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Pensions
On 17 May 2012, Prince Edward Island Bill 41, the Pension Benefits Act, was introduced in the legislature. The legislation will take effect when proclaimed in force, which is expected to happen only after development of regulations following further consultation.
Once in force, the Pension Benefits Act will incorporate many aspects of modern pension standards and regulatory requirements. Bill 41 will be of interest to anyone responsible for a pension plan in Prince Edward Island or having Prince Edward Island members. It will also be of interest to Prince Edward Island employers who may be considering implementing a pension plan design.
Background
A Pension Benefits Act was enacted in Prince Edward Island in 1990, but it has never been proclaimed. A new bill was introduced for first reading in December, 2010. This legislation was modeled on the then existing Nova Scotia law and was intended to harmonize with pension legislation of other Canadian jurisdictions.
In December, 2011, a new Nova Scotia Pension Benefits Act received Royal Assent. The new Nova Scotia legislation incorporates many pension standards and regulatory reforms being considered in other Canadian jurisdictions. Prince Edward Island Bill # is modeled after the new Nova Scotia legislation
How to contact us
Pension Benefits Legislation Consultation
Department of Justice and Public Safety
Consumer, Corporate and Insurance Division
4th Floor Shaw Building
95 Rochford Street
P.O. Box 2000
Charlottetown, PE C1A 7N8
Fax:(902) 368-5283
Tel:(902) 368-4580
Toll Free: 1-800-658-1799
Background Document
