CANADA - The Nova Scotia government is looking to amend its legislation to ensure all pension plans are fully funded when a company leaves the province or winds down its pension plan.
The move follows the closure of railcar plant Trenton Works earlier this year with its pension plan only 91% funded.
If the amendment is passed, it will be backdated to 1 June and make Trenton Works responsible for fully funding the pension benefits of its former employees.
Mark Parent, minister of environment and labour, said: “We are committed to bringing forth legislative amendments that will address pension issues in a sustainable and comprehensive way.”
In addition, the government has announced a full review of pension benefits' legislation in Nova Scotia.
An advisory panel made up of experts from the pension field is to be created to review current legislation, with the aim of ensuring best practices are being followed to protect pension plan members. Recommendations will be made to government in 2008.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.