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Pensions

BC's new pension standards legislation will come into force on September 30, 2015, announces government

Topics: - Pensions
Jurisdiction: - British Columbia
Sector: - All

The BC Ministry of Finance issued the following news release on May 13, 2015 regarding the province's new pension standards legislation:

The Province's new Pension Benefits Standards Act (PBSA), which accommodates alternative pension plan designs and improves plan governance, comes into force on Sept. 30, 2015, Finance Minister Michael de Jong has announced.

The new legislation modernizes the existing policy and regulatory framework for B.C.'s occupational pension plans by replacing the current legislation. It has been largely harmonized with Alberta legislation to streamline the operation of pension plans with members in both provinces.

Key benefits of the PBSA include greater access to financial hardship unlocking, enabling the establishment of target benefit plans, and enhanced disclosure and governance of pension plans.  read more »

Ontario one step closer to rolling out Ontario Retirement Pension Plan by January 1, 2017

Jurisdiction: - Ontario

The Ontario Ministry of Finance issued the following news release on April 29, 2015 concerning the Ontario Retirement Pension Plan, which is currently scheduled to be rolled out by January 1, 2017:

Bill Strengthening Retirement Security for Millions of Workers Passess in Ontario Legislature

The Ontario Retirement Pension Plan Act, 2015 has been approved by the Ontario Legislature. The Act forms the foundation of the ORPP, which the government will put in place by January 1, 2017.

Ontario has held extensive consultations across the province with business, labour, associations, young workers, pension experts, individuals and families to ensure that the government creates the best plan for the people of Ontario.

Once established, the ORPP will be the first of its kind in Canada, building on key features of the Canada Pension Plan (CPP). The ORPP will:  read more »

Federal government completes "target benefit pension plan" consultations

Topics: - Pensions
Jurisdiction: - Canada/Federal

The federal government issued the news release below yesterday (June 25, 2014) regarding the target benefit pension plan consultations that it commenced in late April 2014.

Target benefit pension plans - also known as shared risk plans - represent an alternative to defined benefit or defined contribution pension plans.  Several provinces have already passed legislation providing for target benefit pension plans, but in many cases that legislation is not yet in force.

Harper Government Completes Public Target Benefit Plan Consultations  read more »

BC introduces bill to amend new Pension Benefits Standards Act

Topics: - Pensions
Jurisdiction: - British Columbia

The BC Government issued the following news release yesterday (February 19, 2014):

VICTORIA - Amendments to the new Pension Benefits Standard Act clarify elements of the original act and help ensure the legislation will be ready for proclamation later this year, Finance Minister Michael de Jong announced today.

Today's amendments are primarily technical corrections, including:  read more »

Supreme Court of Canada confirms that pension benefits should not be deducted from notice period damages

Sector: - High Tech

In IBM Canada Limited v. Waterman, 2013 SCC 70, the majority (7/2) of the Supreme Court of Canada confirmed that pension benefits should not be deducted from notice period damages. In doing so, the Supreme Court of Canada upheld the decisions of the BC Court of Appeal and the BC Supreme Court. My summary of the BC Supreme Court's ruling, which sets out the facts, can be found here.

In the majority ruling the Supreme Court of Canada summarized its ruling as follows:  read more »

Top court to address whether pension benefits should be deducted when assessing wrongful dismissal damages

The Supreme Court of Canada announced on April 5, 2012 that it would be hearing the appeal in IBM Canada Limited v. Richard Waterman.

This case, from BC, concerns whether pension benefits from an employer funded plan should be deducted from wrongful dismissal damages.

The Supreme Court of Canada's summary of the decision is as follows:  read more »