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ARTICLE · 26 JANUARY 2016

Québec Approves Changes To Supplemental Pension Plans Act

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On November 26, the Québec legislature adopted Bill 57, An Act to amend the Supplemental Pension Plans Act, mainly with respect to the funding of defined benefit pension plans (Bill 57).

CanadaEmployment and HR
Mitch Frazer
Mitch Frazer
Susan Nickerson
Susan Nickerson
Thomas Stevenson
Thomas Stevenson
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Changes will affect funding, surplus and merger rules for Québec members of registered defined benefit pension plans

On November 26, the Québec legislature adopted Bill 57, An Act to amend the Supplemental Pension Plans Act, mainly with respect to the funding of defined benefit pension plans (Bill 57). The changes come into effect on January 1, 2016 and will impact how benefits are calculated for Québec members of pension plans registered in provinces outside of Québec.

What You Need To Know

  • Defined benefit pension plans registered in Québec will no longer be required to be funded on a solvency basis, and instead will use a modified going concern calculation. Solvency valuations will continue to be required, but only to determine the frequency of actuarial valuations and to determine whether the plan has a surplus or a deficit.

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