Mr. Speaker, private pension plans are regulated under the applicable pension standards legislation, which can be either federal or provincial, depending on the employer’s business operations. Plans sponsored by employers in federally regulated industries, which include banking, interprovincial transportation, and telecommunications, are regulated under the federal Pension Benefits Standards Act, 1985, PBSA.
The Sears pension plan falls under provincial jurisdiction and is regulated by the Ontario Pension Benefits Act. Decisions pertaining to the supervision and administration of this plan are the sole responsibility of the Ontario Superintendent of Financial Services. The federal Department of Finance is not involved in any way.