When British Columbia's Pension Benefits Standards Act comes
into force on September 30, 2015, employers that sponsor plans in
British Columbia will have more plan design options available to
them. Following New Brunswick and Alberta, both of which currently
have comprehensive target benefit regimes in place, British
Columbia's pension laws will soon include provisions for target
benefits plans (TBPs).
British Columbia is introducing sweeping pension changes with
its new pension statute, many of which mirror changes to
Alberta's amended Employment Pension Plans Act and regulations that came into effect on September
1, 2014. The amendments, which are part of an effort by British
Columbia and Alberta to harmonize their respective pensions laws,
include the introduction of target benefit regimes.
