Québec drafts regulations around pension plans; the Council of the Federation announces price reductions for prescription drugs in the rest of Canada

These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada

TORONTO, April 23, 2014 /CNW/ - Morneau Shepell examines proposed provincial changes to pension legislation and a drop in prescription drug costs in the current issue of its newsletter, News & Views.

• QUÉBEC - DRAFT REGULATION FOR VOLUNTARY RETIREMENT SAVINGS PLANS (VRSP) - The Autorité des marchés financiers du Québec (AMF) and the Régie des rentes du Québec (RRQ) each recently published draft regulations for voluntary retirement savings plans (VRSPs).
• QUÉBEC -DRAFT REGULATION TO AMEND THE REGULATION FOR SUPPLEMENTAL PENSION PLANS - Along with the draft Regulation respecting voluntary retirement savings plans described above, a draft Regulation to amend the Regulation for supplemental pension plans was published in the March 12th Gazette officielle du Québec.
• PRICE REDUCTIONS FOR PRESCRIPTION DRUGS - Through the Pan-Canadian Competitive Value Price Initiative for Generic Drugs, the Council of the Federation announced that the prices of four more prescription drugs will be limited to 18 per cent of the brand name price effective April 1, 2014.
• CAPSA RELEASES DC PENSION PLANS GUIDELINE IN FINAL FORM - On March 28, 2014, the Canadian Association of Pension Supervisory Authorities (CAPSA) released the "Defined Contribution Pension Plans Guideline" (DC Guideline) in final form.
• NEW BC WILLS, ESTATES AND SUCCESSION ACT AFFECTS BENEFICIARY DESIGNATIONS - On March 31, 2014, the new Wills, Estates and Succession Act came into force in British Columbia. The Act helps to simplify and codify the rules affecting wills and estates. Previously, such rules were scattered among various pieces of legislation and, in some cases, unclear or ambiguous.
• MARKET INDICES - Monthly summary of returns from various market indices such as the TSX Group / PC Bond Indices and Canadian, U.S. and Foreign Equity Indices. Also includes returns from benchmark portfolios used by pension funds.
• TRACKING THE FUNDED STATUS OF DEFINED BENEFIT PENSION PLANS - Impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities.
• IMPACT ON PENSION EXPENSE UNDER INTERNATIONAL ACCOUNTING - Expense impact for a typical defined benefit pension plan.

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