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ARTICLE · 05 JUNE 2020

COVID-19: Cross Country Update (May 29, 2020)

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Today, Finance Minister Bill Morneau announced the coming into force, on May 27, of the government's Solvency Special Payment Relief Regulations, 2020, which establish a temporary moratorium ...

CanadaCoronavirus (COVID-19)
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FEDERAL

The Government of Canada announced the following measures:

Government Relief for Pension Plan Sponsors

Today, Finance Minister Bill Morneau announced the coming into force, on May 27, of the government's Solvency Special Payment Relief Regulations, 2020, which establish a temporary moratorium on solvency special payments.

This relief is meant to help ensure that employers have the financial resources they need to maintain their operations and their pension plans, and to protect the retirement security of their workers and retirees.

Under the regulations, from today until December 30, 2020, federally regulated defined benefit pension plan sponsors are not required to make solvency special payments. The regulations also provide accommodations for solvency special payments made since April 1, 2020.

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