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Queen's University

Solvency Relief Update

The University’s application for stage one pension plan solvency relief has been approved.

The application to the Ontario government for temporary pension solvency relief was submitted in late December (the solvency relief application is available on the Human Resources website), and provides the University with temporary relief from the significant increase in special payments that would otherwise be required as a consequence of the pension plan's solvency deficiency. The Queen’s Pension Plan was among several approved for stage one relief via an amending regulation to O. Reg 178/11.

As indicated in October'sfinancial update from Vice-Principal Caroline Davis and Provost Alan Harrison, the relief is only temporary and the university will still be required to make large payments into the plan: stage one of the provincial program requires interest payments on the solvency deficiency to be paid into the plan this year and additional going concern special payments commencing in 2012-13; stage two relief allows the university to spread its subsequent solvency payments over ten years beginning September 2015.

Queen's Human Resources
Fleming Hall, Stewart-Pollock Wing
Kingston, Ontario, Canada. K7L 3N6.
T: 613.533.2070 | F: 613.533.6196