News & Updates
New Brunswick introduces Bill 15 to modernize certain rules in Pension Benefits Act
December 03, 2025
On November 4, 2025, the Government of New Brunswick introduced Bill 15, an Act Respecting Pension Benefits.
The bill was introduced by Finance Minister René Legacy, who explained that its amendments to the Pension Benefits Act (New Brunswick) are designed to modernize New Brunswick’s rules, bringing the province into line with most other jurisdictions in Canada.
Bill 15 includes amendments that would, if passed:
- Exempt multi-employer pension plans established pursuant to a collective agreement or trust agreement and defined benefit pension plans where employer contributions are fixed in accordance with a collective agreement from the void amendment provision;
- Relatedly, exempt multi-employer pension plans established pursuant to a collective agreement or trust agreement and defined benefit pension plans where employer contributions are fixed in accordance with a collective agreement from the obligation to make payments into an underfunded plan that is being wound up; and,
- Permit small benefit unlocking in respect of a former member’s benefit if (i) the annual amount of the benefit payable at normal retirement date is not more than 4% of the year’s maximum pensionable earnings (“YMPE”), or (ii) the commuted value of the benefit is less than 20% of the YMPE.
Click ‘More Information’ below to review Bill 15:
