Bennett Jones
Written by Jordan Fremont and Jaspreet Kaur
In response to the recent market declines and interruptions to businesses amid the COVID-19 pandemic, federal and provincial pension regulators have announced measures to provide relief to sponsors and administrators of registered pension plans and to protect member benefits, including relief from solvency funding requirements, extensions to required filings and disclosures, and measures to limit commuted value transfers.
Download this quick reference table which provides an overview of the measures announced to date.
Check back regularly as this table is updated as COVID-19 related measures are added or changed.
Recent Updates:
June 1, 2020: Changes made to Federal to provide further information on Defined Benefit Funding Relief.
May 25, 2020: Changes made to Ontario to provide further information on the extensions to filing and disclosure requirements and commuted value transfers/restrictions on transfers.
May 21, 2020: Changes made to Quebec to provide further information on the extensions to filing and disclosure requirements and commuted value transfers/restrictions on transfers. Changes made to New Brunswick with respect to suspension of contributions in a defined contribution pension plan.
May 8, 2020: Changes made to Federal with respect to automatic consent to portability transfers under certain conditions.
May 7, 2020: Changes made to Saskatchewan with respect to suspension of contributions in a defined contribution pension plan.
May 6, 2020: Changes made to Nova Scotia with respect to extensions to filing deadlines for certain documents.
May 5, 2020: Changes made to add COVID-19 related tax measures announced by the Canada Revenue Agency, with respect to Registered Pension Plans.
May 1, 2020: Changes made to Ontario with respect to Pension Benefits Guarantee Fund assessments.
If your business or organization has questions respecting the respect COVID-19 implications to your pension plan, please contact a member of the Bennett Jones Employment Services group. In addition, please visit our COVID-19 Resource Centre for other COVID-19-related materials.