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Notices

Pension Funding Framework Review “What we Heard” Summary

Employer sponsored pension plans play a key role in helping individuals save for their retirement.

The Department of Finance and Treasury Board released a Pension Funding Framework Review discussion paper in the fall of 2017 seeking responses and comments on possible funding framework reforms for defined benefit plans and on regulatory issues that affect various types of pension plans.

The deadline for feedback was November 10, 2017. The Pension Funding Framework Review What We Heard document provides a high-level summary of many of the themes and comments received in response to the discussion paper. All feedback received is appreciated and is being weighed in the consideration of any changes to pension law in Nova Scotia.

Reminder - Plan Amendment for the June 1, 2015 Pension Benefits Act

All pension plan documents are required to be amended to reflect the Nova Scotia Pension Benefits Act (the “Act”) and Regulations that came into effect June 1, 2015. This amendment must be filed with our office on or before June 1, 2018.

Please be advised that pension plans must be administered in accordance with the Act and Regulations regardless of if the required amendment has been filed or not.

 

If you have questions regarding the required June 1, 2015 amendment, please contact your plan consultant or third-party service provider (if applicable).

 

Asset Transfer Regulations

Asset transfer regulations became effective November 28, 2017.  The regulations establish clear criteria for asset transfers between pension plans where there is a sale or disposition of the employer’s business or the assets of the business, or where an employer ceases to make contributions to an original pension plan and a successor pension plan is established.

The regulations can be viewed on the Registry of Regulations web page.



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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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