July 2018

July 2018

Pensions – The Pension Benefits Amendment Regulations, 2018

July 16, 2018 – On July 12, 2018 the government amended The Pension Benefits Regulations, 1993 (the Regulations) to:

• increase the filing fees on the filing of new plan registrations;
• implement filing fees for the filing of amendments and actuarial valuation reports;
• increase the filing fees on annual information returns; and
• amend Form 1.

Effective July 12, 2018

The Regulations have amended Form 1, which is the form used by a spouse to consent to the transfer to a Registered Retirement Income Fund Contract, to add references to a contract owner of a Pooled Registered Pension Plan.

Effective January 1, 2019 – Annual Information Returns, New Plan Registrations and Filing of Amendments and Actuarial Valuation Reports

The Regulations have been amended, such that the fee for filing an annual information return will be $10 per member and $5 per former member, subject to a minimum of $300 and a maximum of $30,000.  

The Regulations have been amended, such that the fee for filing an application for the registration of a pension plan will be $10 per member and $5 per former member, subject to a minimum of $300 and a maximum of $30,000.   

The Regulations have been amended to introduce a new flat filing fee for amendments and Actuarial Valuation Reports at the rate of $300 per filing.

The fee amendments are intended to ensure fees paid pursuant to the Regulations are sufficient to cover the costs incurred by the Financial and Consumer Affairs Authority to administer The Pension Benefits Act, 1992 (the Act). Historically, the fees have not been sufficient to fully offset the costs of administration of the Act and a portion of the costs were subsidized by other revenue sources. 

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca