The Ontario government isn't concerned about a pension shortfall at Ontario Teachers Pension Plan, but it is keeping watch on whether pension rules have to be revised in light of a deficit at Stelco Inc.
"The plan is governed between the teachers and the government of Ontario so we have a seat at the table and I'm confident the issues that confront the plan right now can be resolved," Finance Minister Greg Sorbara said at the Ontario Liberal Party's annual meeting.
Last week, Ontario Teachers Pension Plan said its assets aren't big enough to cover the cost of future retiree benefits, creating a $6.2-billion shortfall as of January.
The issue of pension deficits is top of mind for the Ontario government as workers at Hamilton-based Stelco, which is restructuring under bankruptcy protection, are calling on the province to guarantee its pensions as a way to help the company out of its financial woes.
"Stelco may be the catalyst that has us review some of the regulatory aspects of the [Pension Benefits Guarantee Fund]and regulating pensions generally," Mr. Sorbara said.