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Canadian Pension Reform—Federal
Bills:
- Bill C-25
An Act relating to Pooled Registered Pension Plans and making related amendments to other acts.
Introduced and First Reading, November 17, 2011
Second Reading February 1, 2012
- Bill C-47
A second Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures.
Received Royal Assent, December 15, 2010
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Bill C-9 Jobs and Economic Growth Act An Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures. Received Royal Assent, July 12, 2010
Government Resources:
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The Government of Canada Delivers Economic Action Plan 2012 - A Plan for Jobs, Growth and Long Term Prosperity (Press Release) (New)
Department of Finance, March 29 2012
Backgrounder-Sustainable Social Programs and a Secure Retirement
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The Canadian Department of Finance has announced the release of a package of draft legislative proposals for changes to the Income Tax Act and the Income Tax Regulations to accommodate Pooled Registered Pension Plans (PRPPs).
These rules will set the stage for all provinces to introduce legislation to implement PRPPs.
The PRPP tax rules have been designed to be simple and straightforward and to promote low-cost plans. They will encourage take-up by employers and ultimately, greater pension coverage among Canadians.
The proposed tax rules for PRPPs will apply to both federally and provincially regulated PRPPs and will operate alongside the Pooled Registered Pension Plans Act.
A backgrounder outlines the key measures proposed in the package, while explanatory notes provide further details. Interested parties may submit comments on the package until February 14, 2012.
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Harper Government Introduces the Pooled Registere Pension Plan Act, Department of Finance, November 17, 2011
Backgrounder: The Retirement Income Landscape in Canada
Backgrounder: How Pooled Registered pension Plans Will Address Gaps in Canada's Retirement Income System
- Pooled Registered Pension Plans: Building a Stronger Retirement Income System for Canadians (Press Release) Department of Finance, October 12, 2011
Related Document: Helping Canadians Save for their Retirement with Pooled Registered Pension Plans
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Department of Finance Canada Invites Comments on Tax Rules for Employee Profit Sharing Plans August 31, 2011 The Department of Finance Canada is seeking comments on the tax rules for employee profit sharing plans (EPSP). The Government is reviewing the existing rules for EPSP to determine whether technical improvements are needed to ensure that EPSPs continue to be a useful vehicle for employers and that they are used for their intended purpose. The consultation document identifies several issues associated with current EPSP rules, followed by suggestions as to how the Government might address each issue. - The Canada Department of Finance has announced the release for consultation of draft legislative proposals to implement tax measures from Budget 2011, the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth. August 16, 2011
The proposed legislation would also affect retirement plans as follows:
- Introduce anti-avoidance rules for Registered Retirement Savings Plans.
- Introduce rules to limit tax deferral opportunities for individual pension plans by imposing minimum annual withdrawal requirements similar to those for Registered Retirement Income Funds and by reducing the tax advantages related to making contributions to an individual pension plan in respect of past service.
- Harper Government Helping Candians Save for Retirement
(Press Release) July 18, 2011
- Budget Plan 2011, Chapter 4.2: Suppoting Families and Communities June 6, 2011
- The Office of the Superintendent of Financial Institutions (OSFI) has issued a Draft Stress Testing Guideline for Plans with Defined Benefit Provisions, March 17, 2011
- Canadian Finance Ministers Announce Framework for Pooled Registered Pension Plans, December 20, 2010
Statement of Finance Minister Jim Flaherty, December 20, 2010
- Government of Canada Moves to Strengthen the Federally Regulated Private Pension System, Department of Finance, December 14, 2010
The proposed amendments to the Pension Benefits Standards Regulations, 1985 would:
- Permit plan sponsors to secure properly structured letters of credit in lieu of making solvency payments to the pension fund, up to a limit of 15 per cent of plan assets.
- Require plan sponsors to fully fund pension benefits on plan termination.
- Void any amendments to a pension plan that would reduce the solvency ratio of the pension plan if the plan’s solvency ratio would be below 0.85.
- Permit sponsors, plan members and retirees of a distressed pension plan to negotiate their own funding arrangements to facilitate a plan restructuring.
Backgrounder- Regulatory Impact Analysis Statement
- Government of Canada Releases Income Tax Technical Amendment for Public Comment, Department of Finance, November 5. 2010
The draft legislative proposals include changes to provisions in the Income Tax Act and Income Tax Regulations relaitng to pensions.
Draft Legislation and Explanatory Notes
- OSFI releases Estimated Solvency Ratio (ESR) of Federally Regulated Private Pension Plans, Office of the Superintendent of Financial Institutions, October 21, 2010
- The Standing Senate Committee on Banking, Trade and Commerce Calls for Changes to Canada's Retirement Savings System. (News Release) October 19, 2010.
Canadians Saving for Their Future: A Secure Retirement (Full Report)
Final Report of the Standing Senate Committee on Banking, Trade and Commerce, October 2010
"Senator Michael A. Meighen, Chair of the Standing Senate Committee on Banking, Trade and Commerce, tabled the committee's final report on its study of retirement savings vehicles, specifically Tax-Free Savings Accounts and registered retirements savings plans (RRSPs). One of the report's key recommendations is the creation of a Canada-wide voluntary plan."
- Minister of Finance Introduces the Sustaining Canada’s Economic Recovery Act
September 30, 2010
- Changes to Funding Rules - Frequently Asked Questions, July 7, 2010
Office of Superintendent of Financial Institutions (OSFI) has issued some questions and answers on the impact of the recently adopted regulations which included changes to the funding rules for pension plans for plan year ends on or after December 31, 2009.
