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ARTICLE · 19 FEBRUARY 2009

Funding Relief For Defined Benefit Pension Plans In Canada

Blake, Cassels & Graydon LLP
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In response to the recent decline in global financial markets, many of the pension jurisdictions in Canada have issued proposals or enacted legislation to address the decline of the funded status of defined benefit pension plans registered in their respective jurisdictions.

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, February 2009

In response to the recent decline in global financial markets, many of the pension jurisdictions in Canada have issued proposals or enacted legislation to address the decline of the funded status of defined benefit pension plans registered in their respective jurisdictions. A summary of the relief proposed or legislated in each Canadian pension jurisdiction is set out below.

Federal

Under the Pension Benefits Standards Act, 1985 (PBSA), pension plans are required to fund solvency deficiencies over a 5-year amortization period. In its November 2008 Economic Update (2008 Update), the federal government proposed to allow federally regulated pension plans to extend the amortization period from 5 to 10 years in respect of new solvency deficiencies as at December 31, 2008 provided that members and retirees agree to the extended

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