Bill 97 Implements Changes to Pension Benefits Guarantee Fund
May 19, 2026
The Ontario government has received Royal Assent on Bill 97, Plan to Protect Ontario Act (Budget Measures), 2026, which includes a regulation to increase the maximum amount of pension benefit guaranteed by the Pension Benefits Guarantee Fund (“PBGF”) from $1,500 per month to $3,000 per month if the date of the pension plan wind-up is on or after March 26, 2026.
The PBGF safeguards beneficiaries of single employer defined benefit (DB) pension plans in Ontario in the event of employer bankruptcy where plan assets are not sufficient to make pension payments. Ontario remains the sole jurisdiction in Canada to offer this type of fund. This regulation will also amend the reporting obligations for DB plans with respect to the PBGF.
For example, the regulation includes amendments to O. Reg 909, requiring plan administrators to report their plans’ modified PBGF liabilities to the Financial Services Regulatory Authority of Ontario.
Click on ‘More information’ below to read Bill 97:
