B.C.'s Bill 33, the Pension Benefits Standards Amendment Act, 2023, receives royal assent
December 05, 2023
The British Columbia government has enacted Bill 33 — Pension Benefits Standards Amendment Act, 2023 (PBSA) — which includes significant changes to pension legislation in the province.
Bill 33 enhances flexibility for membership eligibility in collectively bargained multi-employer plans, enabling such plans to specify conditions better suited to their design.
The legislation prohibits defined benefit pension plans from mandating that surviving spouses transfer pre-retirement death benefits out of the plan, ensuring they have the choice of a pension from the plan or transferring the commuted value.
The new law aligns with federal legislation, enabling employers to offer variable life benefits from a defined contribution plan.
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