BILL NO. 62

(as introduced)

4th Session, 61st General Assembly
Nova Scotia
61 Elizabeth II, 2012

Private Member's Bill

Pension Benefits Act
(amended)

Allan MacMaster
Inverness

First Reading: April 26, 2012

(Explanatory Note)

Second Reading:

Third Reading:

This Bill amends the existing Pension Benefits Act and its unproclaimed replacement to require that the annual written statement sent to members of a pension plan also be sent to former members and retired members, and that the statement contain information about the investment performance and solvency of the pension fund and how amendments to the pension plan and decisions made by the employer in the preceding year are expected to affect the pension plan.

1 Section 33 of Chapter 340 of the Revised Statutes, 1989, the Pension Benefits Act, is repealed and the following Section substituted:

33 (1) The administrator of a pension plan shall transmit annually to each member and former member a written statement containing the prescribed information in respect of the pension plan and the pension benefits and any ancillary benefits of the member or former member.

(2) A statement transmitted pursuant to subsection (1) in respect of a pension plan that provides defined benefits must include

(a) information respecting the investment performance of the pension fund, including a summary of investment performance in plain language containing the prescribed information;

(b) information respecting the solvency of the pension fund;

(c) information respecting the asset mix of the pension fund;

(d) a summary of the schedule of any special payments required to amortize a going concern unfunded liability or solvency deficiency;

(e) information respecting any amendment to the pension plan in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency; and

(f) information respecting any action undertaken by the employer in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency, including, without limiting the generality of the foregoing, the implementation of an early retirement package for employees or the restructuring of the employer's workforce.

40 (1) The administrator of a pension plan shall transmit annually to each member, former member and retired member a written statement containing the prescribed information in respect of the pension plan and the pension benefits and any ancillary benefits of the member, former member or retired member.

(2) A statement transmitted pursuant to subsection (1) in respect of a pension plan that provides defined benefits must include

(a) information respecting the investment performance of the pension fund, including a summary investment performance in plain language containing the prescribed information;

(b) information respecting the solvency of the pension fund;

(c) information respecting the asset mix of the pension fund;

(d) a summary of the schedule of any special payments required to amortize a going concern unfunded liability or solvency deficiency;

(e) information respecting any amendment to the pension plan in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency; and

(f) information respecting any action undertaken by the employer in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency, including, without limiting the generality of the foregoing, the implementation of an early retirement package for employees or the restructuring of the employer's workforce.