The Financial and Consumer Services Commission administers the Pension Benefits Act, which is designed to protect the interests of New Brunswick pension plan members by setting minimum standards for pension plans registered in New Brunswick.
Applicants wishing to register a pension plan under the Pension Benefits Act must submit a completed application through the Financial and Consumer Services Commission’s online portal. The application must include certified copies of the documents that create and support the pension plan and pension fund, as well as certified copies of any other prescribed documents and information. In addition, the prescribed fee must be paid before the application can be reviewed.
Locked-in Retirement Account (LIRA), LIF (Life Income Fund) and Annuities
Financial institutions wishing to register a standard contract under the Pension Benefits Act must submit a completed application through the Financial and Consumer Services Commission’s online portal and pay the prescribed fee.
Visit the Financial and Consumer Services Commission’s online portal for the list of financial institutions authorized to sell standard contracts under the Pension Benefits Act.
The Financial and Consumer Services Commission is responsible to ensure pension plans registered in New Brunswick meet the legal requirements of the Pension Benefits Act.
What FCNB can do to help:
• Explain general pension plan legislation and how pension plans work
• Provide pension forms for the unlocking of pension benefits or spousal waiver of benefits
• Monitor pension plans through filing and reports
• Enforce the requirements of the Pension Benefits Act and Regulations
• Review and respond to complaints
What FCNB cannot do:
• Determine the benefits a pension plan member is entitled to
• Answer questions relating to family law, taxes, investments, governmental programs such as the Canada Pension Plan, or provide financial or legal advice.
For information about their pension plan and the benefits they are entitled to, pension plan members should contact their plan administrator.