Regulation - LGIC
A Permanent Framework for Target Benefits
Regulation Number(s):
R.R.O. 1990, Regulation 909 (General)
Ontario Regulation 287/11
Ontario Regulation 310/13
Ontario Regulation 287/11
Ontario Regulation 310/13
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Proposal:
The Ministry of Finance has posted for technical review draft regulations to support the implementation of a permanent framework for target benefits. The government intends for the permanent target benefit framework to come into effect on January 1, 2025.
In March and September 2023, the Ministry conducted consultations on a proposed permanent legislative and regulatory framework for target benefits.
Following these consultations, the Ministry has prepared draft regulations to reflect the fina
In March and September 2023, the Ministry conducted consultations on a proposed permanent legislative and regulatory framework for target benefits.
Following these consultations, the Ministry has prepared draft regulations to reflect the fina
Analysis of Regulatory Impact:
The proposed framework would establish the target benefit pension plan model as a permanent part of Ontario's pension landscape by implementing a comprehensive legislative and regulatory framework. Target benefit pension plans would offer members a monthly income stream in retirement at a predictable cost for employers.
For plans that wish to undergo the conversion process, there would be initial costs associated with developing funding and benefits, governance, and communications policies and filing them with the Financial Services Regulatory Authority of Ontario (FSRA).
For plans that wish to undergo the conversion process, there would be initial costs associated with developing funding and benefits, governance, and communications policies and filing them with the Financial Services Regulatory Authority of Ontario (FSRA).
Further Information:
Technical Review Guide for Draft TB Regs - June 26, 2024
(Download Adobe Reader)
1. Consultation Draft_WRITTEN POLICIES (PBA)
(Download Adobe Reader)
2. Consultation Draft_TARGET BENEFITS (PBA) (incl. Funding and Commuted Value)
(Download Adobe Reader)
3. Consultation Draft_CONVERSION (PBA)
(Download Adobe Reader)
4. Consultation Document_PROVISION OF INFORMATION OVERVEW (PBA)
(Download Adobe Reader)
5. Consultation Draft_GENERAL 909 -- (PBA)
(Download Adobe Reader)
6. Consultation Draft_REPORTING (PBA)
(Download Adobe Reader)
7. Consultation Draft_ASSET TRANSFERS (PBA)
(Download Adobe Reader)
8. Consultation Draft_WIND UP (PBA)
(Download Adobe Reader)
9. Consultation Draft_FAMILY LAW MATTERS (PBA)
(Download Adobe Reader)
Proposal Number:
24-MOF012
Posting Date:
June 26, 2024
Comments Due Date:
August 12, 2024
Contact Address:
Target Benefit Framework
Pension Benefits Standards Unit, Pension Policy Branch
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7
or
Pension.Feedback@ontario.ca
Pension Benefits Standards Unit, Pension Policy Branch
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7
or
Pension.Feedback@ontario.ca