Act
Amending the Pension Benefits Act (PBA) to remove the reminder notice upon retirement.
Regulation Number(s):
N/A
Instrument Type:
Act
Bill or Act:
Pension Benefits Act, R.S.O. 1990, c. P.8
Summary of Proposal:
Under section 30.1 of the Pension Benefits Act (PBA), pension plan administrators are required to provide reminder notices about communications formats - by regular mail and in an electronic form - to members who retire and are receiving communications in electronic forms already. The proposed legislative amendment would eliminate the requirement to send retiring plan members these reminder notices, where they are already receiving e-communications prior to retirement.
Analysis of Regulatory Impact:
Ending unnecessary paper and electronic reminder notices about communication formats would save pension plans on sending electronic reminders as well as printing and mailing paper reminder notices, which would also have a positive impact on the environment.
It is anticipated that the sector would save on the production and delivery of these paper notices, if these were eliminated. Some plans could also benefit from an estimated one-time cost savings by avoiding systems upgrades to automate these notices to retiring members.
There are no additional regulatory requirements or filings resulting from the proposed legislative amendment nor are there any anticipated compliance costs for other entities or small businesses.
It is anticipated that the sector would save on the production and delivery of these paper notices, if these were eliminated. Some plans could also benefit from an estimated one-time cost savings by avoiding systems upgrades to automate these notices to retiring members.
There are no additional regulatory requirements or filings resulting from the proposed legislative amendment nor are there any anticipated compliance costs for other entities or small businesses.
Further Information:
Pension Benefits Act, R.S.O. 1990, c. P.8
Proposal Number:
23-MOF006
Posting Date:
April 3, 2023
Comments Due Date:
May 3, 2023
Contact Address:
Broader Public Sector Pension Policy Branch
Ontario Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7
Ontario Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7