The governments of Alberta and British Columbia have released an expert panel report, which provides recommendations to harmonize and modernize the pension standards legislation of the two provinces and improve access to pension plans.

The Joint Expert Panel on Pension Standards was created in October 2007 by the provincial governments, which jointly appointed six experts, three from each province, to conduct a comprehensive review of Alberta’s Employment Pension Plans Act and British Columbia’s Pension Benefits Standards Act.

The panel recommend” that the two provinces:

> adopt identical pension acts, establish a joint policy advisory council and joint pension tribunal and work towards a single pension regulator;

> shift to a more principle-based regulatory system, improve pension plan governance and revise the rules relating to funding, disclosure and benefits of pension plans;

> work to enhance financial literacy and revise the rules relating to the “locking in” of contributors’ pension monies; and

> create a new pension plan operated independently and available to any employer, employee or self-employed person.

The public is invited to review the report and provide feedback about the recommendations by March 2, 2009. This feedback and the panel’s recommendations will be considered by both governments before any new policy is set, the provinces say.

“This is a landmark review of Alberta’s and British Columbia’s pension legislation,” said Iris Evans, Alberta Minister of Finance and Enterprise. “The report and feedback will provide a solid base for a strategy for increased opportunity and choice in the pension environment for individuals, businesses and investors in both provinces.”

“The appointment of the panel is an important example of co-operation between Alberta and British Columbia in the spirit of our Trade, Investment and Labour Mobility Agreement,” said Colin Hansen, BC’s Minister of Finance. “Minister Evans and I have agreed to continue to collaborate on this important project to modernize and harmonize our pension standards and create a better environment for workplace pensions in our two provinces.”

IE