New Brunswick to allow windup of pension plans with missing members

By Julius Melnitzer | January 3, 2022

New Brunswick’s new unclaimed property regime, which came into force on Jan. 1, 2022 and is the fourth such provincial regime in Canada, will finally allow defined benefit pension plan sponsors with unlocatable or missing members to fully windup their plans.

The governing legislation, the Unclaimed Property Act, received Royal Assent in March 2021, but the implementing rules were only adopted by the New Brunswick Financial and Consumer Services Commission in December.

“Without the [Unclaimed Property Act] rule, pension plans with unlocatable or missing members aren’t able to distribute all their assets and, therefore, aren’t able to have the pension plan registration revoked,” wrote Andrew Nicholson, the commission’s director of unclaimed property, in an email to Benefits Canada.

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