On September 6, 2017, the N.S. Government distributed a discussion paper, “Pension Funding Framework Review And other issues affecting pension plans”. The paper includes questions respecting N.S.’s defined benefits pension plan funding framework and other regulatory issues affecting pension plans for which the N.S. government is seeking stakeholder input. This N.S. discussion paper follows Nova Scotia’s recent announcement of regulatory changes giving N.S. registered pension plans temporary solvency funding relief, and longer term pension funding reforms implemented in Quebec and soon to be implemented in Ontario.
The N.S. government is considering three options for a new funding framework, outlined in the discussion paper:
Other key questions of interest beyond the funding framework include target benefit plans, obtaining an annuity discharge and harmonizing the investment rules to recent federal changes.
Finance and Treasury Board
Pension Regulation Division
PO Box 2531
Halifax, NS B3J 3N5
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About the author:
Hugh Wright lead’s McInnes Cooper’s Pensions & Benefits practice and chairs the Board of Directors of the Association of Canadian Pension Management. He regularly advises and represents pension plan sponsors, administrators, employee groups and governments in all areas of pensions and benefits, including pension standards legislation, guidelines, common law requirements, pension governance requirements, and pension issues arising from corporate transactions. You can reach Hugh at firstname.lastname@example.org.