First

Session, 51st General Assembly

Charles III, 2026

BILL 6

AN ACT TO AMEND THE

PENSION BENEFITS ACT, 1997

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE MIKE

GOOSNEY

Minister of

Government Services

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This

Bill would amend the Pension

Benefits Act, 1997 to

add

definitions of "solvency assets" and "solvency

ratio"; and

authorize

transfers of assets from a registered pension plan to a pension plan that is

not registered in the province where certain conditions exist.

A BILL

AN ACT TO AMEND THE PENSION BENEFITS ACT, 1997

Analysis

S.2 Amdt .

Definitions

S.58 R&S

Transfer of plan assets

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL1996 cP-4.01

as amended

(1) Paragraph 2(ee.1) of the Pension Benefits Act, 1997 is amended by

deleting the reference " Public Service

Pensions Act, 1991 " and substituting the reference " Public Service Pensions Act, 2019 ".

(2) Section 2 of the Act is amended by renumbering

paragraph (ee.2) as paragraph (ee.4) and adding immediately after paragraph

(ee.1) the following:

(ee.2) "solvency assets" means the market value of investments held by a

pension plan plus any cash balances of the plan and accrued or receivable

income items of the plan, less any amounts payable by the plan;

(ee.3) "solvency ratio" means the ratio of

the solvency assets of a pension plan to the liabilities of the pension plan

calculated on a plan termination basis as of the latest review date and as

required by the superintendent ;

Section 58 of the Act is repealed and the

following substituted:

Transfer of plan

assets

58 . A transfer of assets of a pension plan shall

not be made from the pension fund of the pension plan to the pension fund of

another pension plan unless

(

a) either

(

i) the contract or trust agreement of the

receiving fundholder is filed with the superintendent and the receiving pension

plan is registered under this Act, or

(ii) where the contract or trust agreement of the receiving fundholder is not filed

with the superintendent and the receiving pension plan is not registered under

this Act, the receiving pension plan

(

A) is registered in another jurisdiction that is

a signatory to a multilateral agreement, and

(

B) has a solvency ratio that is

(

I) equal to or greater than 0.85, or

(II) higher than the solvency ratio of the pension

plan from which the assets are being transferred; and

(

b) the

superintendent has approved the transfer in writing.

King's Printer