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Notices

Pension Funding Framework Review

Employer sponsored pension plans play a key role in helping individuals save for their retirement and the Department of Finance and Treasury Board is seeking feedback from interested groups.

The Pension Funding Framework Review discussion paper focuses on the funding framework for defined benefit plans and on regulatory issues that affect various types of pension plans. Discussion questions are identified throughout the paper and are summarized at the end.

Responses to the discussion questions and any other comments relevant to the funding framework for pension plans and other regulatory issues are welcome. The deadline for feedback is Friday, November 10, 2017.

Temporary Solvency Funding Relief

Regulatory changes effective August 8, 2017 provide defined benefit pension plans with the ability to elect to amortize new solvency deficiencies identified in valuation reports with valuation dates from December 30, 2016 to January 2, 2019 over a 15-year period rather the 5-year period currently permitted in the regulations. The regulations also permit these plans to lengthen the funding period for existing solvency deficiencies being funded over a 5-year period to 15 years.

The regulations can be viewed at: http://www.novascotia.ca/just/regulations/rxam-z.htm#penben

Nova Scotia enters new agreement on multi-jurisdictional pension plans

Nova Scotia has entered into a new 2016 Agreement Respecting Multi-Jurisdictional Pension Plans that will continue to protect member entitlements and streamline regulation of pension plans.

The agreement between Nova Scotia, British Columbia, Ontario, Quebec and Saskatchewan is intended to take effect July 1, 2016. The 2016 Agreement replaces the 1968 Memorandum of Reciprocal Agreement (1968 Agreement) with respect to the above-mentioned provinces. The 1968 Agreement continues to apply between Nova Scotia and the remaining provinces.

Multi-jurisdictional pension plans are employment-based pension plans with members in more than one Canadian jurisdiction, whether provincial or federal. These plans are often sponsored by larger employers and unions that operate in several jurisdictions.

The 2016 Agreement was developed by The Canadian Association of Pension Supervisory Authorities (CAPSA) to provide a clear legal framework for the administration and regulation of multi-jurisdictional pension plans. It includes rules on how plan assets are to be distributed among jurisdictions if a multi-jurisdictional plan terminates with insufficient assets. Participation in the agreement is important to provide greater security and certainty to Nova Scotians who are members of pension plans registered elsewhere in Canada.

Nova Scotia brought into force the necessary legislative changes to sign the 2016 Agreement on June 1, 2015, when the new Pension Benefits Act was proclaimed.

For more information about the agreement, visit: CAPSA release.

New Pension Benefits Act comes into force June 1, 2015

summary of provisions in the new Pension Benefits Regulations.  Please note this document is intended to provide guidance. 

On April 21, 2015, the Pension Benefits Regulations were approved by the Lieutenant Governor. The Regulations support the new Pension Benefits Act which was passed by the legislative assembly in 2011 and proclaimed to be in effect June 1, 2015.

The new Act is available online at http://nslegislature.ca/legc/PDFs/annual%20statutes/2011/c041.pdf. The Regulations are online at http://novascotia.ca/just/regulations/rxam-z.htm#penben.

Fees under the new Pension Benefits Act have been established. The Pension Benefits Fee Regulations take will take effect on June 1, 2015 and can be viewed here.

Factors to consider in the implementation of the new Act and Regulations follow:

Please contact the Pension Regulation Division if you have any questions regarding the new Act and Regulations. E-mails can be sent to novascotia.ca.



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Mailing Address:
Finance and Treasury Board
Pension Regulation Division
PO Box 2531
Halifax, NS  B3J 3N5

Phone: 902-424-8915, weekdays 8:30 - 4:30.
Fax: 902-424-5327
Email: 
novascotia.ca

Courier:
Finance and Treasury Board
Pension Regulation Division
1723 Hollis St, 4th Floor
Halifax, NS  B3J 1V9




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