Pension Regulator Adopts Four of Five Auditor General Recommendations

first_img Mr. Parent said the province would not act on a recommendation to ensure that pension plans are “prudently invested,” because that would be outside the role of the government as regulator. “It’s very important that we do not blur the lines between the responsibilities of the pension-plan administrator and our role as regulator, a role which is consistent with every other province across Canada,” said Mr. Parent. “I certainly understand how concerned Nova Scotians are for the security of their pension plans, but I want to assure them that very good processes in place in our pension regulation system.” Every pension plan covered by regulations, including private, municipal and not-for-profit sector plans, is reviewed by an actuary, who determines whether or not the fund is performing well enough to meet its obligations, every three years. If a plan is underfunded, employers are required to top them up. Pension administrators are required to file an annual information return, which details the contributions actually made to the plan, the beginning and ending market values of the fund, as well as transfers into the fund and payments made out of the fund, with the Superintendent of Pensions. The Administrator must also certify whether or not the statement of investment policies and procedures has been reviewed. imposing penalties for actuarial valuation reports filed late requiring more timely reporting to the Minister responsible for Pension Regulation developing performance measures for the supervision of defined contribution pension plans requiring periodic valuation of annual returns consistent with the regulatory principles for a model pension law developed by Canadian Association of Pension Supervisory Authorities. Nova Scotians can have confidence in pension regulation said Minister of Labour and Workforce Development Mark Parent, who announced government will act on four of five recommendations in the auditor general’s semi-annual report released today, Nov. 19. “Nova Scotia has a very good pension regulation system, in fact as good as any in the country,” said Mr. Parent. “But we are always open to good ideas to make things better, so we welcome the recommendations of the auditor general and will act on four of the five he has made.” The four recommendations adopted are:last_img read more

MoD says 2017 Year of the Navy as new carrier prepares for

first_imgThis year will be the start of a “new era of maritime power” for Britain, as the Royal Navy’s new aircraft carrier leaves its shipyard and begins sea trials, the Defence Secretary has said.The 65,000-tonne HMS Queen Elizabeth will begin trials in the North Sea in March, before moving to its new home in Portsmouth later in the year.Its sister ship, HMS Prince of Wales, will enter the water for the first time in the summer in Rosyth as work on her continues. HMS Queen Elizabeth is due to be ready for its first deployment in 2021, 11 years after the defence review which axed Britain’s old carriers and their Harrier jets.The MoD has also vowed to begin cutting the first steel in Glasgow for eight new Type 26 frigates later this year, amid fears delays in replacing the ageing Type 23 vessels will see the fleet shrink further next decade. HMS Queen Elizabeth is due to move to its new home in Portsmouth in May Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.center_img HMS Queen Elizabeth is due to move to its new home in Portsmouth in May The Ministry of Defence has declared 2017 the year of the Navy after a series of disclosures last year about unreliable warships, cuts and undermanning.Sir Michael Fallon said: “2017 is the start of a new era of maritime power, projecting Britain’s influence globally and delivering security at home.”last_img read more