The Office of the Superintendent of Financial Institutions (OSFI) has issued a draft instruction guide regarding asset transfers related to defined benefit provisions of pension plans.
According to OSFI, the guide sets out the general principles and requirements that should be satisfied to obtain permission to transfer assets that relate to defined benefit provisions from a federally regulated pension plan to another pension plan under section 10.2 of the Pension Benefits Standards Act, 1985 (PBSA).
Transfers made as a result of a portability option under section 26 of the PBSA do not require the Superintendent’s permission.
The guide may be used while in draft form and replaces the Instruction Guide for Asset Transfers between Defined Benefit Pension Plans that was issued in July 2005.
Comments on the draft guide are requested by Sept. 30, 2010 and may be provided to Sylvia Bartlett at (613) 990-7856 or sylvia.bartlett@osfi-bsif.gc.ca .
Download the draft instruction guide here.
