The Office of Superintendent of Financial Institutions(OSFI)says the increasing complexity of the work and a litigious environment for pensions demands greater skill on the part of its staff.
In its Plan and Priorities 2007-2010, the organization states it has started to address both the staff and systems issues, but work in these areas is not complete.
OSFI will focus on fully integrating additional staff hired over the previous year into the private pension plan division as well as monitoring—and determining the implications of—court decisions affecting private pension plans.
Its pension projects include: continuing to accelerate the pensions approval process, training new employees, upgrading the internal information technology system, and contributing to policy analysis of the Pension Benefits Standards Act, 1985.
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