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Notices

Annual Information Returns and Audited Financial Statements that were due between March 31, 2020 and June 30, 2020 have been given a filing extension until August 31, 2020. The extension is automatic—plan administrators don’t need to apply for it.
 
If you have questions about another filing deadline, email Pension Regulation. We aren’t taking phone calls now but will check voice messages when we can.

New Pension Benefits Regulations coming into force effective April 1, 2020 

In September 2017, the Government of Nova Scotia launched a review of the funding for pension plans and other regulatory issues affecting pension plans. As a result of this review, a number of reforms have been developed. In the Spring 2019, legislative amendments were made to accommodate some of the proposed reforms and were published in the paper Improved Funding Framework for Nova Scotia Pension Plans: The Road Forward. Feedback from stakeholders in response to this paper helped shape the newly proclaimed Regulations.

On February 24, 2020, the legislative amendments to the Pension Benefits Act, which were made in Spring (remove comma) 2019, were proclaimed as coming into force April 1, 2020.

Effective February 24, 2020, the Pension Benefits Regulations (the “Regulations”) were amended by the Governor in Council to introduce the proposed reforms.   The Regulations balance the needs of private sector employers that offer defined benefit pension plans and the members who contribute to those plans and are available online here.

Some of the new Regulations effective April 1, 2020 include, but are not limited to, the following:

Improved Funding Framework for Nova Scotia Pension Plans: The Road Forward (PDF)

The Government of Nova Scotia released a discussion paper in fall 2017 called Pension Funding Framework Review and other issues affecting pension plans. Following the close of the consultation, a summary of feedback was released in spring 2018 called Pension Funding Framework Review: What We Heard. To promote a more stable and predictable regulatory environment for pension plans, Government is moving forward with some significant changes to the regulatory framework.

Nova Scotia’s Department of Finance and Treasury Board is seeking input from stakeholders as we determine the best road forward for regulatory provisions. A paper has been developed with an overview of the legislative and regulatory changes being made. Input is being sought on technical regulatory changes identified in the paper with the goal of determining the best road forward. To ensure that your views are considered, please submit your feedback by June 21, 2019.

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



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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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