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Ontario pension reforms – Where are they now?

The pace of pension reforms in Ontario has been fast-moving since the release of the Ontario Budget on March 28, 2018. Among other things, the Budget announced continued work on the new funding rules for defined benefit pension plans and related increases to coverage under the Pension Benefits Guarantee Fund, a consultation on a new funding framework for target benefit multi-employer pension plans, consultations regarding new protections for plan members affected by employer insolvencies, and continued work on the new pension and financial services regulator, the Financial Services Regulatory Authority.

 

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Applying pension lessons learned from paper mill closures

newpage mill

On May 17, 2012, the Province of Nova Scotia adopted Bill 86, the NewPage Port Hawkesbury Pension Plans Act in response to a request by members of Local 972 of the Communications, Energy, and Paperworkers Union of Canada. The Act extends the life of four underfunded defined pension plans for the employees of the former NewPage Port Hawkesbury pulp and paper mill.

 

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