On Friday, September 19th, the Minister of Finance released proposed amendments to the general regulations under the Pension Benefits Standards Act, 1985 (the PBSR) including Schedule III to the PBSR (Schedule III). The federal government is taking comments on the proposed amendments until October 27, 2014.
If adopted, the proposed amendments, many of which were announced in 2009 or come as a result of yet-to-be adopted amendments made to the Pension Benefits Standards Act, 1985 in 2010, will affect a variety of pension stakeholders, including:
- administrators of federally registered DB and DC pension plans;
- administrators of DB and DC plans registered in Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, and Newfoundland & Labrador who must comply with Schedule III; and
- investment managers investing the assets of such pension plans.
A general summary of the proposed amendments, along with targeted commentary as to how the proposed amendments affect certain pension stakeholders, is provided below.
Federally Registered Plans