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Quebec’s Bill 68 Receives Assent – Contains Some Surprises
Quebec’s Bill 68, An Act to amend the Supplemental Pension Plans Act, the Act respecting the Québec Pension Plan and other legislative provisions, was assented to on June 20, 2008. As a result of some last-minute amendments, the final version of the Bill contains new provisions to the SPPA in response to the recent Quebec Court of Appeal decision in Multi-marques and changes to the province’s letter of credit rules.
Pending Changes to Actuarial Standard for Calculating Commuted Values
The rules used by plan administrators and actuaries when calculating commuted values (CVs) for defined benefit pension portability benefits are about to change. In general, the change will lead to lower CVs to better reflect the theoretical value of a pension. This change will also result in immediately decreasing the solvency liabilities of practically every pension plan in Canada.
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