Regulation - LGIC
Amendment to Regulation 909 of the Pension Benefits Act - Statements for Former and Retired Members
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 require plan administrators to provide written statements to former members and retired members, containing prescribed information about the pension plan and their pension benefits and any ancillary benefits. The regulation includes amendments 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 also includes amendments to require 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:
Previous Posting
Proposed Amendment to Regulation 909 - Statements
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Ontario Regulation 235/14
Proposal Number:
14-MOF021
Posting Date:
October 3, 2014
Summary of Proposal:
Bill 236, the Pension Benefits Amendment Act, amended the Pension Benefits Act to require plan administrators to provide written statements to former members and retired members, containing prescribed information about the pension plan and their pension benefits and any ancillary benefits. Plan administrators currently provide annual statements to active members that contain prescribed information content. The 2013 Ontario Budget included a commitment to prescribe the rules for former member and retired member statements. This posting proposes the required content and frequency for providing these statements.
Contact Address:
Pension Policy Branch
Ministry of Finance
Statements under subsection 27(2)
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
pension.feedback@ontario.ca
Ministry of Finance
Statements under subsection 27(2)
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