Pension grow-in benefits could mean policy changes

Ontario legislation scheduled to come into effect July 1
By Melissa Mancini
|Canadian HR Reporter|Last Updated: 03/27/2012

A legislative change to pension rules in Ontario slated to come into effect July 1 could impact the terminations employers are making now.

Pension grow-in benefit rules — which currently only apply to employees affected by a plan windup — will start applying to more employees.

“A grow-in benefit, as it’s known, in essence grants certain benefits to employees who might not have met the eligibility criteria for those benefits,” said Paul Litner, a lawyer at Osler, Hoskin and Harcourt in Toronto.