In British Columbia, the new Pension Benefits Standards Act, SBC 2012, c.30, (the New Act), as amended by Bill 10-2014, the Pension Benefits Standards Amendment Act, will come into force on September 30, 2015. The New Act is largely based on the recommendations of the Joint Expert Panel on Pension Standards (JEPPS).
The New Act has significant changes. For example,
• the administrator of a pension plan will be responsible to develop a governance policy regarding the structures and processes for overseeing, managing and administering the plan. This governance policy will help define the responsibilities of, among others, the plan sponsor, the plan administrator, and participating employers. See Section 50 of the new regulation for details.
• any record pertaining to a pension plan, or a copy thereof, MUST be retained in Canada. See Section 34.
• the duties and obligations of the various parties involved in a pension plan, including administrators, are spelled out in detail. Section 35 addresses the responsibilities of the administrator. Sections 45-48 describe employer responsibilities, and Section 51 addresses fundholders.
Please contact your Penad administrator for more information on these changes.
Click the links below for direct access to the documents in question:
Bulletin PENS 15-002 with Summary of Act Changes
Pension Benefits Standards Act
Pension Benefits Standards Amendment Act
Joint Expert Panel on Pension Standards
