Canadian government looks at pension guarantee fund

Lee, Angela Marion
September 2005
Pensions & Investments;9/5/2005, Vol. 33 Issue 18, p28
This article reports that the Canadian Department of Finance is floating the idea of a federal pension benefit guarantee fund. The department's aim, in issuing a recent discussion paper, is to find ways to secure the retirement benefits of employees, in the event of a corporate bankruptcy or insolvency. The department, in the paper, also asked for input from the retirement industry on how to strengthen the legislative and regulatory framework for defined benefit plans registered under the Pension Benefits Standards Act of 1985. There is also a risk the guarantee fund would have insufficient assets to cover its pension liabilities, which would lead to pressure for government funding, the extent of which could have broader implications for government policies and the economy, the paper noted.


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