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ARTICLE · 21 MARCH 2018

New Penalties Under Pension Benefits Act (Ontario)

Miller Thomson
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There are a number of procedural safeguards that must be respected before the Superintendent can impose a general or summary administrative monetary penalty.

CanadaEmployment and HR
Kim Ozubko
Kim Ozubko
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Sponsors and administrators of Ontario registered pension plans, and financial institutions that offer locked-in plans, beware: effective January 1, 2018, the Pension Benefits Act (Ontario) ("PBA") was amended to give the Ontario pension regulator the authority to impose administrative monetary penalties in certain circumstances.

The addition of the new penalty provisions under the PBA reflects a greater emphasis in Ontario on regulatory compliance and are a reminder of the importance of complying with the legislation.

Under the new provisions, the Ontario pension regulator, the Superintendent of Financial Services (the "Superintendent"), may impose a general or summary administrative monetary penalty on a person (e.g., a plan sponsor or plan administrator) if the Superintendent is satisfied that the person is contravening or not complying with or has contravened or failed to comply with a prescribed provision of the PBA or PBA Regulations.

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