July 26, 2019

Locked-in retirement accounts the focus of July 2019 Pension Division Review Project Committee meeting

At this month’s meeting, the Pension Division Review Project Committee examined locked-in retirement accounts. British Columbia’s Pension Benefits Standards Act defines locked-in retirement account to mean “an RRSP that is prescribed to be a locked-in retirement account.” The regulation completes this definition by adding that “an RRSP is a locked-in retirement account Read more…

June 26, 2019

Pension Division Review Project Committee continues examination of commuted-value transfer, tackles private annuities at June 2019 meeting

At this month’s meeting, the Pension Division Review Project Committee continued its review of commuted-value transfer and began to examine private annuities. Section 115 of the Family Law Act applies to division of a pension with benefits determined under a defined-benefit-formula provision, if the pension is a “local plan” and Read more…

May 30, 2019

Target-benefit plans and commuted-value transfer were the focus of the Pension Division Review Project Committee’s May 2019 meeting

The Pension Division Review Project benefits from having an expert project committee. At this month’s meeting, the committee’s attention was focused primarily on two topics: target-benefit plan design and commuted-value transfer. In very simple terms, target-benefit plans are pension plans that combine features found in both of the more-traditional plan designs: Read more…

April 26, 2019

Pension Division Review Project Committee considers transitional provisions, disability benefits at April meeting

The Pension Division Review Project benefits from having an expert project committee. At this month’s meeting, the committee considered two topics: transitional provisions and disability benefits. The transitional rules that deal with division of pension benefits under the Family Law Act are found in section 253. The committee examined each of Read more…

March 18, 2019

Pierre-Luc Chénier joins the Pension Division Review Project Committee

BCLI is pleased to announce that the Pension Division Review Project Committee has a new member. Pierre-Luc Chénier is assistant director of policy at the BC Pension Corporation. Pierre-Luc leads a team of analysts charged with advising the British Columbia public-sector pension plans and corporate clients on legislative compliance matters, Read more…