2012 Ontario Budget - More On Pension Plans And PRPPs

On March 27, 2012, the Honourable Dwight Duncan, Minister of Finance, introduced the 2012 Ontario Budget, Strong Action for Ontario (2012 Budget). In the 2012 Budget, the government has proposed a number of reforms that will impact public and private sector pension plans. Many of the proposed pension reforms are a response to the growing costs of plan sponsorship and the current instability of defined benefit plans. However, as many of the proposed changes will not come into effect until after a consultation process, it may also be some time before these changes come into force, if ever. Set out below are the highlights.

1. Canada Pension Plan (CPP) and Pooled Registered Pension Plans (PRPPs)