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ARTICLE · 02 NOVEMBER 2009

Federal Pension Reform Proposals

Blake, Cassels & Graydon LLP
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The proposed changes are aimed at federally regulated private pension plans governed by the Pension Benefits Standards Act, 1985 (the Act), with one exception noted.

CanadaEmployment and HR
Pension & Employee Benefits Group
Pension & Employee Benefits Group
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Pension & Employee Benefits, October 2009

The proposed changes are aimed at federally regulated private pension plans governed by the Pension Benefits Standards Act, 1985 (the Act), with one exception noted.

1. Increased Minimum Standards

Plan sponsors will be required to fully fund pension benefits on plan termination. Any solvency deficit that exists at the time of termination will be required to be amortized in equal payments over no more than five years.

Contribution holidays will only be permitted if the pension plan is more than fully funded by a 5% solvency margin. Annual valuations will be required for pension plans in surplus.

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