PRIVATE PENSION ACT
The general public is hereby advised that:
TRUST: Pension Plans that are governed by a trust are required to be registered with the Domestic Trust Registry (Registrar of Courts) in accordance with the Trust Act.All private pension plans whose trust are registered in 2017 will be considered a pre-existing pension plan for purposes of the Private Pension Act. Pre-existing pension plans will be afforded consideration for certain exemptions from provisions of the Private Pension Act. All 2018 and future private pension plans will have to comply with the current provisions of the Act.
LUMP SUM: The lump sum provision contained in pre-existing pension plans will be recognized as a pension benefit once the private pension plan is registered by the Supervisor of Pension.The private pension plan must remain in good standing at all times.
Supervisor of Pensions