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ARTICLE · 12 MAY 2023

Market Intelligence Thought Leadership Award Winner

New Protections For Pensions In Insolvency Proceedings

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On April 27, 2023, Bill C-228, the Pension Protection Act (PPA), received royal assent and was proclaimed into force in Canada. Because the PPA fundamentally changes how pension obligations...

CanadaInsolvency/Bankruptcy/Re-Structuring
Kelly Bourassa
Kelly Bourassa
Jeffrey Sommers
Jeffrey Sommers
Christopher Keliher
Christopher Keliher
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On April 27, 2023, Bill C-228, the Pension Protection Act (PPA), received royal assent and was proclaimed into force in Canada. Because the PPA fundamentally changes how pension obligations are addressed in insolvency proceedings, it is important for lenders to understand the nature and impact of the legislation.

Below are five key considerations about the impact and application of the PPA.

  1. Background. There are approximately 9,000 defined benefit pension plans (DB Plans) in Canada with approximately 4.5 million members. Between 2009 and 2022, only 10 insolvency proceedings resulted in a reduction to pension benefits. These proceedings affected approximately 50,000 people or 1% of all current members of DB Plans.

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