Focus on Trustees – Canada

Reprinted with permission from the IPEBLA Journal

Standards Required of Pension Plan and Pension Fund Trustees in Canada

Introduction

In their administration of a pension plan or pension fund, administrators and trustees in Canada are governed by applicable pension legislation, general standards of fiduciary duty and provisions of a pension plan and trust agreement. Statutory law requires pension plans to be registered under either federal or provincial jurisdiction, each jurisdiction having its own pension legislation. The particular requirements flow from the legislation applicable to the jurisdiction of registration. This article focuses on the standards required of pension plan and pension fund administrators and trustees ("plan and fund administrators and trustees") from the perspective of Ontario law. Consequently, our review of pension legislation will deal only with the Pension Benefits Act (Ontario).¹ The general principles of law and equity that apply to trustees also