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Manitoba Labour and Immigration

Pension Commission

Advisory Committee

Revised January 2002

The main objective of The Pension Benefits Act is to safeguard employees’ rights to benefits promised under private pension plans. Over the years, the rights of employees to obtain information have increased. There is now more protection for the spouse or common-law partner of a contributing member. In addition, employees who leave their jobs now have new options regarding transfers of their pension credits.

Where a pension plan registered under Manitoba’s jurisdiction has more than 20 members, and is not currently administered by a board composed of equal numbers of representatives of the employer and representatives of the members, a majority, or a representative of the majority of the members may request, in writing that the employer establish an Advisory Committee. The employer must comply with the request. The Committee must consist of an equal number of member representatives and employer representatives.

PURPOSE OF THE COMMITTEE

To promote understanding and awareness of the pension plan amongst the members.

To study and make recommendations respecting improvements for the administration of the pension plan.

To monitor the administration of the pension plan including:

  • Maintenance of the plan’s assets
  • Investment of the assets
  • Plan documentation
  • Interpretation of the rules respecting the operation of the plan
  • Compliance with the requirements of financial statements and actuarial valuations
  • Actions taken in respect of information received from accountants, auditors and actuaries
  • Compliance with the requirements of The Pension Benefits Act of Manitoba with respect to reporting, filing and registration
  • Providing relevant information to members of the pension plan in compliance with legislation
  • Report to the Superintendent of Pensions any instance of non-compliance with The Pension Benefits Act
IS THERE ANYTHING THE COMMITTEE CANNOT DO?

This advisory committee is restricted in the area of investment of pension monies. It will have no authority in respect to investment strategy or funding decisions. The investment of pension fund monies is handled by trustees or professional money managers who know the laws pertaining to this area of investment and who are bound by a trust agreement to act only in the best interest of all employees. While the advisory committee may make recommendations in this area, the final decision will be made by trustees or professional money managers.

CHECKLIST FOR ADVISORY COMMITTEE
  1. Does the Committee have a definite commitment to the members’ understanding and appreciation of the plan?
  2. Has the determination been made to develop communication material relevant to the level of comprehension that generally exists among plan members?
  3. Has the Committee reviewed procedures in place to provide timely and correct information to the members?
  4. Is the written material generally interesting and easily understood?
  5. Is communication a "one shot" effort only when major changes are made?
  6. Does the plan retain competent professional assistance for administrative purposes?
  7. Does the Committee have access to this professional assistance?
  8. Is the Committee assured that all reporting and disclosure responsibilities are delegated to competent persons?