News & Updates
Ontario Introduces new regulations under PBA for target benefits framework
November 22, 2024
Ontario has published a series of new regulations under the Pension Benefits Act (PBA) as part of its implementation of a permanent framework for target benefits.
The framework has been proclaimed in-force and is set to come into effect on January 1, 2025.
Within the series of new regulations are the following new stand-alone regulations under the PBA:
- Regulation 386/24: Target Benefits
- Regulation 387/24: Written Policies under s. 10 of the Act
- Regulation 388/24: Conversions to Target Benefits under s. 81.0.2 of the Act
The above regulations prescribes new criteria for target benefit plans and target benefit plan conversion; outline the rules regarding funding, provisions for adverse deviation, benefit reductions and special payments; and lays out the information required in the governance, funding and benefits, and communications polices.
