June 2012

June 2012

Pensions – Ontario Grow-In Rules

June 18, 2012 - On behalf of the Financial Services Commission of Ontario (FSCO), the Saskatchewan Financial Services Commission (SFSC) posts the following information and link.

FSCO wishes to inform plan administrators of multi-employer pension plans (MEPPs) registered in Saskatchewan which have Ontario members that they may elect to opt out of providing grow-in benefits to Ontario members. If a decision is made to opt out of the grow-in provisions of the Pension Benefits Act of Ontario (PBA) effective July 1, 2012, the date the PBA amendments come into force, plan administrators may file notices of their elections with the plan’s province of registration before July 1, 2012, with a copy to FSCO. However, the effective date of the election cannot be earlier than July 1, 2012.  The effective date of the election cannot be earlier than the date on which the election is filed with the Superintendent.  Under the proposed regulations, a MEPP has until July 1, 2013 to opt out of the grow-in benefit provisions. 

The notices that are filed must include the information listed under the heading “Notice of Election” of the below link.  The notice of election must be signed by the administrator of the MEPP or an individual authorized to sign the election on behalf of the administrator of the MEPP. 

For further information please contact FSCO (contact information below) or visit the following webpage: http://www.fsco.gov.on.ca/en/pensions/legislative/Pages/Optingoutofgrowin.aspx

FSCO Contact Information
Financial Services Commission of Ontario
5160 Yonge Street
P.O. Box 85
Toronto, Ontario  M2N 6L9
(416) 250-7250
1-800-668-0128