In a recent decision, the Saskatchewan Court of Appeal ruled that members of the Saskatchewan public service pension plan are not entitled to indexed pension benefits, beyond what was already provided for in legislation. The plaintiffs who were representative plaintiffs in a class action on behalf of members of the defined benefit pension plan, alleged…
On December 1, 2011, the Supreme Court of Canada granted leave to appeal the decision of the Ontario Court of Appeal in Re Indalex Limited, 2011 ONCA 265, which we summarized here. Indalex Limited and its U.S. parent sought protection from their creditors under the Companies Creditors Arrangement Act and under Chapter 11 of the…
On September 21, 2011, the Financial Services Commission of Ontario (FSCO) released its Risk-Based Framework Document, which describes a broad-based framework for the risk-based regulation of pension plans in Ontario. The Framework represents an enhanced form of risk monitoring by FSCO. The proposed Framework will consider a broad universe of risk factors in areas such…
On November 15, 2011, the Canadian Association of Pension Supervisory Authorities (CAPSA) released two guidelines on pension plan governance. These guidelines outline the expectations relating to the investment of pension plan assets, as well as best practices when developing and adopting a funding policy for pension plans that provide defined benefits.