First Nations Pension Plans - Supreme Court of Canada Decision (November 2012)

InfoPensions 5 and InfoPensions 7, provided information on the potential implications of the Supreme Court of Canada (SCC) decision in NIL/TU, O Child and Family Services Society v. B.C. Government and Service Employees’ Union for some pension plans that provide services to First Nations. OSFI is proceeding with the identification and transfer of some pension plans that, as a result of this decision, are not subject to federal jurisdiction. Plans that have been transferred to provinces thus far include plans with only one participating employer. To date, OSFI has transferred 27 such plans to British Columbia, 22 to Alberta, 26 to Saskatchewan, 35 to Manitoba, 45 to Ontario, 1 to Québec, 2 to New Brunswick and 2 to Nova Scotia. Plan administrators are encouraged to review the SCC decision and their plan structure to determine whether they remain subject to the PBSA.

The next round of transfers is expected to start in early 2013 and will include plans with more complex structures.