Private sector pensions review engagement

Overview

We gathered feedback from stakeholders to help inform potential legislative and policy updates to ensure private sector pension laws best meet the needs of Albertans.

Legislation governing private sector pensions hasn't been significantly updated since 2014 and recent stakeholder feedback identified challenges that may be contributing to increased costs and volatility, reduced pension plan coverage and hardships for retirees.

Stakeholder input on innovation and modernization, funding, and reducing red tape will help us identify opportunities to improve Alberta’s competitiveness by addressing gaps in the Employment Pension Plans Act and Employment Pension Plans Regulation.

Pension benefit amounts, which are established by a plan sponsor, are not changing and do not fall under the scope of this engagement.

This work supports the 2022-2025 Treasury Board and Finance Business Plan key objective to keep legislation, regulations and policies current and aligned with government’s red tape reduction initiative.

Input received

Stakeholder engagement

Government received feedback through email and met with committees of representatives from various pension plan stakeholders in fall 2022 through virtual meetings.

Outcomes

Stakeholder feedback will help inform potential updates to modernize, innovate and reduce red tape in Alberta’s private sector workplace pension system with a focus on the Employment Pension Plans Act and the Employment Pension Plans Regulation.

Contact

Questions and comments regarding this engagement can be emailed to: [email protected].