April 25, 2012
The 2012 Ontario Budget includes strong action to balance the budget and to maintain gains made in education and health care. If passed, the plan would include $17.7 billion in savings and actions to contain cost increases and $4.4 billion in revenue-raising measures.
The Budget also presents a strong plan to move forward and transform public services – to change the way they are delivered to give Ontario families better value for money and better results.
November 7, 2011
Changes made to the regulation under the Pension Benefits Act in May 2011 provide some pension plans in the public sector and broader public sector with the opportunity to take advantage of temporary solvency funding relief.
In exchange for the relief, plan sponsors are expected to adopt plan changes that would make their plans more sustainable in the long term. The process could include negotiations with collective bargaining agents.
May 26, 2011
Ontario is taking another step toward modernizing pensions.
The government is providing more flexibility for the funding of jointly sponsored pension plans (JSPPs) – a kind of pension plan where risk is shared between employers and employees. Contributions required from members and employers who participate in these plans would be more stable and predictable. Plans would also be required to disclose more information to their members, who as joint sponsors have a say in how their pension plan is governed.
May 25, 2011
Changes under the Pension Benefits Act will provide some pension plans in the public sector and broader public sector with temporary solvency funding relief.
In exchange for changes that would make plans more sustainable in the long run, a new regulation provides certain pension plans with temporary solvency funding relief. This relief allows plan sponsors to make lower payments into their pension plans for a fixed number of years while negotiating and implementing plan changes – such as higher member contribution rates and/or lower benefits earned in the future.
May 20, 2011
Ontario is moving forward with Quebec to create rules that will make the pension regulatory environment more efficient and transparent.
The Agreement Respecting Multi-Jurisdictional Pension Plans would establish clear rules on how multi-jurisdictional pension plans (MJPPs) are administered in Ontario and Quebec.
April 12, 2011
The McGuinty government has amended Regulation 909 under the Ontario Pension Benefits Act (PBA), effective March 25, 2011, to update the investment rules applicable to Ontario-registered pension plans. This follows through on the commitment made in the Ontario 2010 Budget to adopt changes to the federal investment rules, if appropriate, for Ontario pension plans. Ontario adopts by reference sections of the federal Pension Benefits Standards Regulations (PBSR) and Schedule III.
February 10, 2011
Today the McGuinty government proposed specific sustainability targets for public sector and broader public sector pension plans. In order to qualify for temporary pension solvency relief the plans must move towards the targets. The purpose of these measures is to minimize the need for significant solvency deficit payments in the short term and place pension plans on a more sustainable track for the long term.
December 17, 2010
Legislative amendments to be introduced would, if passed, respect pensioner choice while safeguarding benefit security.
Read Minister Duncan’s letter to Nortel Retirees and former employees Protection Canada
Frequently Asked Questions for Nortel Pensioners
October 29, 2010
Ontario is asking for input on proposed reforms to Canada's Retirement Income System that would help strengthen retirement incomes in the future.
News Release: Ontario Seeks to Strengthen Canada’s Retirement Income System
