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ARTICLE · 08 MAY 2012

Ontario Releases Long-Awaited Draft Pension Regulations

Osler, Hoskin & Harcourt LLP
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Almost two years after passing its initial amendments to the Ontario Pension Benefits Act (the PBA) in Bill 236 and Bill 120, the Ontario government has released the first round of regulations required to implement its pension reform agenda.

CanadaEmployment and HR
Paul Litner
Paul Litner
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Almost two years after passing its initial amendments to the Ontario Pension Benefits Act (the PBA) in Bill 236 and Bill 120, the Ontario government has released the first round of regulations required to implement its pension reform agenda. The regulations, which are in draft form and subject to public consultation, address a number of issues including:

  • proclamation of the "retired member" provisions in the PBA;
  • implementation of immediate vesting for plan members (the 2012 Budget indicates that this change will come into effect on July 1, 2012);
  • increases to the threshold for the pay out of "small pensions"; and
  • clarification of the surplus withdrawal rules.

The draft regulations also include certain "housekeeping" amendments to reflect changes to the Income Tax Act regarding Individual Pension Plans, revoke provisions for "qualifying plans" and clarify the PBA provisions with respect to crediting interest.

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