(Toutes nos excuses : disponible uniquement en anglais)
Alberta
(a) New Employment Pension Plans Act
On July 22, 2014, the Alberta government enacted supporting regulations under the Employment Pension Plans Act (“New EPPA”). Although the New EPPA was passed in late 2012, it had yet to be proclaimed in force pending the promulgation of regulations. The New EPPA and regulations come into force on September 1, 2014. Employers and administrators have until December 31, 2014 to file compliance amendments to plans registered in Alberta or including members employed in provincially-regulated employment in Alberta.
In addition, the New EPPA requires an administrator to adopt a “governance policy” addressing prescribed items and to ensure that each plan with a benefit formula (either a defined benefit or target benefit provision) adopt a “funding policy”. The mandatory governance policy and, if applicable, funding policy must be in place by August 31, 2015.
Alberta Treasury Board and Finance has begun to prepare new policies to reflect the regulator’s interpretation of and expectations relating to the New EPPA. Of note to date is its update “Administrative Information & Checklists”, which summarizes mandatory and optional plan provisions under the New EPPA, and its update “Summary of Changes”, which compares the regulations under the previous Act to the regulations under the New EPPA.
(b) Alberta Pension Governance Research Project: Final Report
On October 31, 2013, the Alberta Pension Governance Research Project Final Report was released. This report for Alberta Treasury Board and Finance was prepared by Christopher Eaton, Norma Nielson, and Laurie Milton of the Haskayne School of Business, University of Calgary. The main purpose of the study was to provide a well-researched perspective on pension governance to help inform the Government of Alberta's decisions on potential reforms affecting public sector pension plans. The full report is available here online.
The Alberta government separately launched a consultation with stakeholders on proposed changes to Alberta’s public sector pension plans. The consultation period closed on 1 January 2014. Final proposals and reforms will be announced in Spring 2014.
(c) Pooled Registered Pension Plans
On May 27, 2013, Bill 18, the Pooled Registered Pension Plans Act, received Royal Assent. When proclaimed in force, the Act will facilitate the offering and administration of voluntary pooled registered pension plans (“PRPPs”) to employees and self-employed individuals in Alberta.
For more information on PRPPs in Alberta, visit the Alberta Treasury Board and Finance.
British Columbia
(a) New Pension Legislation
New pension legislation, known as Bill 38, was passed by the British Columbia Legislature in 2012. This legislation is not yet in effect. Further information on this legislation will be provided for pension plan members and plan administrators closer to the day that it comes into effect. Bill 38 can be viewed online.
Saskatchewan
On May 12, 2014, the Saskatchewan government announced stakeholder consultations regarding potential amendments to the Pension Benefits Act, 1992 to provide for mandatory unlocking under pension plans and locked-in retirement accounts. The consultation period was open until June 20, 2014. The government’s request for consultations remains available online for background. The Canadian Bar Association’s National Pension and Benefits Law Section’s submissions are available elsewhere on the Section’s website.