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ARTICLE · 25 MAY 2017

Goodbye Ontario Solvency Funding (In Part)!

Osler, Hoskin & Harcourt LLP
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Ontario announced major changes to defined benefit pension plans registered in the province, moving away from traditional solvency funding requirements and providing an employer discharge for buy-out annuities

CanadaEmployment and HR
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Jonathan Marin
Jonathan Marin
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In this Update

  • Ontario announced major changes to defined benefit pension plans registered in the province, moving away from traditional solvency funding requirements and providing an employer discharge for buy-out annuities
  • impact of these funding related changes
  • how these proposed changes will facilitate de-risking through the use of buy-out annuities
  • implications of these changes for plan sponsors going forward

On May 19, 2017, Ontario announced various changes that are intended to promote the health and sustainability of defined benefit pension plans registered in Ontario. The proposed changes relate to funding and buy-out annuities and are the product of a lengthy consultation process on how Ontario should modernize the funding framework for defined benefit pension plans.

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