Solvency Special Payment Relief Regulations

Solvency Special Payment Relief Regulations

Finance Minister Bill Morneau announced the coming into force, on May 27, of the government’s Solvency Special Payment Relief Regulations, 2020, which establish the moratorium.

This relief will help ensure that employers have the financial resources they need to maintain their operations and their pension plans, and to protect the retirement security of their workers and retirees.

Under the regulations, from today until December 30, 2020, federally regulated defined benefit pension plan sponsors are not required to make solvency special payments. The regulations also provide accommodations for solvency special payments made since April 1, 2020.

More information here and here.

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