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Tuesday, September 19, 2017
Financial and Consumer Affairs Authority

The Pension Benefits Regulations, 1993 (the Regulations), defines a Limited Liability Plan (LLP) as a defined benefit pension plan where the funding obligations are limited by collective bargaining agreement or contract and where accrued and/or future benefits can be reduced if there is a funding deficit in the LLP.  Certain pension plans are exempt from the definition of an LLP.

Effective August 25, 2017, the Regulations were amended to establish a new funding and regulatory regime for LLPs (“LLP Regime”).

In general, the LLP Regime is as follows:

  • Permanent exemption from funding solvency deficiencies;
  • Requirements respecting provision for adverse deviations;
  • Restrictions on benefit improvements;
  • Allow LLP pension plan contracts to be amended to provide the option to calculate commuted values (CV) based on the plan’s going concern assumptions and to permanently decrease the CV to the funded position of the plan; and
  • Enhanced member communications.


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