Ontario Government’s 2014 Budget Provisions Affecting Pensions

In its 2014 budget, the Ontario government has announced a number of key pensions-related matters, which include: the introduction of a provincial Ontario Registered Pension Plan (ORPP) that supplements the Canada Pension Plan (CPP); a legislative framework for Pooled Registered Pension Plans (PRPPs); consultation on target benefit plans; reforms for defined benefit (DB) pension plans with respect to funding rules; voluntary pooling of assets for public entities; and legislative amendments that would create regulatory authority to prescribe requirements for conversions to jointly sponsored pension plans (JSPPs). Specific pensions-related statements were also made with respect to Ontario public pensions and the Ontario electricity sector. These will each be discussed in greater detail below.