On November 8, 2023, Bill 33, Pension Benefits Standards Amendment Act, 2023, received Royal Assent. This Bill makes a number of amendments to the Pension Benefits Standards Act (PBSA), including the introduction of variable life benefits for defined contribution pension plans and greater flexibility in the eligibility rules for collectively bargained ...
In recent years, we have seen a noticeable increase in the regulatory focus on risk management to address evolving and growing risks facing pension plan administrators (including cyber security, climate change and investment risks, to name a few):
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CAPSA Draft Risk Management Guideline
In May 2023, the Canadian Association of Pension Supervisory Authorities (CAPSA ...
On June 6, 2023, the BC Financial Services Authority (BC FSA) issued a new guideline on best practices for multi-employer pension plans (MEPPs).
BC FSA advised in its Advisory 23-025 that the MEPP Best Practices Guideline is aimed at informing administrators and stakeholders of best governance practices of MEPPs registered in B.C. It also sets out BC FSA’s expectations ...
The British Columbia government recently introduced changes to the Family Law Act, including amendments to the rules for pension division on relationship breakdown. These changes are part of Bill 17, which received Royal Assent on May 11, 2023.
Among other things, Bill 17 is intended to modernize and provide greater clarity and guidance with respect to pension division in ...
Last week, the B.C. Government introduced a bill that, if passed, would expand the exceptions to the Pension Benefits Standards Act’s rule against attachment of pension benefits.
Currently, the Pension Benefits Standards Act permits pension benefits to be attached by certain notices and orders made under the Family Maintenance Enforcement Act when a person defaults ...
On December 31, 2022 amendments to B.C.’s Pensions Benefits Standards Regulation came into force. While these amendments primarily address PfAD reform for target benefit plans, they also updated the information that target benefit plans are required to provide to active and retired members in their annual statements.
In particular, the annual statements for active ...
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Lawson Lundell's Pension and Employee Benefits Law Blog provides updates on the most recent legal developments impacting pension and employee benefit plans. We cover a range of topics, including recent case law and changes to relevant provincial and federal legislation.
Legal Disclaimer: The information made available on this webpage is for information purposes only. It does not constitute legal advice, and should not be relied on as such. Please contact our firm if you need legal advice or have questions about the content of this webpage.