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ARTICLE · 10 MAY 2012

British Columbia Bill 38 Includes Some Novel Pension Reforms

Osler, Hoskin & Harcourt LLP
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On April 30, 2012, British Columbia introduced Bill 38, "Pension Benefits Standards Act", for first reading. If passed, the current British Columbia "Pension Benefits Standards Act" (PBSA) would be repealed and replaced in its entirety by Bill 38.

CanadaEmployment and HR
Jonathan Marin
Jonathan Marin
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On April 30, 2012, British Columbia introduced Bill 38, Pension Benefits Standards Act, for first reading. If passed, the current British Columbia Pension Benefits Standards Act (PBSA) would be repealed and replaced in its entirety by Bill 38.

Bill 38 marks the first significant amendments to British Columbia's pension regime since the Joint Expert Panel on Pension Standards released their report on November 14, 2008. This panel was established by the Finance Ministers of Alberta and British Columbia to study the pension legislation of the two provinces and to make recommendations on pension reform.

Bill 38 introduces significant changes to British Columbia's pension regime. According to a B.C. government press release, the amendments are designed to encourage "wider private-sector pension coverage". In addition, the explanatory notes to the proposed reforms indicates that the reforms are intended "to harmonize British Columbia's pension legislation more closely

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