Workplace Safety and Insurance Board - Pension Plan Conversion

The Board of Trustees of the WSIB Pension Plan Fund in the conversion of WSIB’s defined benefit, single employer pension plan to a jointly sponsored pension plan

Client

The Board of Trustees of the WSIB Pension Plan Fund

Value

$3.5 billion

Service

Pensions and Benefits

Date Closed

July 2020

Lead Office

Toronto

 

On July 1, 2020, Ontario’s Workplace Safety and Insurance Board (WSIB) and the Ontario Compensation Employees Union converted WSIB’s $3.5 billion defined benefit, single employer pension plan (SEPP) to a jointly sponsored pension plan (JSPP) that is now administered by an independent Board of Trustees. This SEPP to JSPP conversion is the first ever of its kind in Canada.  The WSIB plan is now listed as a JSPP under the Pension Benefits Act, consistent with a number of Ontario’s largest pension funds, such as the Ontario Teachers’ Pension Plan, the College of Applied Arts and Technology Pension Plan and the Ontario Municipal Employees Retirement System. 

Osler, Hoskin & Harcourt LLP advised the JSPP’s Board of Trustees with a team consisting of Paul Litner, Jonathan Marin, Glorie Alfred, Omar Sunderji, Olivia Suppa, Brenda Carson (Pensions & Benefits), Matias Milet, Jennifer Lee, Andrew Granek, Roger Smith (Taxation), Simon Hodgett (Technology), Lori Stein, Sandra Malcolm (Corporate), Melanie Simon and Kelly O’Ferrall (Employment & Labour).