C-228 – Pension Protection Act – is a straightforward one. It makes changes to the Bankruptcy and Insolvency Act and Companies’ Creditors Arrangement Act to ensure that any company that goes bankrupt meets any obligations they have when it comes to pension plans and group insurance plans.
C-228 also makes a small change to the Pension Benefits Standards Act. At the moment every year a report is sent to the House on how well the Pension Benefits Standards Act is working. C-228 would add the success of pension plans meeting their funding requirements to this report, as well as any measures taken towards plans that aren’t meeting them.
Status
C-228 has cleared the House of Commons and passed through the Senate without any changes, and was granted Royal Assent on April 27, 2023.