Regulation - LGIC
Amendment to Regulation 909 under the Pension Benefits Act - Commuted value transfers from Ontario plans to plans in other Canadian jurisdictions
Regulation Number(s):
235/14
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Regulation 235/14 amends General Regulation 909 of the Pension Benefits Act to make it easier for individuals to transfer the commuted value of their pension benefits from an Ontario plan to a plan elsewhere in Canada when they change employment, allowing individuals to consolidate their pension benefits if the receiving plan so allows. The regulation includes amendments to require plan administrators to provide written statements to former members and retired members containing prescribed information about the pension plan and their beneifits. The regulation also includes amendments required plan administrators to file Statements of Investment Policies and Procedures (SIPPs) with the pension regulator and include information about whether, and if so, how, ESG factors are incorporated.
Further Information:
Commuted value transfers
Ontario Regulation 235/14
Proposal Number:
14-MOF020
Posting Date:
September 29, 2014
Summary of Proposal:
The government is proposing to amend subsection 20(3) of the General Regulation so that it applies only to section 42(1)(b) and (c) of the Act. Along with the amendments to section 42 of the Act (effective January 1, 2015), this would make it easier for individuals to transfer the commuted value of their pension benefits from an Ontario plan to a plan elsewhere in Canada when they change employment, allowing individuals to consolidate their pension benefits if the receiving plan so allows.
Contact Address:
Pension Policy Branch
Commuted Value Transfers
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto, ON
M7A 1Y7
pension.feedback@ontario.ca
Commuted Value Transfers
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto, ON
M7A 1Y7
pension.feedback@ontario.ca
Effective Date:
January 1, 2015
Decision:
Approved