The federal Department of Finance will begin public consultations in March on the legislative and regulatory framework for federally regulated private pension plans, Finance Minister Jim Flaherty announced on Monday.

“Many Canadians are concerned about the long-term viability of their pension plans,” Flaherty said. “The government wants to hear people’s views on how we can strengthen the security of pension plan benefits and ensure that the framework is balanced and appropriate.”

The announcement follows a discussion paper on pension plans that the government released in early January. The paper covers both defined benefit and defined contribution plans that are subject to the Pension Benefits Standards Act.

The discussion paper explores various issues relating to DB and DC pension plans. Some of the key issues include solvency measurement and funding rules, the legislative framework for multi-employer pension plans, investment rules and many others. The paper also explores the issue of whether the Pension Benefits Standards Act could be made more flexible to accommodate alternative plan designs.

The consultations will begin in Ottawa on March 13. Subsequent sessions will take place in Halifax, Montreal, Toronto, Vancouver, Whitehorse and Edmonton, culminating in Winnipeg on April 17. Ted Menzies, parliamentary secretary to the minister of finance, will chair the consultations.

“We announced this consultation process in January and we committed to getting it up and running quickly because this issue is important to many Canadians,” Menzies said.

The pension plans covered in the consultations include areas of employment under federal jurisdiction, including banking, telecommunications and interprovincial transportation. They currently represent 7% of all private pension plans in Canada, accounting for approximately 12% of pension assets.

The deadline for written comments on the discussion paper is March 16.