Amendments to the Pension Benefits Standards Regulations,
1985 (PBSR), first announced by the Minister of Finance in
October 2009 and released in draft form on September 19, 2014, were
released in final form on March 25, 2015. The amendments to the
PBSR involve changes to the pension investment rules, changes
affecting the regulatory framework for federally regulated defined
contribution (DC) plans, as well as other changes affecting member
disclosure, electronic communications and improving protection for
plan members and beneficiaries under federally regulated plans. The
amendments are scheduled to come into force on April 1, 2015 and
July 1, 2016.
Changes to the Pension Investment Rules
Significant changes to the PBSR have been made in order to
modernize the pension fund investment rules found in Schedule III
of the PBSR. The changes will apply to federally regulated plans
and to pension plans registered in Canadian jurisdictions that have
adopted the federal investment rules, namely, Ontario, Alberta,
British Columbia, Manitoba, Newfoundland and Saskatchewan.
The new pension investment rules will come into force on July 1,
2016. All plan investments must comply with the new rules by this
date. Any related party investments that do not comply with the new
rules (e.g., investment in employer debt or equity
securities) must be divested within five (5) years from this
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Unfortunately, reasonable accommodation for employees in the workplace continues to be the source of significant litigation and even today we continue to see outrageous examples of employers behaving badly.
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