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FCNB Bulletin Reminds Plan Administrators of Amendments Made in October, Notes More Provisions to Come

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December 09, 2022

Flag of New Brunswick

In its recent bulletin, the Financial and Consumer Services Commission of New Brunswick (FCNB) reminds plan administrators that amendments to the province’s Pension Benefits Act relating to reserve accounts and the discharge of annuity buy-outs came into force in October.

The FCNB notes it is currently considering additional parameters to the statutory discharge of annuity buy-outs, but in the meantime, administrators are expected to follow existing guidelines.

The bulletin notes that provisions to enhance communication with former members come into force Jan. 1, 2024.

Click on more information for more details about the amendments.

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