The Nova Scotia Minister of Labour and Advanced Education introduced a new Pension Benefits Act (the “Act”) to modernize the Act, and to harmonize with the legislation of other jurisdictions. If passed, the new Act will enable Government to identify specific categories of plans, and through regulations, provide for specific funding requirements for those categories.
The new Act seeks to:
- increase transparency and access to information
- harmonize/update benefit standards
- enable flexibility to allow for new plan design
- improve plan administration and compliance costs
- clarify funding rules
- enhance regulatory oversight
The Pension Benefits Act governs employer-sponsored pension plans for employees in Nova Scotia. Plan members would have access to more information about the solvency of their pension plan, what benefits are available and proposed plan changes. In addition, employers would be given more plan design options to include: jointly sponsored pension plans and target benefit plans.
The actual funding regulations will be key to the implementation of the Act. The Minister welcomes stakeholder comment prior to the release of the draft funding regulations, December 7, 2011. After the posting, stakeholders will have additional opportunity to provide written comments on the draft regulations.
Unless comments are marked confidential, names of individuals and groups who make comments may be publicly listed.
Written Submissions can be made to:
C/O Labour and Advanced Education
Policy Division – PO Box 697
Halifax NS, B3J 2T8
fax: (902)428-2203
email: LAEPOLICY@gov.ns.ca