A Buck Consultants Advisory out today reminds pension plan sponsors that Ontario and Quebec multi-jurisdictional plans will be subject to the new Agreement Respecting Multi-Jurisdictional Pension, effective July 1.

Rules under the new agreement
The new agreement provides that multi-jurisdictional pension plans will be supervised by the regulator of the jurisdiction (the “major authority”) with the most active plan members. The other jurisdictions governing the plan are referred to as the “minor authorities”.

The pension legislation of the major authority would apply to a plan registered with a major authority regarding items that impact the plan as a whole, including the following:

  • plan registration;
  • funding (with some exceptions);
  • investment;
  • plan records;
  • certain member disclosure material; and
  • plan administrator duties.

Regulatory items related to the benefits accrued by members will continue to be subject to the pension legislation of the minor authorities governing the plan.

For more information about these changes, see the full Advisory or visit the Canadian Association of Pension Supervisory Authorities website.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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