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Alberta Pension Reform Proposals
The Alberta Department of Finance recently released three discussion papers proposing a comprehensive overhaul of key components of the Employment Pension Plans Act. It remains to be seen to what extent the province will adopt the papers’ recommendations, and whether these changes will contribute to bringing Canadian pension standards closer together or to driving them further apart. A number of the Alberta proposals are consistent with CAPSA principles, while others appear to be Alberta-specific.
Toward Uniformity? CAPSA Releases Model Pension Law Principles
Many in the pension industry would prefer having a single piece of legislation governing pension standards across Canada instead of 11 separate, and frequently conflicting, pension statutes. CAPSA’s Model Pension Law could pave the way for the more efficient administration and effective regulation of multi-jurisdictional pension plans. However, some of its principles may prove controversial and even operate as a bar to the uniformity CAPSA is hoping to obtain.
New Lump Sum Transfer Values: Their Effect on Your Pension Plan
New rules for transfer values, just approved by the Canadian Institute of Actuaries (CIA), will affect pension plan solvency and wind-up valuations and may have a significant impact on funding requirements. The new CIA rules will be effective September 1, 2004, and sponsors and administrators need to act quickly to determine the impact on their plans.
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