On March 27, 2012, the Ontario government introduced Bill 55, Strong Action for Ontario Act (Budget
Measures), 2012, for first reading. Schedule 53 of Bill 55
sets out a number of amendments to the Ontario Pension Benefits
Act (PBA) which relate to previous amendments that have not
yet come into force, including amendments:
clarifying entitlement of retired members receiving joint and
survivor pensions where their spouses pre-decease them;
adding a transition provision requiring survivor consent to any
lump sum settlement of small survivor benefits where the first
instalment of the deceased retired member's pension is due
before the coming into force date;
specifying that the new letter of credit provisions do not
apply to jointly sponsored pension plans, as well as multi-employer
repealing provisions that currently enable the Superintendent
of Financial Services to consent to the commutation or surrender of
certain retirement savings arrangements in circumstances of
allowing the Superintendent to require plan administrators to
provide additional information to persons entitled to notice upon
the wind-up of a plan;
clarifying requirements for asset transfers between defined
contribution plans; and
extending the time period (to June 30, 2013) permitting the
government to make retroactive regulations in connection with
defined benefit plan funding.
Ian McSweeney practises exclusively in the
field of pensions and employee benefits and advises clients on
pension plans, supplemental retirement arrangements, deferred
profit sharing plans and other employee and executive compensation
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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