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____ Thursday December 17, 2015 ____



Ontario and Québec announce changes in pension legislation

These and other subjects are included in the current issue of the Morneau Shepell monthly publication, News & Views

Toronto - In the December 2015 issue of its monthly newsletter, News & Views, Morneau Shepell provides a detailed look at the evolving pension landscape in Ontario and Quebec. The newsletter also highlights a new book by Frederick Vettese that challenges traditional rules for retirement planning.

Québec: Adoption of Bill 57 to amend pension plan funding – Morneau Shepell experts look at the major changes included in Bill 57, including changes to funding rules for private sector defined benefit (DB) plans that will eliminate the solvency-basis funding requirement.

Ontario: Government announces new solvency funding relief and other changes – Morneau Shepell concludes that the extension of solvency funding relief is good news for DB plan sponsors in Ontario. DB plan sponsors will also be keenly interested to follow the review of solvency funding in Ontario and any possible reforms, especially after the major change implemented in Québec.

New book sheds new light on retirement planning – Morneau Shepell's Chief Actuary, Frederick Vettese, analyzes vital questions on retirement planning and debunks standard financial advice in his new book, The Essential Retirement Guide: A Contrarian's Perspective.

Ontario: proposal to combine pension and financial authorities – The proposed changes in Ontario are intended to provide operational flexibility to regulators, encourage a flexible and consumer-oriented regulatory approach and clarify and streamline the regulator's mandate.

Québec merges pension authorities – Quebec's Bill 58 was adopted by the National Assembly and received Royal Assent. The purpose of the bill is to combine the operations of the Régie des rentes du

Québec with those of the Commission administrative des régimes de retraite et d'assurances. It is not anticipated that Bill 58 will lead to significant changes to the regulation of pension plans in Québec.

Ontario : draft guidance note on investment policies – The Guidance Note provides helpful advice on structuring and designing a Statement of Investment Policies and Procedures (SIPP), and reminds administrators of their statutory duties in considering and adopting a SIPP.

Ontario: New Form 14 to file with Statement of Investment Policies – The Financial Services Commission of Ontario ("FSCO") has released Form 14 – SIPP Information Summary. Plan administrators are required to file Form 14 with FSCO for each Ontario-registered pension plan when filing the plan's SIPP. Morneau Shepell looks at what this means for administrators.

Market Indices – Monthly summary of returns from various market indices such as the FTSE TMX Bond Indices and Canadian, U.S. and Foreign Equity Indices. Also includes returns from benchmark portfolios used by pension funds.

Tracking the funded status of defined benefit pension plans – Impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities.

Impact on pension expense under international accounting – Expense impact for a typical defined benefit pension plan.

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