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ARTICLE · 29 AUGUST 2023

Bill C-228: What Secured Parties Need To Know

Osler, Hoskin & Harcourt LLP
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Bill C-228, known as the "Pension Protection Act" (the PPA) received Royal Assent in April 2023 and is now law.

CanadaEmployment and HR
Joyce Bernasek
Joyce Bernasek
Andrea Boctor
Andrea Boctor
Jasmyn Lee
Jasmyn Lee
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Introduction

Bill C-228, known as the "Pension Protection Act" (the PPA) received Royal Assent in April 2023 and is now law. The PPA significantly expands the super-priority protections that insolvency statutes provide for defined benefit (DB) pension plans. In this article, we consider the impact of the PPA on secured financing transactions and steps secured lenders can take to potentially minimize exposure.

Prior to the PPA, insolvency regimes provided super-priority status to two types of contributions payable to a DB plan: (i) contributions deducted from an employee's pay and (ii) unpaid "normal cost" contributions.

The PPA expands the super-priority to unpaid contributions required to fund any unfunded liability or solvency deficiency, and the amount required to liquidate any unfunded liability or solvency deficiency of any federally or provincially registered DB pension plan.

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