The Financial Services Commission of Ontario (FSCO) filed Regulation 466/11 implementing changes to the Pension Benefits Guarantee Fund (PBGF). Of significance are pension plan entitlement to PBGF claims as follows:
- annual assessments for each pension plan covered under the PBGF with PBGF assessment dates of January 1, 2012 or later will be increased;
- pension plans with wind up date on or after December 8, 2010, improvements made less than five years before plan wind up are excluded from a beneficiary's entitlement;
- exclusion period for PBGF coverage is extended from three to five years;
- technical change modifies PBGF claim calculation for plans with wind up date on or after December 8, 2010.
Effective January 1, 2012, the changes apply to pension plans that provide defined benefits and are not exempt from PBGF coverage. This includes pension plans registered in other Canadian jurisdictions with Ontario plan beneficiaries.