Pensions

Overview

The Commission administers the Pension Benefits Act and the Nursing Homes Pension Plans Act and their regulations. Its role as a regulator is to ensure pension plans meet the legal standards set out in these Acts. 

Consumer Protection

The Commission monitors funding and disclosure rules and investigates complaints under these Acts.

If you are a member of a New Brunswick pension plan, your plan administrator is your first point of contact for information about how it works and what benefits you’re entitled to. For most pension plans, your employer is your plan administrator. 

Pension administrators are responsible for ensuring you receive the money you’re entitled to by: 

• managing pension plans 
• keeping accurate records
• following best practices, such as conducting regular audits to make sure members and survivors are still eligible for benefits 
• handling plan registration, amendments, annual filings and wind-up reports 

What we can do:

• register pension plans and monitor compliance with funding and disclosure rules
• help you to obtain documents related to your pension plan from your administrator if necessary 
• provide you with forms to unlock your pension if you are eligible to do so under the Act
• review and investigate complaints regarding a plan sponsor or administrator 
• set and enforce standards for plan management and member communications 
• set guidelines and requirements for asset transfers involving a shared risk plan and plan wind-ups
• enforce the requirements of the Pension Benefits Act 

What we cannot do:

• oversee the governance of a pension plan. This is the responsibility of the pension plan administrator.
• determine the benefits you are entitled to
• give you information about a pension plan other than the plan you’re in, or about other members of your pension plan
• provide tax, financial, investment or legal advice
• answer questions about the Canada Pension Plan or other government programs or pensions not registered with the Commission

Resources

Learn more about pensions and retirement at Finfo.ca.