Pension Benefits Act – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 02 May 2024 19:07:58 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 FSRA’s proposed guidance on retroactive adverse amendments inconsistent with case law, Pension Benefits Act: ACPM https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-guidance-on-retroactive-adverse-amendments-inconsistent-with-case-law-pensions-benefits-act-acpm/ Mon, 05 Feb 2024 14:00:12 +0000 https://www.benefitscanada.com/?p=151552 The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]

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]]> FSRA’s proposed rule could increase fairness in division of pension benefits during marriage breakdown: expert https://www.benefitscanada.com/pensions/governance-law/fsras-proposed-rule-could-increase-fairness-in-division-of-pension-benefits-during-marriage-breakdown-expert/ Fri, 08 Dec 2023 14:00:55 +0000 https://www.benefitscanada.com/?p=148525 The Financial Services Regulatory Authority of Ontario’s proposed family rule could allow for pension benefits to be divided more fairly in the event of a marriage breakdown, says Louis Duranleau, a senior principal of pensions at Normandin Beaudry. “When there’s an agreement between the spouses to share the retiree’s pension before it’s effectively divided in […]

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]]> FSRA pension plan administration guidance requires clarity, consistency, says ACPM https://www.benefitscanada.com/pensions/governance-law/fsra-pension-plan-administration-guidance-requires-clarity-consistency-says-acpm/ Thu, 12 Oct 2023 13:00:59 +0000 https://www.benefitscanada.com/?p=145153 The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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]]> ACPM advising FSRA to take best practices approach to IT risk management https://www.benefitscanada.com/pensions/governance-law/acpm-advising-fsra-to-take-best-practices-approach-to-it-risk-management/ Wed, 05 Apr 2023 19:00:02 +0000 https://www.benefitscanada.com/?p=136071 The Association of Canadian Pension Management is urging the Financial Services Regulatory Authority of Ontario to apply a best practices approach for the pension sector in its information technology risk management guidance. In an open letter to the FSRA, the ACPM said a real-time reporting framework for material IT risk incidents could result in a […]

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]]> Expert panel: What does it mean for pension plan members to live separate and apart? https://www.benefitscanada.com/pensions/governance-law/expert-panel-what-does-it-mean-for-pension-plan-members-to-live-separate-and-apart/ Tue, 06 Dec 2022 14:00:56 +0000 https://www.benefitscanada.com/?p=130744 While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how often they text their spouse or whether they have family dinners every night. However, in most jurisdictions, the spouse of a defined benefit plan member is entitled to a joint […]

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]]> New Brunswick amending pension legislation to allow for reserve accounts, annuity buyouts https://www.benefitscanada.com/pensions/governance-law/new-brunswick-amending-pension-legislation-to-allow-for-reserve-accounts-annuity-buyouts/ Tue, 09 Aug 2022 13:00:21 +0000 https://www.benefitscanada.com/?p=125253 New Brunswick is amending its Pension Benefits Act to allow for enhanced communications with plan members, exempt compulsory membership for religious beliefs and allow for reserve accounts and the statutory discharge of annuity buyouts. The amendments will also provide the Financial and Consumer Services Commission with the authority to address overpayment errors and grant rule-making, according to […]

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]]> Automatic features in DC pension plans may benefit members: FSRA https://www.benefitscanada.com/pensions/cap/automatic-features-in-dc-pension-plans-may-benefit-members-fsra/ Fri, 12 Nov 2021 14:00:52 +0000 https://www.benefitscanada.com/?p=111409 The Financial Services Regulatory Authority of Ontario is encouraging defined contribution pension plan sponsors and administrators to evaluate the use of automatic features within the context of their plans. New guidance posted to the FSRA’s website affirms that the Pension Benefits Act and its regulations don’t prohibit the use of automatic features in defined contribution pension […]

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