Regulations under the Pension Benefits Act - Conversions to JSPPs under Sections 80.4 and 81.0.1 of the Act.
Regulation - LGIC
Bill or Act:
Pensions Benefit Act
Summary of Decision:
Regulation was proclaimed on November 1, 2015
June 26, 2015
Summary of Proposal:
Bill 14, the 2014 Budget Bill, amended the Pension Benefits Act (PBA) to establish a legislative framework permitting single employer pension plans (SEPPs) in the broader public sector (BPS) to be converted into jointly sponsored pension plans (JSPPs) or merged into existing JSPPs if specific conditions are satisfied. This framework cannot be proclaimed without the accompanying regulatory amendments.
On January 20, 2015, the government posted a description of the content of the proposed regulations to the regulatory registry for stakeholder comment. The government received substantial feedback from stakeholders and many helpful suggestions have been incorporated into the draft regulations.
Attached are three documents which include:
1. A document outlining the intent of these regulations;
2. A new draft regulation to accompany s. 80.4 and 81.0.1 of the PBA; and
3. A draft outlining complementary amendments to Regulation 909.
These draft regulations have been prepared as a further opportunity to receive feedback from stakeholders about the content and wording of the final regulations that will be put forward to Cabinet later this year.
Broader Public Sector (BPS) Pensions Branch
JSPP Merger/Conversion Regulatory Framework
Ministry of Finance
1st Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
November 1, 2015