Pension Consultation Papers

Pension Consultation Papers

Consultation Responses:  Regulation of Individual Pension Plans and Designated Pension Plans for Connected Individuals

July 19, 2023 – The Financial and Consumer Affairs Authority (FCAA) conducted a consultation with regards to exempting certain types of individual pension plans (IPPs) and designated pension plans (DPPs) from registration and regulation under The Pension Benefits Act, 1992 (the Act).  The FCAA received 8 submissions from organizations.  These submissions can be accessed here.

The FCAA also received 1 submission from an individual.  While submissions from individuals are not available to view, a summary of the comment we received is:
•    They are supportive of exempting certain types of IPPs and DPPS from registration and regulation under the Act.
•    They agree that members, former members, spouses and anyone currently entitled to a benefit under the plan should have to consent in order for existing IPPs and DPPs for connected members to be exempt from the Act.
•    They would like both portability and spousal rights on death to continue to apply.

The FCAA is currently reviewing the submissions, and based on the feedback received, will consider making recommendations to the Government regarding amending The Pension Benefits Regulations, 1993 to exempt certain types of IPPs and DPPS from registration and regulation under the Act.

For more information, please contact:
Pensions Division
FCAA
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca
 

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Consultation: Regulation of Individual Pension Plans and Designated Pension Plans for Connected Individuals

May 29, 2023 - The Financial and Consumer Affairs Authority has released a consultation paper with regards to exempting certain types of individual pension plans and designated pension plans from registration and regulation under The Pension Benefits Act, 1992.

Please provide your comments by July 15, 2023 by email to pensions@gov.sk.ca.  

Alternatively, comments may be mailed to:
Pensions Division - IPP/DPP Consultation
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert St.
Regina SK  S4P 4K1

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Consultation Responses: Enforcement Tools and Other Potential Amendments under The Pension Benefits Act, 1992

March 24, 2023 – The Financial and Consumer Affairs Authority (FCAA) conducted a consultation regarding a review of enforcement tools and other potential amendments to The Pension Benefits Act, 1992 between September 22, 2002 and October 21, 2022. The FCAA received 10 written submissions. These submissions can be accessed here.

Bill No. 108 – The Pension Benefits Amendment Act, 2022 (the Amendment Act) was introduced on November 22, 2022. Among other changes, the Amendment Act updates and clarifies the powers of the Superintendent of Pensions and enhances the Superintendent’s ability to enforce compliance with the Act.

For more information, please contact:
Pensions Division
FCAA
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca
 

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Consultation: Enforcement Tools and Other Potential Amendments under The Pension Benefits Act, 1992

September 22, 2022 -  The Financial and Consumer Affairs Authority has released a consultation paper with regards to potential amendments to The Pension Benefits Act, 1992 to promote efficient and effective regulation and harmonization with other Canadian jurisdictions. 

Key topics in the consultation paper are:

• Imposition of terms and conditions on approvals, consents and permissions;
• Severance of parts of plan amendments for registration purposes;
• Cancellation of the registration of a plan amendment or parts of plan amendments;
• Reversal of transactions in certain circumstances;
• Additional enforcement tools; and
• Costs orders.

Written comments must be submitted by October 21, 2022 to pensions@gov.sk.ca.

 

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Consultation Responses: Pension Funding Framework

December 16, 2021 – The Financial and Consumer Affairs Authority (FCAA) conducted a consultation regarding a review of the pension funding framework for single employer defined benefit plans in the private sector and other complementary reform measures applicable to all defined benefit plans between March 23, 2021 and June 11, 2021. The FCAA received 25 submissions. These submissions can be accessed here. 

The FCAA is currently reviewing the submissions, and based on the feedback received, will consider making recommendations to the Government regarding amending The Pension Benefits Act, 1992 and The Pension Benefits Regulations, 1993 to change the solvency funding framework for single employer defined benefit plans in the private sector.

For more information, please contact:

Pensions Division
FCAA
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 

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Consultation Responses: Financial Hardship Unlocking

November 29, 2021 – The Financial and Consumer Affairs Authority (the FCAA) has concluded the consultation regarding establishing a new unlocking rule for all new and existing locked-in retirement account (LIRA) contracts which hold locked-in pension monies pursuant to The Pension Benefits Act, 1992. The FCAA received 15 submissions from organizations. These submissions can be accessed here. 

The FCAA also received submissions from 5 individuals. While the submissions from individuals will not be available to view, a summary of the comments we received from them is:

• They are supportive of financial hardship unlocking
• They would like to be able to unlock in order to pay off debt, or to make a down payment on a house
• They would like the changes to be made quickly

On November 18, 2021, the Government of Saskatchewan amended The Pension Benefits Regulations, 1993 to allow for financial hardship unlocking from a LIRA.

The amendments will come into effect on March 18, 2022.

Further information with regards to financial hardship unlocking can be found in the Unlocking Pension Money Bulletin 

For more information, please contact:

Pensions Division
FCAA
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 

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Consultation: A Review of the Pension Funding Framework for Single Employer Defined Benefit Plans in the Private Sector and Other Complementary Reform Measures Applicable to All Defined Benefit Plans

March 23, 2021 – The Financial and Consumer Affairs Authority has released a consultation paper regarding a review of the pension funding framework for single employer defined benefit plans in the private sector and other complementary reform measures applicable to all defined benefit plans. 

Comments must be submitted by June 11 2021.  

Comments can be submitted by email to pensions@gov.sk.ca.  

 

• Solvency Funding Consultation
   

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Consultation: Financial Hardship Unlocking from a Locked In Retirement Account

March 11, 2021 – The Financial and Consumer Affairs Authority has released a consultation paper with regards to establishing a new unlocking rule for all new and existing locked-in retirement account (LIRA) contracts which hold locked-in pension monies pursuant to The Pension Benefits Act, 1992. Under the new rule, LIRA holders would be able to apply to the financial institution which issued the LIRA, for withdrawal of an amount which is within a prescribed limit, if they are experiencing financial hardship. 

Comments must be submitted by April 16, 2021.  

Comments can be submitted by email to pensions@gov.sk.ca.  

Alternatively, comments may be mailed to:
Pensions Division – Financial Hardship unlocking
Financial and Consumer Affairs Authority4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1

 

• Financial Hardship Unlocking Consultation

  

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Closed Pensions Consultations
 

• Closed Pension Consultations