British Columbia's New Pension Benefits Standards Act - Key Changes

12.10.12
Taxation of Executive Compensation and Retirement, Federated Press, Volume 23, No. 7

British Columbia’s new Pension Benefits Standards Act (the “PBSA” or the “Act”) received Royal Assent on May 31, 2012.  While this new Act will eventually repeal and replace the existing PBSA, it will not come into force until the underlying regulations are developed and finalized, likely in 2013 or later.  As the new Act is the final product of the November 2008 Joint Expert Panel on Pension Standards (“JEPPS”) report and subsequent work by the B.C. and Alberta governments, it is anticipated that Alberta will introduce a substantially identical bill later this year.