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Order in Council 611/2018

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas

Section 80 of the Pension Benefits Act ( PBA ) provides for the transfer of pension plan assets upon a sale or other disposal of a business;

And

Whereas the Workplace Safety and Insurance Board ( WSIB ) recently transferred the responsibility for investment of its pension assets to the Investment Corporation of Ontario ( IMCO ) along with the transfer of the WSIB employees who were tasked with carrying out that function;

And

Whereas employees of the IMCO participate in the Public Service Pension Plan ( PSPP ), administered by the Ontario Pension Board ( OPB );

And

Whereas the WSIB , IMCO and OPB wish to enter into a transfer agreement pursuant to

Section 80 of the PBA in the form set out as Appendix “A” to this Order;

And

Whereas subsection 36(5) of the PSPP text prohibits the OPB from entering into a transfer agreement unless that agreement has first been approved by the Lieutenant Governor in Council;

Therefore pursuant to subsection 36(5) of the Public Service Pension Plan set out in

Schedule 1, as amended, of the Public Service Pension Act:

The transfer agreement among the WSIB , IMCO , and OPB attached as Appendix “A” to this Order is hereby approved.

Appendix "A" - Transfer Agreement

Treasury Board Secretariat

Approved and Ordered:

March 21, 2018

Updated: June 29, 2022

Published: April 06, 2018