Manitoba Regulator Issues Policy On Pension Plan Conversions

In response to recent pension legislation reform, the Manitoba Office of the Superintendent – Pension Commission has issued a policy providing guidance to Manitoba plan administrators wishing to convert a defined benefit (DB) plan to a defined contribution (DC) plan.

Manitoba Policy Bulletin #8 "Conversion of a Defined Benefit Plan to a Defined Contribution Plan" (the Manitoba Policy Bulletin) sets out the process to be followed by a pension plan administrator when implementing a DB to DC pension plan conversion. In particular, the Manitoba Policy Bulletin provides a detailed list of the requirements that need to be met to effect a conversion, including:

• documents to be filed;