Updated Multi-jurisdictional Pension Plan Agreement Reduces Regulatory Burden

Many Nova Scotian companies and employees participating in multi-jurisdictional pension plans across Canada will benefit from streamlined regulation.

In keeping with Nova Scotia’s commitment to reduce regulatory burden, government has signed an Agreement Respecting Multi-Jurisdictional Pension Plans.

"We have listened to concerns from the sector and believe these changes will improve transparency and efficiency," said Finance and Treasury Board Minister Karen Casey. "Government has a strong record in reducing regulatory burden and this will improve working relationships across the country."

The streamlined regulations will reduce the administrative burden for companies, pension administrators and the province. Plan members will benefit from greater clarity about the rules applying to their pensions, particularly when they have worked in different provinces.

The Canadian Association of Pension Supervisory Authorities (CAPSA) consulted broadly and drafted the new agreement.

Quotes:

“CAPSA is pleased that the 2020 Agreement Respecting Multi-jurisdictional Pension Plans will apply to the vast majority of multi-jurisdictional plans in Canada and establishes a clear legal framework for the administration and regulation of these plans. The new agreement will continue to protect member entitlements and ease the regulatory burden for pension plans in Canada”

– Leah Fichter, chair of the Canadian Association of Pension Supervisory Authorities

Quick Facts:

• there are about 22,500 members working in other provinces who participate in pension plans registered in Nova Scotia
• more than 37,000 Nova Scotians participate in pension plans that are registered outside Nova Scotia
• this builds on a 2016 agreement which set out a general framework across the country