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Ottawa, May 3, 2010
The Honourable Jim Flaherty, Minister of Finance, today proposed changes to federally regulated private pension plans that will enhance protection for plan members, reduce funding volatility and modernize the rules for investments by pension funds.
The changes proposed today are in respect of regulation and complement the legislative changes in Bill C-9, which was introduced in the House of Commons on March 29, 2010. These changes are part of the comprehensive package of reforms announced on October 27, 2009.
“The volatility in financial markets in recent years has shown us that changes are needed to enhance protection for plan members and modernize the rules for pension fund investments,” said Minister Flaherty.
The amendments to the Pension Benefits Standards Regulations, 1985 include:
“These amendments will allow sponsors to better manage their funding obligations and give them greater flexibility in terms of investment allocation, in order to fulfill their funding obligations,” said Minister Flaherty.
The amendments are being released today for public comment. The official pre-publication in the Canada Gazette will be on May 8, 2010. At that time, interested persons may make representations on the proposed amendments within 21 days, prior to final consideration by the Government.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance