Responsibilities | Pension Plans
Regulation of Pension Plans

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Regulation of Pension Plans
Pension Benefits Standards Act


Employment pension plans covering British Columbia employees are regulated by the Pension Benefits Standards Act (the "PBSA").

The PBSA governs pension plans organized and administered to provide pensions for employees and former employees, and under which the employer is required to make contributions on behalf of the members.

The PBSA and the Pension Benefits Standards Regulation are administered by the Pensions Department of the Financial Institutions Commission of British Columbia ("FICOM"). The chief administrative officer charged with the administration and enforcement of the PBSA is the Superintendent of Pensions . The PBSA came into effect in 1993. From 1993 to 2003, the PBSA was administered by the Pension Standards Branch of the Ministry of Skills Development and Labour. Effective April 1, 2003, the Pension Standards Branch was incorporated into FICOM .

The objective of the Pensions Department of FICOM is to enhance the retirement income security of British Columbians by

• ensuring the security of pension plan benefits and rights provided to British Columbia pension plan members by the PBSA,
• ensuring that British Columbia pension plans comply with the PBSA, and meet the minimum standards of financial health required by the PBSA,
• assessing the ongoing effectiveness of the legislation and recommending improvements to the PBSA,
• working toward legislative and administrative harmonization with other provinces and the federal government,
• keeping the regulatory burden on pension plans, and the cost of pension plan regulation, to a minimum,
• reviewing and approving locked-in RRSP and life income fund ("LIF") contracts,
• providing effective and efficient service through participation of both clients and staff in setting service standards and objectives,
• educating members and their representatives regarding their rights and obligations, and
• promoting increased pension coverage of British Columbia employees, and educating the public on the benefits of participation in pension plans and other retirement savings programs.

The PBSA and the Pensions Department regulate employment pension plans mainly through the requirement of registration. A pension plan is required to be registered in British Columbia if there are more members of that plan that work and reside in British Columbia than in any other province or territory.

There are approximately 900 employment pension plans registered in British Columbia , including public sector plans. These plans cover approximately 500,000 members who are employed and accruing benefits, approximately 110,000 former members who are receiving pension payments from the plan, and approximately 100,000 deferred vested members, who retain an entitlement in the plan but have not started receiving payments.

Pension plans registered in other provinces, that have British Columbia members, are also governed by the PBSA. In other words, British Columbia members of pension plans registered in other provinces in Canada are also protected by the PBSA. There are approximately 60,000 British Columbians who are members of the approximately 1500 plans registered in other provinces that include British Columbia members.

The PBSA does not, however, have jurisdiction over pension plans covering federal public sector employees, or private sector employees working in federally regulated industries or jurisdictions . There are approximately 300 plans covering approximately 70,000 British Columbia members who are working in federally regulated industries.

Crown Publications Inc.
521 Fort Street
Victoria, British Columbia V8W 1E7
telephone: 250 386-4636, fax: 250 386-0221

For the convenience of users of this web site, an electronic, unofficial version of the Pension Benefits Standards Act , R.S.B.C. 1996, c. 352 (the "PBSA"), for personal non-commercial use, is provided. This version includes all amendments up to January 1, 2003, and is cross-referenced with the Pension Benefits Standards Regulation (also provided on this web site).

Please read the Important Information containing a disclaimer, copyright information and details about the availability of printed and electronic versions of this Act, before going directly to the Pension Benefits Standards Act .

A separate electronic, unofficial version of the Pension Benefits Standards Act , R.S.B.C. 1996, c. 352, for personal non-commercial use, is also on the internet at the Queen's Printer site with the rest of the Revised Statutes of British Columbia, 1996 . Please read the Important Information about the Revised Statutes of British Columbia, 1996 , provided by Queen's Printer, before going to this version of the Pension Benefits Standards Act. Please note that this version of the PBSA is not cross-referenced with the Pension Benefits Standards Regulation.

The companion document to the PBSA is the Pension Benefits Standards Regulation.