Office of the Superintendent - Pension Commission

News


June 2019 - Government proposes amendments to The Pension Benefits Act

The Manitoba Government announced on June 11, 2019 that it is committing to introducing legislative amendments in the fall of 2019 that would strengthen the current pension benefits legislation and address the needs of pension members with their desire for more flexibility. The proposed legislative changes to The Pension Benefits Act are based on recommendations from the Pension Commission of Manitoba, and input provided by Manitobans during public consultations in 2018.  The proposed changes include:

  • providing individuals with greater flexibility in managing their retirement funds,
  • preventing some individuals from facing severe financial hardship due to the inability to access their funds,
  • addressing funding challenges faced by plan sponsors,
  • providing solvency relief while still providing protection for member’s benefits, and
  • giving parties flexibility to divide pensions based on their individual circumstances, in the event of a relationship breakdown.

January 2018 - Consultation - Five Year Review

November 2017 – Pooled Registered Pension Plans

The Pooled Registered Pensions Plans (Manitoba) Act and Pooled Registered Pension Plans Regulation came into force August 1, 2017.  Manitoba entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans effective November 15, 2017.  The legislation allows licensed providers to offer Pooled Registered Pension Plans (PRPPs) to employees of employers and self employed individuals in Manitoba. 

Pension Benefits Regulation 80/2017 came into force August 1, 2017.  The regulation allows transfers to and from PRPPs to Locked-in Retirement Accounts, Life Income Funds and Registered Pension Plans.

August 2017 – Pooled Registered Pension Plans

The Pooled Registered Pensions Plans (Manitoba) Act and Pooled Registered Pension Plans Regulation came into force August 1, 2017.  The legislation will allow licensed providers to offer Pooled Registered Pension Plans (PRPPs) to employees of employers and self employed individuals in Manitoba once Manitoba signs on to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (Multilateral Agreement).

Pension Benefits Regulation 80/2017 came into force August 1, 2017.  The regulation will allow transfers to and from PRPPs to Locked-in Retirement Accounts, Life Income Funds and Registered Pension Plans once Manitoba signs on to the Multilateral Agreement.

January 2012 - Changes to the Regulations

Pension Benefits Regulation 39/2010 is amended effective January 1, 2012, to permit the use of letters of credit to meet the regulation's funding solvency requirements for employers with defined benefit pension plans.

Special Payments Relief Regulation, 2011 effective January 1, 2012, permits certain existing solvency deficiencies under a defined benefit pension plan to be consolidated and amortized over a 10 year period, conditional on the funding payments being up to date and member and beneficiary buy in. This regulation applies to the consolidated deficiency reported in the first valuation report between December 30, 2011 and January 2, 2014.

Further information on these legislative changes can be viewed in Policy Bulletin #10 and Update #11-08.

May 2010 - Major changes to Manitoba's Act

New regulations under The Pension Benefits Act focus on four key areas:

  1. Responding to changes in the workforce Click on this link to learn more about new provisions that enable members to plan a retirement that suits their unique needs. This includes addressing more frequent job changes and the possibility of employees managing their retirement fund.
  2. Greater transparency Find out more about increased accountability, expanding reporting requirements and ensuring input from pension plan members and retirees in the management of plans provide.
  3. Greater Pension Benefits Security Read about ways the new legislation will bring better security to pension benefits now and in the future.
  4. Improved family provisions Legislation changes address the rights of spouses and partners in changing life circumstances. Find out more.