Ontario reviewing pension system

Former law school dean to head panel focused on DB funding issues
By Uyen Vu
|Canadian HR Reporter|Last Updated: 12/01/2006

With new pension funding rules being proposed in Alberta, Quebec and in the federally regulated sector, it’s high time the Ontario government undertakes a serious reform of current pension laws, say some pension experts.

They’re responding to an announcement last month by the province to set up an expert commission to review the pension system. The commission, expected to report back in the summer of 2008, will focus on such issues as plan funding and surplus, plan windups, splits and mergers, asset transfers between pension plans and the funding of defined benefit multi-employer pension plans. It will also look at the province’s Pension Benefits Guarantee Fund, which is the only pension guarantee regime of its kind in Canada.

Heading the review is Harry Arthurs, a labour law expert and former dean of York University’s Osgoode Hall Law School in Toronto. When this commission was announced, Arthurs had just wrapped up a two-year project reviewing federal labour standards.