P.E.I. introduces Pension Benefits Act

Last province to tackle such legislation
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 01/31/2011

The last of the bunch in Canada, Prince Edward Island is set to have its very own Pension Benefits Act. Looking to safeguard the financial security of employees, the pension legislation lays out rules and standards for employers with pension plans to protect workers’ retirement assets. Previous pension legislation was passed by the province in 1990 but not proclaimed.

“It’s important to enact legislation that really brings us in line to a harmonized Canadian pension regulatory system and to give islanders with pension assets basically the minimum rules and standards that other Canadians currently have,” said Steven Dowling, general counsel at the consumer, corporate and insurance division at P.E.I.’s Department of Justice and Public Safety.

The proposed act requires employers with pension plans to register those plans and to make financial disclosures on a regular basis. It also establishes how employees can access their retirement funds.