Bill 177 Impacts to the Pension Benefit Act

Bill 177 – more coming soon

Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 was introduced in the 2017 Ontario Economic Outlook and Fiscal Review on November 14, 2017.  Draft regulations accompanying Bill 177 are still in consultation; we will provide more information once it is available.  Bill 177 amends the Pension Benefits Act (PBA) to include the following:

  • a requirement for all Ontario registered pension plans to implement governance and funding policies, to be filed with the Superintendent
  • coverage enhancements to the Pension Benefits Guarantee Fund (PBGF)
  • discharges for annuity purchases
  • changes to defined benefit solvency funding regulations
  • changes to rules relating to variable benefits and target benefits
  • clarifies employer obligation on plan wind up
  • a new registry for missing beneficiaries

For more information about Bill 177, please contact your CBA Canada Consultant or refer to the attached bulletin under Schedule 33 – Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017.