- Minister of Finance Releases Final Regulations to Enhance Protection for Private Pension Plan Members (Press Release) June, 25, 2010
Regulations Amending Certain Regulations Made Under the Pensions Benefits Standard Act, 1985
Regulatory Impact Analysis Statement
- Directive of the Superintendent regarding an extended filing deadline for actuarial reports. June 25, 2010 Office of the Superintendent of Financial Institutions. Amendments to the "Regulations" modifying the funding rules for plan year ends on or after December 31, 2009 have recently been announced. As a result of these changes, OSFI has extended the filing deadline for actuarial reports.
- Amendment to the Directives of the Superintendent Pursuant to the Pension Benefits Standards Act, 1985 (PBSA) June 25, 2010
Amendments to the Regulations modifying the funding rules for DB pension plans have recently been announced. The "Directives of the Superintendent" are being amended so that actuarial reports’ filing requirements are consistent with the new funding rules.
- Draft Amendment to the Directives of the Superintendent Pursuant to the Pension Benefits Standards Act, 1985 (PBSA)
Office of the Superintendent of Financial Institutions, May 18, 2010
- Minister of Finance Moves to Enhance Protection for Private Pension Plan Members
Department of Finance, May 3, 2010
These proposed changes to federally regulated private pension plans that will enhance protection for plan members, reduce funding volatility and modernize the rules for investments by pension funds.
- Ensuring the Ongoing Strength of Canada’s Retirement Income System (Consultations documents)Department of Finance, March 24, 2010
- Retirement Savings by Canadian Households: Report for the Research Working Group on Retirement Income Adequacy December 1, 2009
- Solvency Funding Relief (2009)
Office of the Superintendent of Financial Institutions
- InfoPensions Newsletter
Office of the Superintendent of Financial Institutions, Issue 3, May 2010
Analysis:
- Federal Budget Contains Important Measures Impacting Pensions, Employee Benefit Plans and the Labour Force (New)
AonHewitt, March 30, 2012
- Federal Budget 2012 - Highlights for Employers (New)
Hicks Morley, March 30, 2012
- 2012 Federal Budget: Changes to the Retirement and Benefit Plan Landscape (New)
Eckler, March 29, 2012
- Pooled Registered Pension Plans - A New Retirement Savings Vehicle for Employed Canadians
Towers Watson, November 25, 2011
- Federal Government Introduces Pooled Registered Pension Plans
McCarthy Tetrault, November 21, 2011
- Federal Government Introduces Pooled Registered Pension Plans Legislation
Osler, Hoskin & Harcourt, November 18, 2011
- Implementation of Pension Reform Measures for Federally Regulated Pension Plans
Towers Watson, April 14, 2011
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- Changes to Canada Pension Plan Retirement Benefits
Towers Watson, September 2010
- Federal Pension Reform Initiatives Now Law
Blake, Cassels & Graydon LLP, July 2010
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News Stories:
- Are PRPPs Enough? (New)
Benefits Canada, April 20, 2012
- Retirement Plans Could Alter for Many with Changes to OAS and GIS (New)
Investment Executive, March 29, 2012
- Budget Delays OAS Eligibility to 67 (New)
Benefits Canada, March 29, 2012
- Ontario Casts Doubt on PRPPs (New)
Benefits Canada, March 28, 2012
- Province (Quebec) to Introduce Voluntary Pension Plan (New)
Montreal Gazette, March 21, 2012
- Budget Likely to Set Direction, Rather Than Launch Discussion, On Pensions
Globe and Mail, February 16, 2012
- Pension Reform Slated for 2020: Flaherty
Vancouver Sun, February 11, 2012
- Tories Make Their Case for Pension Reform, but Details Remain Murky
Globe and Mail, February 3, 2012
- Harper Hints at Changes to Retirement Income System
Investment Executive, January 27, 2012
- Provinces, Ottawa Partner Toward Introduction of PRPP
Investment Executive, December 14, 2011
- Tax Rules Prevent Many Canadians from Saving Enough for Retirement
Investment Executive, October 27, 2011
- Pension Coverage in Canada: What Does the Future Hold?
Osler, Hoskin & Harcourt, September 9, 2011
- NB Pension Task Force Seeks Input
Benefits Canada, August 10, 2011
- Pooled Pensions: Keep It Simple
Calgary Herald, July 30 2011
- HOOPP Proves DB Can Work
Benefits Canada, July 26, 2011
- CPP Expansion Efforts Flagging, Ontario's Duncan Says
Globe and Mail, July 20, 2011
- Horner Pension Study FInds DB Reform Proposals Beat DC Ones
Financial Post, July 5, 2011
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- Ontario, Quebec Working to Streamline Multi-Jurisdiction Pension Plans
Investment Executive, May 20, 2011
- Layton Pushes for Pension Reform
Benefits Canada, May 12, 2011
- Federal Pension Reform Comes Into Force
Osler, Hoskin & Harcourt, LLP, April 15, 2011
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- Harper Government Welcomes Task Force Report on Financial Literacy
Department of Finance, February 9, 2011
- Canadians Looking for Retirement Income Guarantees, but Unwilling to Make Concessions
Investment Executive, February 9, 2011
- Is the RRSP Down for the Count?
The Gazette, February 2, 2011
- Pension Reforms Won't Fill Retirement Funding Gap
Toronto Sun, January 13, 2011
- Provinces Agree on Pooled Pensions, but CPP Changes Will Have to Wait,
Investment Executive, December 20, 2010
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