Bills:
Bill 30 Pension Benefits Act
December 1, 2010 First Reading
The proposed Pension Benefits Act obligates employers with pension plans to register those plans and to make financial disclosure on a regular basis. It also establishes the circumstances in which employees may access their retirement funds. “The Pension Benefits Act will bring this province into a harmonized Canadian pension regulatory system and give Islanders with pension assets similar minimum rules and standards that Canadians in other jurisdictions already have,” said Minister Currie. The bill was introduced for first reading. The bill will not be taken to second reading at this fall sitting. An extensive consultation with stakeholders will take place throughout the upcoming months. Once the formal consultation process is complete, the bill may be brought forth for second reading in the spring 2011 sitting. So far, more than 35 interested parties have identified themselves as stakeholders including employers, pension plan administrators, pension plan consultants, individual plan members and investment advisors. Any other interested stakeholders are invited to contact the Consumer, Corporate and Insurance Division of the Department of Justice and Public Safety at (902) 368 4580. (News release)
Government Resources:
Consultation Paper: Bill 30 Pension Benefits Act
Department of Justice and Public Safety
December 3, 2010