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New Brunswick: Proposed Amendments to the PBA Related to Shared Risk Plans

December-17-2012

Area Pensions

Summary

Effective July 1, 2012, the Province of New Brunswick introduced the shared risk pension plan (“SRPP”) model, the first of its kind in Canada.  The SRPP design contains elements of a target benefit design, such as a DB-type formula, fixed contributions (subject to certain adjustments in accordance with the funding policy) and the possibility of benefit adjustments.  However, the New Brunswick model also incorporates sophisticated risk management and governance requirements to help ensure benefit security and pension sustainability.

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