4. Ontario Teachers’ Pension Plan, registered under the Act as number 0345785. As…
Court Clarifies Interpretation of Subsection 80(3) of the Pension Benefits Act
The Ontario Divisional Court recently rendered a significant decision under the Pension Benefits Act (Ontario Pension Board v. Ratansi). It overturned a finding of the Financial Services Tribunal that subsection 80(3) of the Pension Benefits Act (“Act”) did not prevent a plan member from commencing his or her pension while continuing to work for the…
Supreme Court of Canada Denies Leave to Appeal in Carrigan
Today, the Supreme Court of Canada denied leave to appeal from the Ontario Court of Appeal decision in Carrigan v. Carrigan. The Court of Appeal’s decision awarded the payment of the pre-retirement death benefit payable under an Ontario registered pension plan to a member’s designated beneficiaries rather than to his common law spouse (Ms Quinn),…
Supreme Court Denies Leave in Carrigan
The Supreme Court of Canada will not be providing further clarification regarding the administration of pre-retirement death benefits under section 48 of the Ontario Pension Benefits Act (“PBA”). Today, the Court denied leave to appeal in Quinn v. Carrigan. As first discussed in our FTR Now “Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement…
SCC to Render Leave to Appeal Decision in Carrigan
On March 28, 2013, the Supreme Court of Canada will render its leave to appeal decision in Quinn v. Carrigan. The majority of the Ontario Court of Appeal awarded the payment of the pre-retirement death benefit payable under an Ontario registered pension plan to a member’s designated beneficiaries rather than to his common law spouse…