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In its 2024 budget on Tuesday, the Ontario government reiterated its support for a provincial infrastructure bank to leverage public sector pension investments.

The bank, renamed the Building Ontario Fund, was announced in the province’s 2023 fall economic statement and will support the development of new long‐term care homes, energy infrastructure, affordable housing, municipal and community infrastructure and transportation. Its mandate also includes support for infrastructure projects for First Nations communities that advance community and economic well‐being.

Read: Ontario Infrastructure Bank to leverage public sector pension investments

The fund’s board of directors is currently establishing a governance framework and recruiting a chief executive officer, said the government.

The province is also continuing work on proposed legislative amendments that would support implementation of a framework for target-benefit pension plans, effective Jan. 1, 2025. The proposed regulations are expected to be made available for technical review by Ontario’s pension sector in summer 2024.

The permanent framework would help support the sustainability of these plans and pave the way for more employers to offer them, helping workers to save for their retirement, the budget noted.

Read: Ontario’s budget proposing framework for target-benefit pension plans