On May 11, 2015, the Lieutenant Governor of British Columbia approved the new Pension Benefits Standards Regulation (New Regs). The New Regs support the previously released Bill 38‑2012, the new Pension Benefits Standards Act (New Act), which was passed in the spring of 2012 and subsequently amended by Bill 10‑2014, the Pension Benefits Standards Amendment Act. The Lieutenant Governor also approved September 30, 2015 as the date the new legislation will come into force.
The New Act and New Regs reflect changes recommended by the Alberta/British Columbia Joint Expert Panel on Pension Standards (JEPPS) in their 2008 report and has been drafted with the intended goal of harmonization with pension legislation in Alberta. BC legislation allows defined benefit multi-employer negotiated cost plans to convert to a target benefit plan and, if required on conversion, reduce benefits retroactively (with consent from the trade union).
This article is designed to inform clients and consultants of the passage of the new legislation and to provide an overview of changes along with timelines for compliance.
Please click on the following link to download the PDF of the article: