On September 30, 2015, British Columbia's new Pension Benefits Standards Act (PBSA) and Regulation came into effect. The PBSA has wide-ranging implications for HR Professionals who oversee BC-registered pension plans and certain non-BC-registered pension plans with BC members. Among other things, all provincially regulated pension plans with BC members must be administered in a manner consistent with the PBSA effective September 30, 2015, including immediate vesting and locking-in for all service and new portability provisions for BC members. Compliance amendments to bring pension plans in-line with the PBSA must be filed with applicable regulators by December 31, 2015. In addition, administrators of BC-registered pension plans must file a Contribution Schedule with the plan's fund holder by the end of October, 2015, and prepare written Governance, Funding and Records Retention policies by the end of 2015. The PBSA authorizes the Superintendent to impose administrative penalties on corporations and individuals for non-compliance and increases financial penalties, to a maximum of $500,000, for offences under the Act. To read more about these and other requirements of the PBSA and Regulation, please follow this link: A Guide to BC's new pension legislation for HR Professionals.
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