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Ontario's Pension Benefits Guarantee Fund protects members and beneficiaries of certain single employer defined benefit pension plans. In the event of an employer's bankruptcy, and where the pension plan they sponsor is in a deficit position, the Pension Benefits Guarantee Fund guarantees benefits payable from these plans, subject to specific maximums and specific inclusions. The Pension Benefits Guarantee Fund is governed by the Pension Benefits Act and is administered by FSRA.
The proposed Pension Benefits Guarantee Fund Assessment Deadlines and Calculations Guidance is designed to assist plan administrators in maintaining compliance with the Pension Benefits Act.
The proposed Guidance clarifies:
- the deadline for paying the assessment is nine months after the fiscal year end, whether the pension plan is ongoing or is being wound up
- for ongoing plans, the PBGF assessment for fiscal years that end on or after December 31, 2021, must be based on the most current valuation report filed with FSRA that has a valuation date on or before the fiscal year end in question
The proposed Guidance comes into effect on February 14, 2022. FSRA invites stakeholders and the public to submit feedback on the proposed Guidance until March 14, 2022.
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