Yesterday the Ontario Deputy Superintendent of Pensions released a formal statement that included the comment: “these are interesting times in the pension sector.” How true.
Many long-anticipated improvements to Ontario pension legislation, regulation and policies are finally coming into force. The pension regulator will have more specific, helpful powers to target non-compliance issues. Plan sponsors will have more choices in the design of pension plans, especially in the defined contribution sphere. And many employers who sponsor defined benefit pension plans will be pleased by this morning’s Ontario government announcement about an entirely new framework for funding defined benefit pension plans, which will come into effect “in the coming weeks”.
We have written about some of these promised changes in prior posts (here and here). We will be providing more details and strategic suggestions about these interesting developments, in future articles. In the meantime, you can find information about this this morning’s announcement by the Ontario government here.
Please contact a member of Dentons’ Pensions and Benefits group for information and advice about how these significant changes will affect your business.