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ARTICLE · 03 APRIL 2012

Additional Solvency Relief Provided Under The New Brunswick Pension Benefits Act

McInnes Cooper
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New regulations under the New Brunswick Pension Benefits Act came into force in December 2011.

CanadaEmployment and HR
Hugh Wright
Hugh Wright

New regulations under the New Brunswick Pension Benefits Act came into force in December 2011. The new regulations provide additional solvency relief for defined benefit pension plans with actuarial valuations having a review date between April 1, 2010 and January 1, 2012 inclusive. A plan administrator may request that existing solvency deficiencies be consolidated and the amortization period to pay them off be extended to 10 years.

Only one request is allowed per plan, and it must be accompanied by an actuary's certification that plan assets are sufficient to provide for all expected payments under the plan for the proposed extended period. The employer must provide written notice of the request to all plan beneficiaries, with the notice containing:

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