Agreement Respecting Multi-Jurisdictional Pension Plans
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
June 29, 2011
Summary of Proposal:
Ontario is moving forward with Quebec to create rules that will make the pension regulatory environment more efficient and transparent.
The Agreement Respecting Multi-Jurisdictional Pension Plans would establish clear rules on how multi-jurisdictional pension plans (MJPPs) are administered in Ontario and Quebec.
Specifically, the agreement would:
Set out legally how these plans are regulated and clarify issues unique to MJPPs that are not addressed in existing pension statutes;
Clarify the rules that apply to these plans; and
Would allow a single supervisory authority to regulate an MJPP.
The agreement would apply to a pension plan when the plan is registered with the pension regulator of Quebec or Ontario and the pension plan provides benefits to members, or former members, in both provinces.
Pension Benefits Standards Policy
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
July 1, 2011