B.C. enacts Bill 4: includes amendments to Pension Benefits Standards Act and Pooled Registered Pension Plans Act
March 28, 2023
On March 9th, British Columbia enacted Bill 4, Finance Statutes Amendment Act, 2023.
The Bill includes amendments to section 70 of the Pension Benefits Standards Act to permit pension payments to be subject to an order of preservation, forfeiture or other enforcement under the Securities Act. This is a new addition to the existing exceptions to the general rule in subsection 70 (1), which exempts pension from execution, seizure, or attachment.
Bill 4 also includes similar amendments to the Pooled Registered Pension Plans Act with respect to funds in a pooled registered pension plan account.
The above-mentioned changes are a part of revisions made to improve safeguarding against investment fraud. These amendments will come into force by regulation of the Lieutenant Governor in Council.
Click on more information below to read the full details of the Bill as passed Third Reading:
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