Pension Benefits Act

News & Analysis as of

OSFI Issues Guidance on When a Limited Partnership Meets Definition of “Pooled Fund” or “Mutual Fund”

The Office of the Superintendent of Financial Institutions has posted guidance (the Guideline) on the question of whether a fund established as a limited partnership by a corporation meets the definition of “pooled fund” or...more

Ontario Pension Reform Update: Proposed Amendments to Regulations

As part of its ongoing pension reform initiative, on April 25, 2014, the Ontario government announced amendments to the general regulation under the Pension Benefits Act (PBA) in relation to the following: - ...more

Amendment to the 10% Rule for Ontario-Registered Plans Now in Force

We had reported a few weeks ago that the Ontario Government had posted for public consultation a proposed exemption to the 10% rule. The 10% rule limits the percentage of plan assets that can be invested in, or loaned to, any...more

Ontario Introduces PBA Amendments in Response to Carrigan Case

Last year, the Ontario Court of Appeal surprised many in the pension industry with its decision in Carrigan v. Carrigan Estate, which essentially established a new priority scheme for the payment of pre-retirement death...more

Ontario Releases Draft Asset Transfer Regulations

On July 2, 2013, Ontario’s Ministry of Finance released for public comment draft regulations that would give life to the new pension asset transfer provisions in Ontario’s Pension Benefits Act (PBA) that were inserted in the...more

Carrigan Case: Supreme Court of Canada Dismisses Leave to Appeal

This morning, the Supreme Court of Canada dismissed the application for leave to appeal in Carrigan v. Carrigan Estate. As a result, the Ontario Court of Appeal’s new interpretation of the priority scheme for the payment of...more

Indalex: What Are the Pension Implications?

On February 1, 2013, the Supreme Court of Canada released its much anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, a case which pitted the claims of pensioners against those of secured creditors in...more

New Concerns for Bondholders, Lenders and Other Creditors Following SCC’s Indalex Decision

On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex was the priority of wind-up deficiencies in defined benefit pension plans...more

Indalex: What Are the Pension Implications?

“When a business becomes insolvent, many interests are at risk. Creditors may not be able to recover their debts, investors may lose their investments and employees may lose their jobs. If the business is the sponsor of an...more

Indalex – Priorities and Pension Deficiencies

On Friday, February 1, 2013, the Supreme Court of Canada released its highly anticipated decision in Indalex Limited (Re). The ruling stemmed from an appeal of an Ontario Court of Appeal decision that had created commercial...more

Supreme Court of Canada Upholds Priority for DIP Lenders in CCAA Proceedings

Overview - On February 1, 2013, the Supreme Court of Canada (the “SCC”) affirmed the priority granted to Debtor-In-Possession (“DIP”) lenders who provide capital to debtor companies undergoing the restructuring process...more

Ontario Pension Plans Will be Permitted to Use Letters of Credit

Effective January 1, 2013, certain Ontario employers will be able to use letters of credit to fund their pension plans’ solvency deficiencies....more

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