Legislative and regulatory changes | Financial Services Regulatory Authority of Ontario

This page contains legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation.

2022

Bill 36, Amendments made under the Pension Benefit Act

Bill 36, Progress on the Plan to Build Act (Budget Measures), 2022 received Royal Assent on December 8, 2022 and amends the Pension Benefits Act. The amendments set out when a collective agreement is included as a document which creates and supports a pension plan. They also make changes to require that the documents creating and supporting a pension plan must set out the plan’s funding and governance policies, beginning with target benefit plans and then for all pension plans on days to be named by proclamation. Bill 36 also repealed certain not-yet-in-force provisions of the Pension Benefits Act. These changes will come into affect on proclamation.

Regulation 126/22 made under the Pension Benefits Act

O.Reg.126/22 was filed on February 28, 2022, and amends Regulation 909. The amendment updates a reference to the Credit Unions and Caisses Populaires Act, 1994 to the Credit Unions and Caisses Populaires Act, 2020, which is found in Schedule 4 (Letters of Credit) to Regulation 909. This change is effective March 1, 2022, the date when the Credit Unions and Caisses Populaires Act, 2020, came into force.

Regulation 66/22 made under the Pension Benefits Act

O. Reg. 66/22 was filed on February 11, 2022, and amends Regulation 909. The amendment exempts pension plans that provide only defined contribution benefits from the requirement to file an auditor’s report with their financial statements. However, FSRA can still require that an auditor’s report be filed in some circumstances. In addition, pension plans that only provide defined contribution benefits are exempt from establishing a statement of investment policies and procedures (SIPP) if all of the plan’s investments are a chosen entirely by its members. The change in SIPP requirements is also reflected in the information provided to members, former members and retired members in their annual and biennial pension statements.

2021

Regulation 695/21 made under the Pension Benefits Act

O. Reg. 695/21 was filed October 5, 2021, and comes into force on October 19, 2021 (the day the Not-for-Profit Corporations Act, 2010, comes into force). It changes section 6.0.2(2) of Regulation 909 to deem employers that are affiliates under either the Business Corporations Act or the Not-for-Profit Corporations Act, 2010, to be one employer for the purposes of eligibility to be a SOMEPP. Similar changes will also be made to sections 1(4) and (4.1) of the Pension Benefits Act effective October 19, 2021.

Regulation 596/21 made under the Pension Benefits Act

O.Reg. 596/21 changes the name of a non-registered supplemental pension plan exempted from the application of the Act and Regulations in Regulation 909. Paragraph 2.2 of subsection 47(3) of Regulation 909 is amended by striking out “Case Management Masters” and substituting “Associate Judges”.

Various regulations made under the Pension Benefits Act

O.Reg. 533/21 was filed on July 29, 2021 and amends Regulation 909. The amendment revokes spent provisions that allowed employers to elect temporary funding relief, primarily from solvency funding requirements, for certain defined benefit (DB) pension plans. The period during which administrators of DB plans could elect to use this relief has expired, and these provisions are now obsolete. In particular, revocation of the regulations means administrators will no longer be required to provide members, retirees and former members with progress reports regarding the relief.

Consequential amendments, which remove references to the revoked provisions, were also filed on July 29, 2021 and amend the following regulations under the Pension Benefits Act:

Regulation 321/09 (General Motors Pension Plans) (Amended by O.Reg. 534/21)
Regulation 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans) (Amended by O.Reg. 535/21)
Regulation 156/13 (General Synod Pension Plan of The Anglican Church of Canada) (Amended by O.Reg. 530/21)
Regulation 311/15 (Conversions and Transfers of Assets under Section 80.4 of the Act and Conversions under Section 81.0.1 of the Act) (Amended by O.Reg. 531/21)
Regulation 365/17 (Administrative Penalties) (Amended by O.Reg. 532/21)

These changes come into effect on September 1, 2021.

Regulation 529/21 made under the Pension Benefits Act

O.Reg. 529/21 was filed on July 29, 2021 and amends Regulation 909. The amendment requires administrators of plans with PBGF liabilities of $10 million or greater to report:

data related to the plan’s PBGF’s claim exposure; and
information regarding the distribution of its pension benefits.

