On December 17, 2020, the province of Manitoba introduced a moratorium on special payments for defined benefit pension plans through 2021.
Effective December 31, 2020, the Regulation Respecting the Funding of Multi-jurisdictional Defined Benefit Pension Plans (the Regulation) was amended.
The evolution of the financial situation of pension plans since December 31, 2019
Every year, companies must establish an expense for their defined benefit pension plans.
Ontario Bill 213, which received royal assent on December 8, 2020, permits the FSRA of Ontario to provide for exceptions to rules pertaining to asset transfers and conversions of single employer pension plans into jointly sponsored plans.
On December 9, 2020, Alberta amended the Wills and Succession Act to permit beneficiaries to be designated electronically.
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The Morneau Shepell Pension Indices, released monthly, condense the journey that pension plans have experienced over the last year into a few key statistics.
On November 6, 2020, the federal Department of Finance released a consultation paper on solvency funding relief options for 2021 and a number of other proposed measures that would affect federally regulated pension plans.
In a recent case, the Ontario Court of Appeal provided guidance on how federally regulated pensions are to be valued in marital breakdown settlements in Ontario. Van Delst v. Hronowsky1 (Hronowsky) discusses the interpretation of the term “normal...