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Ontario Provides Temporary Solvency Funding Relief
On June 23, 2009, the Ontario government published Regulation 239/09, which amends the Pension Benefits Regulation to provide sponsors of Ontario-registered defined benefit pension plans with temporary relief to ease solvency funding pressures exacerbated by the current economic climate. The Regulation also includes restrictions on contribution holidays for 2010 to 2012 and permanent amendments affecting plans with declining transfer ratios. In addition, it allows Ontario residents to unlock up to 50 percent of the funds in a Life Income Fund effective January 1, 2010.
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