The Ontario government has recently announced several proposed
regulations that will affect the administration of
Ontario-registered pension plans. These regulations will enable
variable benefit accounts to be offered under Ontario-registered
defined contribution plans, establish new filing requirements for
SIPPs and set out the requirements for statements for former and
VARIABLE BENEFIT ACCOUNTS FOR DC PENSION PLANS
Of major significance for defined contribution (DC) pension
plans in Ontario, the provincial government has announced a
proposed regulation to implement section 39.1 of the Pension
Benefits Act (Ontario) (PBA). This regulation would allow
pension plans with a DC provision to offer members the option of
having their DC account balances allocated to a variable benefit
account from which benefits, mirroring those currently permitted
from a Life Income Fund, would be paid on retirement.
The government has released a description of the proposed
regulation and invited submissions from interested stakeholders. In
addition, the government has asked stakeholders for views on
several issues relating to members' ability to transfer assets
into and out of variable benefit accounts, as well as members'
ability to unlock funds allocated to variable benefit accounts.
Written submissions on the proposed variable benefit regulation
should be sent by June 10, 2014, via email to firstname.lastname@example.org or by mail to the
Pension Policy Branch, Ministry of Finance, 5th Floor, Frost
Building South, 7 Queen's Park Crescent, Toronto ON, M7A
The Blakes Pensions, Benefits & Executive Compensation group
will be providing comments to the Ministry of Finance on this
proposed regulation relating to variable benefits from DC
FILING OF SIPPS AND ESG DISCLOSURE
In addition, the government announced a proposed regulation to
require the filing of statements of investment policies and
procedures (SIPPs). Under this proposed regulation, SIPPs for new
plans would need to be filed with the application for registration
of the plan and existing SIPPs would be required to be filed within
90 days after the proposed regulation comes into force. In
addition, the proposed regulation would require the annual
statement to indicate whether or not environmental, social and
governance factors are addressed in the SIPP.
Submissions on the proposed SIPP regulation may be made by June
16, 2014 by email through the Ontario Regulatory Registry or by mail to the
Disclosure of Environmental, Social and Governance Factors, Pension
Reform Branch, Ministry of Finance, 5th Floor, Frost Building
South, 7 Queen's Park Crescent, Toronto, ON, M7A 1Y7.
ISSUANCE OF STATEMENTS TO FORMER AND RETIRED MEMBERS
When proclaimed, section 27(2) of the PBA would require
information statements to be issued to former and retired members.
The government has released a proposed regulation that would
require plan administrators to issue these statements at least
every three years to former and retired members. The content of the
statements for former and retired members would be similar to that
for annual statements issued to members, subject to certain
It is proposed that the first statements to former and retired
members would be required to be issued within 12 months following
the proclamation of section 27(2) of the Act.
The government has asked stakeholders for their views on some
specific questions relating to the content and timing of the
statements for retired and former members. Written submissions may
be made until June 16, 2014 by email through the Ontario Regulatory Registry or by mail to the
Pension Policy Branch, Ministry of Finance, Statements under
subsection 27(2), 5th Floor, Frost Building South, 7 Queen's
Park Crescent, Toronto, ON, M7A 1Y7.
The Blakes Pensions, Benefits & Executive Compensation group
will provide a more detailed overview of these proposed regulations
and their implications for plan sponsors and administrators at our
upcoming seminar on May 7, 2014,
Recent Developments in Pension and Employee Benefits Law.
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