Basic rules for amending a pension plan
- The employer usually has the power to amend a pension plan. Refer to the plan provisions for details.
- An amendment cannot have effect until it has been registered with Retraite Québec, except in the cases provided for under section 19 of the Supplemental Pension Plans Act .
- An amendment can reduce future obligations. It cannot reduce past obligations, except in certain specific cases.
- An amendment may not reduce a benefit whose payment began prior to the date on which the amendment took effect.
- Any provision of a pension plan that is not in conformity with the Act is without effect.
- Certain amendments require Retraite Québec's authorization or approval.
Amendments reducing benefits under a defined contribution or defined benefit plan
Consult the rules that apply to amendments reducing benefits under a defined contribution or defined benefit plan as well as the requirements that must be met for exceptions to apply, particularly where the affected members and beneficiaries have given their consent. See also the examples of information to be provided when obtaining consent.
Converting a defined contribution pension plan into a simplified pension plan
Click here for basic information on the subject. You can also consult Newsletter number 17, published in June 2004.
Amending an SIPP
The contents of this page do not apply to simplified pension plans (SIPPs). Find out more about amending an SIPP.