Federal government announces solvency payment moratorium
On April 15, 2020, the government of Canada announced that it will provide immediate, temporary relief to sponsors of federally regulated defined benefit pension plans. This relief will be in the form of a moratorium through the remainder of 2020 on solvency payment requirements for defined benefit plans.
The government is also planning on consulting with stakeholders over the coming months on options to provide relief from 2021 funding obligations, as necessary.
As of publication date, the government has not published regulations implementing the announcement.