These requirements only apply to defined benefit (DB) plans that are PBGF eligible. The new data is to be submitted through the Pension Services Portal (PSP) as part of the valuation report that a plan administrator is required to file routinely with FSRA and will apply to reports filed on or after September 1, 2021.

2020

Bill 229, Amendments made under the Pension Benefit Act

Bill 229, the Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020 and amends the Pension Benefits Act. The amendments re-enact certain amendments to the Pension Benefits Act originally made in 2010, and introduce amendments related to target benefit pension plans and the Canadian Press Enterprises Inc. pension plans. The majority of these changes came into effect on Royal Assent.

Bill 213, Amendments made under the Pension Benefit Act

Bill 213, An Act to reduce burdens on people and businesses by enacting, amending and repealing various Acts and revoking a regulation received Royal Assent on December 8, 2020 and amends the Pension Benefits Act. The amendments allow the waiver of certain requirements for asset transfers between pension plans, and allow the exemption of certain individual pension plans and designated plans from the application of the Pension Benefits Act. These changes are in effect on Royal Assent.

Regulation 521/20 made under the Pension Benefits Act

O.Reg. 521/20 was filed on September 21, 2020 and amends Schedule 1 of O.Reg. 365/17. This amendment adds items which are subject to administrative penalties. These changes are in effect September 21, 2020.

Regulation 520/20 made under the Pension Benefits Act

O.Reg. 520/20 was filed on September 21, 2020 and amends Regulation 909. The amendment allows certain pension plans to defer pension contributions beginning October 1, 2020. These changes are in effect September 21, 2020.

Regulation 290/20 made under the Pension Benefits Act

O.Reg. 290/20 was filed on June 19, 2020 and amends Regulation 909. The amendment relates to the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans coming into effect. These changes are in effect July 1, 2020.

Regulation 289/20 made under the Pension Benefits Act

O.Reg. 289/20 was filed on June 18, 2020 and amends O.Reg. 287/11. The amendment relates to the CANSIM series used for calculating lump sum arrears under the family law pension division requirements. These changes are in effect on July 1, 2020.

Regulation 288/20 made under the Pension Benefits Act

O.Reg. 288/20 was filed on June 18, 2020 and amends O.Reg. 310/13. The amendment relates to extensions of deadlines under the asset transfer requirements. These changes are in effect on filing or on July 1, 2020.

Regulation 287/20 made under the Pension Benefits Act

O.Reg. 287/20 was filed on June 18, 2020 and amends Regulation 909. The amendment relates to extensions of deadlines for filings and other documents required to be issued by pension plans, as well as the CANSIM series used to calculate certain kinds of interest. These changes are in effect on filing or on July 1, 2020.

Regulations 285/20 and 286/20 made under the Pension Benefits Act

O. Reg. 285/20 and O. Reg. 286/20 were filed on June 17, 2020 and amend Regulation 909 and Regulation 178/11 respectively. The amendments relate to the Workplace Safety and Insurance Board Employees’ Pension Plan and amongst other things, permits the WSIB pension plan to specify a solvency deficiency amount that is in accordance with section 1.3.1(3) of Regulation 909. The changes are in effect July 1, 2020.

Regulation 231/20 made under the Pension Benefits Act

O.Reg. 231/20 was filed on May 29, 2020 and amends Regulation 909. The amendment makes the pension plans set out in the amendment subject to section 55.2 of the Pension Benefits Act. The changes are in effect May 29, 2020.

Regulation 187/20 made under the Pension Benefits Act

O.Reg. 187/20 was filed on April 30, 2020 and amends Regulation 909. The amendments relate to late payments of Pension Benefits Guarantee Fund assessments made before December 31, 2020. These changes are in effect April 30, 2020. The sections granting this relief are revoked effective January 1, 2021.

Regulation 32/20 made under the Pension Benefits Act

O.Reg. 32/20 was filed on February 28, 2020 and amends Regulation 909. The amendments relate to certain university pension plans and the use of the term “Superintendent” in federal investment regulations. These changes are in effect February 28, 2020.

For legislative and regulatory updates prior to 2020, see Legislative and Regulatory Changes: 2006 to 2019.