Plan amendments to incorporate legislative changes
Information
In InfoPensions 13, OSFI communicated that, because amendments to the Pension Benefits Standards Regulations, 1985 (PBSR) had been passed, plan administrators were expected to take steps to make the necessary revisions to their plan texts as soon as possible, taking into account the delayed coming into force dates of certain amendments. As indicated in the Key PBSA/PBSR Amendments and In Force Dates table, the last amendments to the PBSR came into force on July 1, 2016.
With all of the amendments to the Pension Benefits Standards Act, 1985 and PBSR now in force, all pension plan documents should reflect all of these amendments.
Plan administrators that have not already done so are asked to send electronic copies of their re-stated plan texts to pensions@osfi-bsif.gc.ca.