Pension plans

Despite high volatility in financial markets in the first half of the year, the financial position of pension plans recovered in the second quarter of 2025.

Many private-sector organizations must include in their financial statements the recognition of their obligations toward defined benefit pension plans (DB pension plans) and other post-employment benefit plans, such as medical care plans offered to retirees (other benefits).

Similarly to last year, Normandin Beaudry’s specialists have analyzed the annual reports of Canadian organizations listed on the S&P/TSX 60 Index (the 60 largest organizations) and on the S&P/TSX Mid Index (mid-cap organizations) for which the fiscal year ended between September 30, 2024, and February 28, 2025.

On May 28, 2025, the Quebec government published draft regulations amending the Regulation respecting supplemental pension plans (Regulation respecting SPPs) and the Regulation respecting voluntary retirement savings plans (Regulation respecting VRSPs). The purpose of these draft regulations is to allow defined contribution plans and voluntary retirement savings plans (VRSPs) to implement dynamic pension funds, also known as variable payment life annuities (VPLAs).

The recently tabled Ontario budget aims to make additional pension options available to workers, namely the Variable Life Benefit (VLB) and target benefit plans. These initiatives are designed to enhance retirement security for Ontarians while addressing the evolving needs of workers and employers.

Amid a period of stock market turbulence, the first quarter of 2025 ended with a slight deterioration in the financial position on the going concern and solvency basis.

Amid a period of stock market turbulence, the first quarter of 2025 ended with a slight deterioration in the financial position on the going concern and solvency basis.

On January 29, 2025, Retraite Québec published guidelines concerning the reinstatement of the automatic pension indexation for members who were retired on December 31, 2013 within the meaning of the Act to foster the financial health and sustainability of municipal defined benefit pension plans (Act 15).

The year 2024 brought a marked improvement in both the going concern and solvency financial positions.

The going concern financial position improved during 2024 but remained stable in the fourth quarter. Meanwhile, the solvency financial position remained stable throughout 2024 and in the last quarter.

Our specialists prepared a reference guide with the key social security parameters for 2025. This quick and easy-to-use document is your reference for public pension plans and other retirement plans. Feel free to add the web page to your bookmarks!

In recent months, we have monitored various activities concerning Ontario pension plans initiated by either the Financial Services Regulatory Authority of Ontario (FSRA) or Ontario’s Ministry of Finance. This bulletin summarizes publications on the following recent topics and provides a summary of FSRA’s activities in 2024.