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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers