1. Newfoundland and
Labrador
Pension Benefits Act, 1997
Michael Delaney
Superintendent of Pensions
CPBI Conference – St. John’s, NL
September 19, 2013

2. 2
Agenda
 Who is governed by pension legislation?
 What is the purpose of the legislation?
 Key minimum standards
 Role and responsibilities of the regulator
 Regulatory issues
 The national pension landscape
 Questions?

3. Who is governed by
pension legislation?

4. 4
Who is governed by pension
legislation?
 The Act applies to all registered pension plans
for persons employed in the province
 The Act also applies for persons employed in the
province where the pension plan is registered in
another Canadian jurisdiction
 Exception: Persons employed in federally
regulated positions in the province

5. What is the purpose of
the legislation?

6. 6

7. 7
What is the purpose of the
legislation?
 Intended to set minimum standards to
ensure, to the extent possible, that the
pension benefit promised is kept and
meets certain standards
 Legislation also ensures that the pension
benefit is used only for the purpose
intended – a retirement income

8. Key minimum
standards

9. 9
Key minimum standards
 Eligibility
 Vesting
 Locking-in
 50% Rule
 Portability
 Normal and early retirement age
 Pre-retirement death benefit
 Joint and survivor pension benefit
 Funding and investment rules

10. Role and
responsibilities of the
regulator

11. 11

12. 12
Role and responsibilities of the
regulator
 Review and register pension plans under the Act
 Review and register amendments
 Review other filings (eg actuarial reports, AIRs)
 Carry out inspections of pension plans
 Refuse to register or revoke registration of a pension plan
 Review specimen contracts and amendments for locked-in products
(and maintain list of approved products)
 Collect fees
 Extend time limits to a maximum of 6 months
 Place a pension plan under trusteeship
 Develop policies and procedures relating to standards prescribed by
the legislation – includes interpretation of legislation

13. Regulatory issues

14. 14
Regulatory issues
 Marriage breakdown
 Void amendments
 Forced small balance
 Age-based contribution structures (DC
plan)
 Pension unlocking
 Classes of employees

15. The national pension
landscape

16. 16

17. 17
The national pension landscape
 New Multi-Jurisdictional Agreement
ON and QC signed on as of July 1, 2011
Amendments to the NL PBA (to allow NL to
sign) received assent on December 22, 2012
 Funding exemptions
 New plan designs
 PRPPs

18. Questions?

19. 19
Contact information
Service NL
Pension Benefit Standards Division
Website: http://www.servicenl.gov.nl.ca/pensions
Michael Delaney Richard Cann
Superintendent of Pensions Deputy Superintendent of Pensions
t: (709) 729-6014 t: (709) 729-1486
e: michaelpdelaney@gov.nl.ca e: richardcann@gov.nl.ca
Jerry Dunphy
Compliance Officer
t: (709) 729-1039
e: jerrydunphy@gov.nl.ca