News & Updates
British Columbia enacts Bill 33, the Pension and Benefits Standards Amendment Act, 2023
October 24, 2023
On October 4, British Columbia introduced Bill 33, the Pension Benefits Standards Amendment Act, 2023, proposing important changes to the Pension Benefits Standards Act (PBSA).
Among the key amendments in Bill 33 are provisions allowing defined contribution (DC) plans to offer variable life benefits.
Other proposed changes to the PBSA include:
- Allowing increases in DC plan member contributions with opt-out provisions.
- Updating conditions for annuity purchases.
- Empowering collectively bargained multi-employer plans to establish membership criteria.
- Specifying pre-retirement death benefit provisions.
Bill 33 also proposes changes to related legislation, including the Family Law Act (FLA) and Pooled Registered Pension Plans Act, with a focus on how pension division rules apply to variable life benefits.
Click on more information below to read Bill 33:
