Employers in Prince Edward Island will be obligated to register their pension plans and make finance disclosures on a regular basis if a proposed Pension Benefits Act goes through.
“This pension legislation introduced in the legislature this week sets clear rules and standards for Prince Edward Island employers with pension plans to protect the retirement assets of their employees,” said Justice and Public Safety Minister Doug Currie.
The proposed act also establishes the circumstances in which employees may access their retirement funds.
“The Pension Benefits Act will bring this province into a harmonized Canadian pension regulatory system and give islanders with pension assets similar minimum rules and standards that Canadians in other jurisdictions already have,” said Currie.
The bill had had its first reading in legislature and an extensive consultation with stakeholders will take place throughout the upcoming months. Once the formal consultation process is complete, the bill may be brought forth for a second reading in the spring of 2011.
“Government committed to introduce new legislation and to carry out consultations,” he said. “We will take the advice and concerns of all stakeholders into serious consideration before finalizing the Pension Benefits Act.”
Interested stakeholders are invited to contact the Consumer, Corporate and Insurance Division of the Department of Justice and Public Safety at (902) 368 4580.
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