BILL 33

An Act to Amend the Pension Benefits Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 The Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended by adding after section 93 the following:

Agreement with respect to a pension plan required to be registered in a designated jurisdiction

93.01( 1) With the approval of the Lieutenant-Governor in Council, the Minister may enter into an agreement with an authorized representative of a designated jurisdiction in relation to a pension plan that is required to be registered in the designated jurisdiction.

93.01( 2) An agreement entered into under subsection (1) shall provide for the administration, application and enforcement of pension benefits legislation with respect to the pension plan that is the subject of the agreement.

93.01( 3) Without limiting the generality of subsection (1), an agreement may

(a)  make the pension benefits legislation of the designated jurisdiction or any provision of that legislation inapplicable to the pension plan,

(b)  authorize the application of this Act and the regulations or a provision of either of them to the pension plan, and

(c)  delegate to the Minister the functions and powers of the pension supervisory authority under the pension benefits legislation of the designated jurisdiction.

93.01( 4) The Minister may sub-delegate in writing any functions and powers delegated to the Minister in an agreement under subsection (1) to the Financial and Consumer Services Commission or the Superintendent, subject to any limitation or condition set out in the sub-delegation.