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 ...
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 ...
As noted previously on this blog, pension regulators have been working towards increasing guidance for pension plan administrators in relation to protecting pension plan information and records. The BC Financial Services Authority (FSA) issued drafts of its Information Security Guideline and its Outsourcing Guideline, invited consultation, and in October 2021 ...
On February 4, 2022, the federal government released a set of draft legislative proposals relating to the Income Tax Act (Canada) for public comment. Many of these proposals implement changes previously announced or confirmed in Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience.
This article discusses the draft proposals that are of interest to ...
In response to industry feedback after its initial release of the Information Security Guideline, BC Financial Services Authority (BC FSA) has issued:
- A revised version of the Information Security Guideline and
- The new Outsourcing Guideline.
BC FSA advised in its Advisory 21-015 that accompanied the revised Information Security Guideline that the revisions reflect ...
In May 2021, the Canadian Association of Pension Supervisory Authorities (CAPSA) released updated Guideline No. 7, Pension Plan Funding Policy Guideline. CAPSA was engaged in a consultation process in the fall of 2020 and the updated Guideline is the result of that consultation process.
The updated Guideline No. 7 maintains the useful and clear guidance on pension plan ...
In April, the Government of Canada released Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience. Characterized as a plan to finish the fight against COVID-19 and ensure a robust economic recovery to benefit all Canadians, it contained several measures that will impact pension and benefit plans.
The first steps to implementing many of these measures were taken ...
As a result of the COVID-19 pandemic, pension regulators across Canada have been announcing special measures to help protect the interests of pension plan members, assist pension plan administrators and ensure the ongoing financial health of pension plans, particularly given the negative impact that current financial market conditions have had on the funded status of ...
About Us
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.