The Future of Pensions Act is a reality

On May 30, 2023, the Senate passed the Bill on the Future of Pensions Act. This means that as of July 1, 2023, all pension plans must start complying with this new law. Since the new pension system is a far-reaching operation for pension providers and has major consequences for employers and participants, there is a transition period. This transition period lasts until January 1, 2028 at the latest. We advise you not to wait until the end of the transition period to bring your current pension plan into compliance with the new law.

There is a big difference between pension plans with a pension fund and a directly insured plan with an insurer. The attached leaflet details the main changes when it comes to a directly insured plan with an insurer.

We at Alpina Pensions will be consulting with you during the transition period on what these changes will mean for you as an employer and for employees. If you would like to consult with us now please feel free to contact us.

For more information, see our page on the new pension law.