CANADA - Nova Scotia's pension benefits are to be reviewed, following establishment of a committee.
In November, the Nova Scotia government announced it was looking to amend its legislation to ensure all pension plans were fully funded when a company left the province or wound down its pension plan. The moved followed the closure of railcar plant Trenton Works earlier this year with its pension plan only 91% funded.
Mark Parent, Nova Scotia minister of environment and labour, said the review would help identify any problems that might exist in current legislation relating to pensions.
He said: "We want our legislation to be modern, efficient and beneficial to all employees and employers in Nova Scotia."
The committee will meet various industry stakeholders, including business and labour groups, to identify pension concerns for employees and employers.
"I look forward to meeting with key stakeholders to hear what they have to say about improving Nova Scotia's pension benefits legislation," said Black.
"Our committee will be working hard to make recommendations to the minister that will make a measurable difference in Nova Scotia."
The committee will be supported by staff at the Department of Environment and Labour and other pension experts, if required. It is expected to make recommendations to government in late fall.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.