Quebec Solvency Relief Regulation

Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Pension & Employee Benefits, December 2009

On January 15, 2009, the National Assembly enacted the Act to amend the Supplemental Pension Plans Act and other legislative provisions in order to reduce the effects of the financial crisis on plans covered by the Act (2009, c. 1) (the Act). The Act allowed the application of the revised actuarial standards that were to come into force on April 1, 2009 retroactively to December 31, 2008. The Act also referred to other specific relief measures relating to solvency valuations, namely:

• The ability to use asset smoothing in the context of a solvency valuation;