The impact of recent Ontario Pension Benefit Act changes
The impact of recent Ontario Pension Benefit Act changes
The impact of recent Ontario Pension Benefit Act changes
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November 21, 2012<br />
How we got here!<br />
1987 was the last major re-write <strong>of</strong> the <strong>Pension</strong> <strong>Benefit</strong>s <strong>Act</strong> (PBA) – ushered in 2 year<br />
vesting, 2 year eligibility, survivorship and death benefit protection, portability, enhanced<br />
funding protection<br />
2000 – last major amd’t <strong>of</strong> the<br />
PBA – equal treatment for<br />
common-law partners, samesex<br />
partners<br />
October 2008, “A Fine<br />
Balance” report released<br />
November 2006, the <strong>Ontario</strong> Expect Commission <strong>of</strong> <strong>Pension</strong>s was<br />
established. Its mandate was to examine<br />
‣ legislation that governs the funding <strong>of</strong> defined benefit pension<br />
plans,<br />
‣ the rules relating to pension deficits/surpluses, and<br />
‣ other issues relating to the security, viability and<br />
sustainability <strong>of</strong> the <strong>Ontario</strong> pension system.<br />
2010, two bills passed which<br />
amended the PBA. Bill 236<br />
and Bill 120<br />
July 1, 2012 many measures<br />
<strong>of</strong> Bill 236 put into force<br />
4<br />
2012 <strong>Ontario</strong> <strong>Pension</strong> Changes
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