Bank of Canada to Administer Unclaimed Pensions

Summary#

This Order sets January 1, 2027 as the day when sections 141 and 142 of the Budget Implementation Act, 2021, No. 1 come into force. It also clears the way for the Minister of Finance to designate the Bank of Canada to hold and administer unclaimed pension assets for people who cannot be located. The Order was made on March 30, 2026 and registered on April 8, 2026.

What it does#

• Brings sections 141 and 142 of the Budget Implementation Act, 2021, No. 1 into force on January 1, 2027.
• Approves the Minister of Finance’s ability to designate an entity under the Pension Benefits Standards Act, 1985; the Order signals the Bank of Canada as that entity for unclaimed pension assets.
• Requires that transfers of unclaimed pension assets to the designated entity be authorized by the Office of the Superintendent of Financial Institutions (OSFI).
• Says a transfer of pension assets to the designated entity will satisfy a plan’s obligation to pay the missing benefit.
• Allows prescribed persons to claim lump-sum payments from the designated entity for assets that were transferred.
• Requires plan administrators to provide prescribed information to the designated entity and allows the designated entity to publish prescribed information about unclaimed balances.
• Gives the federal government regulatory power to set rules for how the designated entity will receive, hold, and disburse unclaimed pension assets.

Who's affected#

• People with unclaimed pension balances from terminated federally regulated pension plans who cannot be located.
• Administrators and sponsors of federally regulated pension plans that are winding up or that hold unclaimed balances.
• Bank of Canada, if it is formally designated and begins administering these assets.
• Office of the Superintendent of Financial Institutions (OSFI), which must approve transfers and will supervise the framework.
• Pension industry groups, unions, retirees and other stakeholders involved in federally regulated pension plans.

Why it matters#

• It creates a legal route for terminated federally regulated pension plans to transfer unclaimed balances to a central institution, which helps those plans fully wind up and stop incurring ongoing costs.
• Putting unclaimed pension balances on the Bank of Canada’s platform aims to make it easier for people to find lost pensions, similar to the Bank’s existing unclaimed deposits service.
• Transfers still need OSFI approval and the full framework requires the Minister’s formal designation and regulations to be in force — the Order starts the clock but does not by itself complete the operational steps. The government’s materials say the Minister’s designation of the Bank of Canada is expected in 2026.