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The market collapse of 2008 has caused or aggravated large solvency deficits for most defined benefit plan sponsors. Sponsors now face the unenviable position of having to fund large solvency deficits for their plan while juggling the effects of the economic downturn on the other areas of their business. In response to this reality, many pension regulatory jurisdictions have moved to provide temporary funding relief. However, as is often the case in Canada, each jurisdiction has taken their own approach and have made independent announcements (jurisdiction is dictated by where the plan is registered). This fragmented response can make it difficult to keep track of what each jurisdiction is proposing. In response, we have compiled the following brief overview of the items that have been proposed or approved in the various jurisdictions. If you require additional detail regarding the proposals and what they could mean for your plan, please contact Proteus..
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Pension Commission Reports
Ontario
Alberta/BC
Nova Scotia
Pension Acts & Regulations
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Summary of Pension Legislation
Sources: Proposed Response Alternatives to Meet the Defined Benefit Pension Plan Funding Issues Arising from the Current Economic Environment - Alberta Finance (Dec 2008); Ontario Government Providing Solvency Funding Relief for Pensions - www.ontario.ca/finance-news (December 2008); Recent Solvency Relief Measures in Canada - Canadian Pension & Benefits Digest (April 2009); Funding Relief for Defined Benefit Pension Plans in Canada - Blakes Bulletin (February 2009); Solvency Funding Relief Regulations - Government of Newfoundland and Labrador (June 2008); Solvency Funding Relief Measures - McInnes Cooper (March 2009); Special Payments Relief Regulation - Government of Manitoba (December 2008); Solvency Relief Discussion Paper - Saskatchewan Financial Services Commission (December 2008)
