Government of Canada signs agreement with provinces to simplify and clarify the supervision of multi-jurisdictional pension plans
“I am very pleased to announce the signing of this agreement with provinces that will reduce the regulatory burden for multi-jurisdictional pension plans in Canada. The signing of the 2020 Agreement supports the government’s commitment to a secure and dignified retirement for Canadians by contributing to a regulatory landscape that supports private workplace pensions.’’
- Bill Morneau, Minister of Finance
Multi-jurisdictional pension plans are employment-based pension plans with members in more than one Canadian jurisdiction, either federal or provincial.
According to Statistics Canada, as of January 1, 2018, there were approximately 2,500 multi-jurisdictional pension plans operating in Canada, which account for approximately 15 percent of all pension plans registered across the country.
The 2020 Agreement replaces a 2016 agreement between five provinces. It is the first such agreement involving the Government of Canada.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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