Final Report of the Alberta-B.C. Pension Standards Review Panel
December 15, 2009No CommentsFinal Report of the Alberta-B.C. Pension Standards Review Panel
The Joint Expert Panel on Pension Standards was appointed on October 19, 2007 by the
Ministers of Finance of Alberta and British Columbia to conduct a full and independent
public review of the pension standards legislation in the two provinces with a view to
ensuring that the pension benefits standards contribute to making our provinces leaders in
creating opportunities and choices for workers, investors and businesses. The Pension
Benefits Standards Act (British Columbia) and the Employment Pension Plans Act
(Alberta) (the Acts) set minimum standards for funding, investments, benefits and
disclosure for occupational pension plans. Almost 1600 pension plans in the two
provinces are subject to these standards. Public sector plans were excluded from the
review.
The two Acts have not been thoroughly reviewed for two decades. During that time the
occupational pension system has matured and become more complex, and pension plan
participation has declined significantly in the private sector. Therefore, the Panel’s key
objective was to recommend changes that would strike a balance between encouraging the
establishment and maintenance of workplace pension plans and giving plan members
confidence in the security of their pension benefits.
The appointment of a joint Panel provided an opportunity to explore prospects for greater
harmonization of pension standards between the provinces, responding to frequent calls
for greater interprovincial harmonization.
The Panel has concluded that a fundamental reform of pension legislation is necessary to
address these objectives. In crafting our recommendations we have attempted to balance
the disparate views and interests of plan beneficiaries and employers, and the potentially
contradictory goals of improved benefit security and higher participation. Consequently,
we urge all readers of our report to view our recommendations as a package, which is
intended to be taken as a whole.