Should Alberta Update Its Private Sector Pension Rules?

Official title: Private sector pensions review engagement

Closed Regulations & Permits Economy & Jobs Finance & Consumer
Alberta is reviewing its private sector pension laws, which haven't been significantly updated since 2014. The government wants to modernize rules, reduce red tape, and address issues that may be increasing costs and reducing pension coverage for workers.

Why This Matters

Have a workplace pension in Alberta? This review could affect how your retirement savings are managed. The government says current rules may be driving up costs and making it harder for employers to offer pension plans. If you're counting on a private sector pension, changes here could impact your retirement security.

What Could Change

The Employment Pension Plans Act and Regulation could be amended to reduce administrative requirements for plan sponsors. New rules might address funding volatility and coverage gaps. Red tape reduction could make it easier for employers to maintain pension plans.

Key Issues

  • How can pension regulations be modernized and innovated?
  • What funding rules need to change to reduce costs and volatility?
  • What red tape can be cut to improve Alberta's competitiveness?

What Happened

The government received feedback through email and held virtual meetings with committees of representatives from various pension plan stakeholders in fall 2022. This input will help inform potential updates to the Employment Pension Plans Act and Regulation.