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Ontario changes the rules on the solvency of pension plans

by

Writing

June 21, 2017 09:45

Photo : Freepik

According to the latest monthly bulletin of Morneau Shepell, in particular, the new framework for the funding of pension plans defined benefit (DB), the Ontario has just been made public of the new rules on the solvency of these plans.

As well, Ontario has expanded the protection offered in respect of the guarantee Fund of the pension benefits (PBGF). This framework includes the shortening of the amortization period according to the continuity approach, which will drop from 15 to 10 years, and the collection of contributions balance in a single calendar. Toronto has also announced a 50% increase of the maximum guarantee provided by the PBGF, with the monthly pensions up to $ 1,500 rather than $1,000.

Ontario has published proposed amendments to regulations stating the procedures and the amounts proposed in relation to administrative penalties. The public could submit comments until June 12, on the amendments to the Law on pension plans (PBA) authorizing the superintendent of financial services to impose administrative penalties to plan administrators and other stakeholders, without having to go to court.

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