Ontario Budget Bill 55: PBA Amendments

On March 27, 2012, the Ontario government introduced Bill 55, Strong Action for Ontario Act (Budget Measures), 2012, for first reading. Schedule 53 of Bill 55 sets out a number of amendments to the Ontario Pension Benefits Act (PBA) which relate to previous amendments that have not yet come into force, including amendments:

• clarifying entitlement of retired members receiving joint and survivor pensions where their spouses pre-decease them;
• adding a transition provision requiring survivor consent to any lump sum settlement of small survivor benefits where the first instalment of the deceased retired member's pension is due before the coming into force date; 
• specifying that the new letter of credit provisions do not apply to jointly sponsored pension plans, as well as multi-employer pension plans;