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December 2, 2010
For immediate release
Government introduces Pension Benefits Act
Environment, Labour and Justice
Government is committed to bringing forward measures necessary to safeguard the financial security of Islanders says Justice and Public Safety Minister Doug Currie.
“This pension legislation introduced in the legislature this week sets clear rules and standards for Prince Edward Island employers with pension plans to protect the retirement assets of their employees,” said Minister Currie.
The proposed Pension Benefits Act obligates employers with pension plans to register those plans and to make financial disclosure on a regular basis. It also establishes the circumstances in which employees may access their retirement funds.
“The Pension Benefits Act will bring this province into a harmonized Canadian pension regulatory system and give Islanders with pension assets similar minimum rules and standards that Canadians in other jurisdictions already have,” said Minister Currie.
Minister Currie introduced the new Pension Benefits Act for first reading. The Bill will not be taken to second reading at this fall sitting. An extensive consultation with stakeholders will take place throughout the upcoming months. Once the formal consultation process is complete, the Bill may be brought forth for second reading in the spring 2011 sitting.
“Government committed to introduce new legislation and to carry out consultations,” said Minister Currie. “We will take the advice and concerns of all stakeholders into serious consideration before finalizing the Pension Benefits Act.”
So far, more than 35 interested parties have identified themselves as stakeholders including employers, pension plan administrators, pension plan consultants, individual plan members and investment advisors. Any other interested stakeholders are invited to contact the Consumer, Corporate and Insurance Division of the Department of Justice and Public Safety at (902) 368 4580.