The federal government has released a discussion paper on improving the framework for federally regulated private pension plans.
Ottawa (9 January 2009) – The federal Minister of Finance has released a discussion paper titled Strengthening the Legislative and Regulatory Framework for Private Pension Plans Subject to the Pension Benefits Standards Act, 1985. The purpose of the paper is to explore ways of improving the framework for federally regulated private pension plans.
According to Finance jim Minister Flaherty, “The purpose of this paper is to get the views of Canadians on issues related to the legislative framework for federally regulated defined benefit and defined contribution pension plans with the objective of making permanent changes in 2009.”
Flaherty said the federal government will also consult with provinces and territories, which also regulate pension plans. To this end, a federal-provincial working group of senior officials has been established to discuss pension issues, which will provide opportunities for information sharing.
The Finance Department will accept on-line submissions from canadians at firstname.lastname@example.org until midnight, March 16, 2009.
The federal Government regulates private pension plans that are subject to the Pension Benefits Standards Act, 1985. These plans cover areas of employment under federal jurisdiction, including banking, telecommunications and inter-provincial transportation.
These plans currently represent 7 per cent of all private pension plans in Canada, accounting for approximately 12 per cent of pension assets.