News & Updates
Newfoundland and Labrador introduces Bill 6 amending the Pension Benefits Act,1997
April 08, 2026
On March 3, 2026, the Government of Newfoundland and Labrador introduced Bill 6, An Act to Amend the Pension Benefits Act, 1997 for first reading.
The amendments proposed by Bill 6 are intended to clarify solvency-related concepts and to authorize transfers of plan assets to pension plans not registered in the province of Newfoundland and Labrador when certain conditions are satisfied.
If passed, Bill 6 would:
- Add statutory definitions of “solvency assets” and “solvency ratio” to the Pension Benefits Act, 1997 to provide a clearer legislative framework for assessing a pension plan’s financial position on a plan termination basis; and
- Permit transfers of pension plan assets to plans not registered in Newfoundland and Labrador, provided that:
- the receiving plan is registered in another jurisdiction that is a signatory to a multilateral agreement;
- the receiving plan has a solvency ratio of at least 0.85, or a higher solvency ratio than the transferring plan; and
- the transfer is approved in writing by the Superintendent of Pensions.
Click on ‘More information’ below to review Bill 6:
