Finance committee  Yes. Thank you. Clause 191 supports the previous clause, 190, by providing the authority to prescribe in regulations the rules associated with amendments to negotiated contribution plans.

Finance committee  Clause 192 sets out that the amendments in clauses 189 to 192 with respect to negotiated contribution plans come into force on order of the Governor in Council. This is because regulatory amendments are also required, so in this way we'll make sure that the legislative and regula

Finance committee  (Clause 192 agreed to on division) (On clause 193)

Finance committee  No, I think can give maybe just a brief.... I'm sorry about that. I had an Internet issue. I believe you asked this question during the previous meeting, when we were studying these amendments, and I—

Finance committee  Yes. As I understand it, that question has been sent to the department. An answer should be forthcoming from people with more experience with the Canada pension plan than I have. Our role is just with respect to the federally regulated private sector.

Finance committee  Clause 190 amends subsection 10.1(2) of the Pension Benefits Standards Act, which sets out the rules with respect to plan amendments. This amendment carves out negotiated contribution plans from the existing rules and requires that amendments to negotiated contribution plans will

Finance committee  Certainly. It's a very good question. Pension terms can tend to be a little confusing, and every jurisdiction tends to call things something slightly different. Defined contribution plans, simply put, are like group RRSPs, except that they're registered pension plans. Employees

Finance committee  That's not quite correct. Funding requirements and changes to funding requirements are also part of this revised framework, but all those changes will be done via regulatory [Technical difficulty—Editor].

Finance committee  Yes, Chair. I will provide that. I'll actually provide an overview for clauses 189 to 192, and then I can go through them each individually. On what this division does, budget 2021 proposed the establishment of a revised federal framework for multi-employer negotiated contribut

Finance committee  Thank you, Mr. Chair. My name is Kathleen Wrye. I'm the acting director of the pensions policy team at Finance Canada. This division proposes legislative amendments as part of the establishment of a revised framework for multi-employer negotiated contribution pension plans. Neg

Finance committee  Unfortunately, that's not my area of expertise, so I'm not able to respond to it.

Finance committee  As I said, this is a clarifying amendment. There has been a suggestion that our legislation was unclear with respect to benefit entitlement at the termination of a plan. This is clarifying the intent, which is that an individual's entitlement to their pension benefit is the same

Finance committee  Yes. Typically for a defined benefit plan, all of the people would receive an annuity in lieu of their pensions.

Finance committee  That's where it would turn to the insolvency statutes. All we are clarifying is that your entitlement to your benefit does not change.

Finance committee  Thank you. Division 5, part 4 also amends the Pension Benefits Standards Act, 1985, in two ways. The first is that it clarifies that a plan member's entitlement to their pension benefits cannot be made conditional on the continued operation of the plan. In other words, it clari