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Wednesday, September 13, 2017 - 12:34

pension legislative updates for july—august 2017

The Williamson Group’s annual Guide to Canadian Benefits Legislation and Guide Supplement are valuable tools that help educate how changes in legislation may impact the benefits community. Along with the following monthly legislative blog updates, these documents offer a high level overview of some of the benefits currently available through various Canadian government programs.

Manitoba

Manitoba makes progress toward offering pooled registered pension plans.  As a result of The Pooled Registered Pension Plans (Manitoba) Act and regulations coming into force on Aug. 1, the Manitoba government is moving forward to make another retirement savings option available to Manitobans, Finance Minister Cameron Friesen announced today. 

Pooled registered pension plans (PRPPs) are defined contribution-style plans set up and administered by federally-licensed providers. The Manitoba legislation and regulations set out rules and processes to establish these plans in the province. The final step is signing a multilateral agreement with the federal government and several other provinces, including Quebec, Saskatchewan, British Columbia, Nova Scotia and Ontario this fall.  Once Manitoba signs onto the multilateral agreement, licensed providers will be able to offer PRPPs in the province.

For more information, visit: The Government of Manitoba website.

Nova Scotia

Nova Scotia has introduced temporary solvency relief for defined benefit plans.  Pensions registered in the province with actuarial valuation dates between Dec.30, 2016 and Jan.3, 2019 will be able to amortize any new solvency deficiency over 15 years as opposed to the standard 5 year period.  Also, if a pension plan has an existing solvency deficiency that’s currently being amortized over no more than a 5-year period, it can consolidate it with a new shortfall and amortizThe Government of Nova Scotia website.

 

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