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ARTICLE · 13 JULY 2023

Bill C-228: Expanded Pension Protection Receives Royal Assent

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On April 27, 2023, the federal government passed legislation to improve protections for members of defined benefit pension plans.

CanadaEmployment and HR
James Fu
James Fu
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On April 27, 2023, the federal government passed legislation to improve protections for members of defined benefit pension plans. This legislation, thePension Protection Act(PPA),amends theBankruptcy and Insolvency Act(BIA) and theCompanies' Creditors ArrangementAct (CCAA) to give "super priority" to registered pension plan funding deficits during employer insolvency proceedings.

The changes will come into effect on April 27, 2027, providing companies and corporate lenders a four-year transition period for assessment, preparation and action. The expanded prorities will have an impact on companies with defined benefit pension plans and parties involved with such plans, including lenders and acquirers. For context, we compare below the former pension protections of the BIA and CCAA with the newly expanded protections under the PPA and offer guidance to employers and lenders for addressing some likely implications.

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