The federal Finance Department has released a discussion paper on improving the framework for federally regulated private pension plans.

“The purpose of this paper is to get the views of Canadians on issues related to the legislative framework for federally regulated defined benefit and defined contribution pension plans with the objective of making permanent changes in 2009,” said Finance Minister Jim Flaherty on Friday.

The government had previously announced temporary solvency relief to federally regulated pension plans that have been affected by the substantial declines in equity markets in it’s economic and fiscal statement released last month.

The plans cover areas of employment under federal jurisdiction, including banking, telecommunications and inter-provincial transportation.

They currently represent 7% of all private pension plans in Canada, accounting for approximately 12% of pension assets.

Submissions will be accepted until midnight, March 16.

In addition, a series of national consultation meetings will begin in March, with details to be announced in the coming weeks.

Flaherty said the government will also consult with provinces and territories, which also regulate pension plans. To this end, a federal-provincial working group of senior officials has been established to discuss pension issues, which will provide opportunities for information sharing.

IE