Osler’s Pensions and Benefits Department provides deep and wide-ranging expertise from one of the largest groups of full-time pensions and benefits law practitioners of any Canadian law firm. That market-leading expertise is complemented by the specialized knowledge and skill contributed by the “cross-appointed” lawyers from our Tax, Litigation and Research Departments and our U.S.-qualified lawyers. Through our integrated team in offices in Toronto, Montréal and New York, we can provide the right combination of experience along with a solutions-driven approach to meet all of our clients’ needs on both sides of the border – for all sizes of organizations.
Our pensions and benefits lawyers have experience in the following:
- Plan Governance and Administration – Osler has advised many of Canada’s largest plan sponsors, administrators and public sector pension funds, providing expertise on every aspect of plan administration and governance, including plan funding, multijurisdictional issues (including Québec civil law and Canada-U.S. cross-border issues), governance audits, compliance reviews, plan member communications, and agreements with third-party service providers. Our lawyers have extensive experience representing clients in dealings with the federal and provincial pension regulators and the tax authority.
- Pension Plan Restructuring – We have advised plan sponsors on the complexities of plan asset transfers, mergers, conversions and wind-ups, including undertaking reviews of historical plan documents and preparing submissions to the regulators. Osler lawyers have also been involved with some of the most complex restructuring cases of the day, bringing exceptional expertise to the table.
- Pension De-risking - The de-risking of defined benefit (DB) pension funds is a global trend, which is beginning to emerge in Canada and the United States, where many DB plans have solvency deficiencies. Our lawyers are at the forefront of this trend, developing strategies for addressing the legal issues that arise with the various de-risking options that are available to pension plan sponsors.
- Shared Risk and Target Benefit Plans – With Canada’s recognized expert on shared risk plans leading the way, we advise organizations with respect to legal issues associated with the establishment of shared risk and target benefit plans.
- Transactional Experience – We work closely with other members of the firm on the pensions and benefits aspects of mergers, acquisitions, insolvencies and other corporate transactions and restructurings.
- Plan Funding Issues – We have advised clients on complex plan funding issues, including in relation to contribution holidays and plan expenses, letter of credit funding arrangements, temporary solvency funding relief measures and the establishment of solvency reserve accounts (for pension plans registered in Alberta). We have drafted funding policies and advised on their application. We have also represented plan sponsors in some of Canada’s largest surplus withdrawals, including the largest withdrawal of plan surplus in Canadian history (almost $450 million).