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ARTICLE · 04 APRIL 2011

2011 Ontario Budget Shows Continued Government Commitment To Pension Reform

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The Ontario government confirmed its commitment to ongoing pension reform in the 2011 Ontario budget announced on March 29, 2011.

CanadaEmployment and HR
Mitch Frazer
Mitch Frazer
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The Ontario government confirmed its commitment to ongoing pension reform in the 2011 Ontario budget announced on March 29, 2011.1 Several new proposals contained in the budget build on the pension reforms passed in 2010.

The key proposals include

  • requiring pension plans to file Statements of Investment Policies and Procedures (SIP&Ps) with the regulator and disclose whether or not their SIP&Ps consider environmental, social or governance factors;
  • permitting terminating plan members to initiate a direct transfer of their lumpsum pension entitlement toward the purchase of a life annuity, if allowed under the terms of their plan;
  • exploring options to handle the benefits of unlocated members of plans that are wound up, so that full and partial windups may be completed; and

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