Ontario Making Progress On Pension Rules

Ontario is moving forward with Quebec to create rules that will make the pension regulatory environment more efficient and transparent.

The Agreement Respecting Multi-Jurisdictional Pension Plans would establish clear rules on how multi-jurisdictional pension plans (MJPPs) are administered in Ontario and Quebec. Specifically, the agreement would:

• Set out legally how these plans are regulated and clarify issues unique to MJPPs that are not addressed in existing pension statutes;
• Clarify the rules that apply to these plans; and
• Would allow a single supervisory authority to regulate an MJPP. 

The agreement would apply to a pension plan when the plan is registered with the pension regulator of Quebec or Ontario and the pension plan provides benefits to members, or former members, in both provinces.

The agreement is the result of over ten years of negotiation and consultation with affected stakeholders, most recently led by the Canadian Association of Pension Supervisory Authorities.

As reaffirmed in the 2011 Budget - Turning the Corner, the McGuinty government is committed to modernizing Ontario's pension system, and playing a leading role in national discussions on the retirement income system to help Ontario families.