Amendments to Ontario's PBA, including new framework for target benefits, take effect January 1, 2025.
December 03, 2024
Ontario has published four Orders in Council proclaiming amendments to the Pension Benefits Act (PBA) that will take effect on Jan. 1, 2025.
The amendments, which concern the provincial government’s new framework for target benefits, were added to the PBA at various stages over the last seven years, with proclamations dates to be determined. Some of the key changes include:
- Updated definitions distinguishing target benefit plans from defined benefit plans
- Provisions governing member transfer rights on the wind-up of a target benefit plan
- Rules regarding entitlements to surplus in a target benefit plan
- Rules regarding transfers of assets relating to target benefits
- Provisions dealing with conversions to target benefits of certain benefits under multi-employer pension plans.
Find Order in Council 1326/2024, which relates to provisions in the Progress on the Plan to Build Act (Budget Measures), 2022 by clicking the link below:
https://www.ontario.ca/page/schedule-order-council-13262024
Find Order in Council 1327/2024, which relates to provisions in the Protect, Support and Recover from covid-19 Act (Budget Measures) 2020 by clicking the link below:
https://www.ontario.ca/page/schedule-order-council-13272024
Find Order in Council 1328/2024, which relates to provisions in the Protecting What Matters Most Act (Budget Measures), 2019 by clicking the link below:
https://www.ontario.ca/page/schedule-order-council-13282024
Find Order in Council 1329/2024, which relates to provisions in the Stronger, Fairer Ontario Act (Budget Measures), 2017 by clicking the link below:
https://www.ontario.ca/page/schedule-order-council-13292024
