Feds consulting on pension solvency relief measures, VPLAs

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Concept of communication and chatting with blank message bubble. © Aleksandr Khakimullin /123RF Stock Photos The federal government is consulting on potential solvency funding relief options for 2021 and measures to further strengthen the framework for federally regulated pension plans.

About seven per cent of private pension plans in Canada are federally regulated, such as those in industries like banking, telecommunications and inter-provincial transportation, noted a press release from the government.

Through the consultation, it’s seeking to learn more about Canadians’ and stakeholders’ views on the following subjects: potential options for temporary broad-based solvency funding relief in 2021; measures to strengthen pension plan governance and administration; solvency reserve accounts; variable payment life annuities; and ministerial guidelines on special funding relief.

Submissions are requested on or before Jan. 14, 2021.

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