The impact of recent Ontario Pension Benefit Act changes

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November 21, 2012 Partial wind-ups - elimination No partial plan wind-ups can be declared or ordered by the Superintendent for events occurring on and after July 1, 2012 Events with effective dates occurring prior to July 1, 2012, will be governed by transitional rules • These transitional rules are similar to the existing rules on partial wind-ups (i.e. immediate vesting and grow-in apply but not annuity purchases or surplus sharing) Plan document provisions that explicitly refer to a partial wind-up or a notional partial wind-up should be removed Applies to both defined benefit and defined contribution pension plans 12 2012 Ontario Pension Changes
November 21, 2012 Partial wind-up - Plan sponsor - impact Removes uncertainty surrounding reorganizations / plant closings occurring after July 1, 2012 • Affected members treated as terminations (with grow-in) • No requirement to purchase immediate or deferred annuities • Minimal impact to defined contribution pension plans • Be wary of legacy situations prior to July 1, 2012 that could still be viewed as a partial wind-up 13 2012 Ontario Pension Changes
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Page 3 and 4: November 21, 2012 How we got here!
Page 5 and 6: November 21, 2012 What are the chan
Page 7 and 8: November 21, 2012 Immediate vesting
Page 9 and 10: November 21, 2012 Grow-in rules for
Page 11: November 21, 2012 Grow-in ….. Imp
Page 15 and 16: November 21, 2012 Small pensions -
Page 17 and 18: November 21, 2012 Electronic transm
Page 19 and 20: November 21, 2012 Defined benefit p
Page 21 and 22: November 21, 2012 FSCO-CAPSA activi
Page 23 and 24: Management of Inquiries and Complai
Page 25 and 26: November 21, 2012 CAPSA activity Ju
Page 27 and 28: November 21, 2012 Multi-jurisdictio
Page 29 and 30: November 21, 2012 Who has signed th
Page 31 and 32: November 21, 2012 What’s next! 31
Page 33 and 34: November 21, 2012 Plan design innov
Page 35: November 21, 2012 QUESTIONS David B

The impact of recent Ontario Pension Benefit Act changes

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