Blog

British Columbia Announces Pension Relief Measures Amidst the COVID-19 Pandemic

April 01, 2020

Close

Written By Jordan Fremont and Jaspreet Kaur

In response to the COVID-19 pandemic and market disruption, on March 30, 2020, the British Columbia Financial Services Authority (BCFSA) published bulletin number PENS 20-002 setting out relief measures for pension plans registered under the Pension Benefits Standards Act (British Columbia) (PBSA).  

The relief measures provide the following extensions to deadlines for required filings and information disclosures under the Pension Benefits Standards Regulation (British Columbia) (PBSR):

These measures are effective March 30, 2020, and will remain in force until further notice. With the exception of administrators of non-CBMEPs wishing to seek extensions for the delivery of termination of membership statements, no action must be taken to take advantage of these relief measures.

For a summary of COVID-19 related announcements and measures introduced by pension regulators in Ontario, New Brunswick, Québec and Saskatchewan, please refer to our March 26, 2020 blog post, What Pension Plan Administrators Need to Know Amidst the COVID-19 Pandemic. Also, for actions and measures introduced by the Office of the Superintendent of Financial Institution, for federally regulated pension plans, please see our March 30, 2020 blog post, OSFI Provides Guidance to Administrators of Federally Regulated Pension Plans Amidst the COVID-19 Pandemic.

We will continue to monitor and update you on related developments of interest to pension plan sponsors and administrators. If your business or organization has questions respecting the respect COVID-19 implications to your pension plan, please contact a member of the Bennett Jones Employment Services group. In addition, please visit our COVID-19 Resource Centre for other COVID-19-related materials.

Author

Related Links



View Full Mobile Experience