Legal Developments – Atlantic Canada

  • March 09, 2017
  • Dante Manna

New Brunswick

New restriction on communications in Pension Benefits Act

On July 8, 2016, the Bill 45, An Act Respecting the Enforcement of Financial and Consumer Services Legislation came into force. Part of the legislation dealt with amendments to the Pension Benefits Act. In particular, new section 78.11(1) prohibits “false, misleading or deceptive statements in any advertisement, circular, pamphlet or similar material prepared or used in respect of a regulated activity.”

“Regulated activity” would be defined as “any activity governed by this Act or the regulations”. The new legislation includes investigation and compliance processes and powers. The proposed provision is unique in Canadian pension legislation.

Read the full text of Bill 45.

Nova Scotia

Bill 55 - Municipal and Other Authorities Pension Plan Transfer Act

This bill, which received royal assent on Nov. 9, 2016, allows municipalities and other public sector employers, including those with defined benefit plans, the opportunity to join in the Nova Scotia Public Service Superannuation Plan provided the transfer is approved by membership and the plan trustee. It is similar to the University Pension Plan Transfer Act, which facilitated the transfer of university pension plans into the PSSP.

Read the full text of Bill 55.

Prince Edward Island

Updates to death benefit and reciprocal transfer provisions for teachers and civil servants’ Pensions

The Civil Service Superannuation Act and Teachers’ Superannuation Act were amended effective January 1, 2017. The amendments to the plans were similar. They updated the death benefit provisions to provide 60% of the pensioner’s benefit amount at the time of death to the surviving spouse plus 10 per cent to each dependent child, for up to four dependent children. Provisions respecting the transfer of funds and service under reciprocal transfer agreements were updated. Among other minor changes, the amendments also provided the Commission the express authority to collect overpayments from the fund.

Read the full text of Bill 44, An Act to Amend the Teachers’ Superannuation Act.

Read the full text of Bill 45, An Act to Amend the Civil Service Superannuation Act.

Dante Manna is an associate with Stewart McKelvey