This page contains legislative and regulatory changes related to Ontario pension plans under the Pension Benefits Act and related legislation.
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 Bill 36 also repealed certain not-yet-in-force provisions of the Pension Benefits Act.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.