SUMMARY

This enactment amends the Pension Benefits Standards Act, 1985 and the Office of the Superintendent of Financial Institutions Act. The amendments

    (a) enhance the powers of the Superintendent of Financial Institutions to supervise a pension plan, including authority to issue directions of compliance;

    (b) clarify that the Office of the Superintendent of Financial Institutions' focus with respect to the supervision of pension plans is on matters affecting the funding and financial condition of pension plans and not on reviewing the text of all pension plans and amendments that are filed;

    (c) provide a mechanism for an employer to establish entitlement to surplus assets, including the obtaining of membership consent and access to an arbitration process; and

    (d) authorize the Minister of Finance to participate in agreements with designated provincial authorities respecting the application of provincial law to any pension plan that is subject to federal jurisdiction.