The Financial Services Regulatory Authority of Ontario is consulting on proposed pension benefits guarantee fund assessment deadlines and calculations guidance, which is designed to assist plan administrators in maintaining compliance with the Pension Benefits Act. The proposed guidance includes: that the deadline for paying the assessment is nine months after the fiscal year end, whether the pension plan […]
The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Authority of Ontario are putting forward six recommendations for strengthening the Canadian Association of Pension Supervisory Authority’s capital accumulation plan guidelines. In a webinar hosted in November 2021, the regulators shared the outcomes of its technical advisory committee and solicited feedback from the […]
The Financial Services Regulatory Authority of Ontario is clarifying its guidance on the administration of pension benefits upon marriage breakdown. The final guidance, which came into effect on Nov. 9, 2021, clarifies the FSRA’s position on issues relating to valuation, payment and division and survivor benefits. It stated pension assets are to be valued based on […]
The Financial Services Regulatory Authority of Ontario is encouraging defined contribution pension plan sponsors and administrators to evaluate the use of automatic features within the context of their plans. New guidance posted to the FSRA’s website affirms that the Pension Benefits Act and its regulations don’t prohibit the use of automatic features in defined contribution pension […]
The Financial Services Regulatory Authority of Ontario is seeking feedback on proposed guidance detailing how and when it publishes information about enforcement proceedings and investigations, including those related to pension plans and administrators. According to the draft guidance, this includes the use of news releases and public postings of enforcement actions on the FSRA’s website […]
More than two-thirds (69 per cent) of registered defined benefit pensions plans in Ontario have solvency ratios above 100 per cent, according to the Financial Services Regulatory Authority of Ontario’s second quarterly update. The report found average funded ratios were up for the fifth consecutive quarter, with the median funded ratio reaching 106 per cent […]
The Financial Services Regulatory Authority of Ontario is releasing final interpretation guidance to support the role and responsibilities of pension plan administrators. The guidance, an updated and consolidated version of four previous documents, said the administrator’s role includes responsibility for implementing processes to ensure pension plan risks — such as investment, funding, operational and legal — […]
The Association of Canadian Pension Management is calling for increased clarity regarding Ontario’s rules for the valuation and division of pension payments following a marriage breakdown. In response to a consultation by the Financial Services Regulatory Authority of Ontario, the ACPM recommended the draft guidance document include an example of an exception to the rule […]
The Financial Services Regulatory Authority of Ontario is issuing leading practices for the province’s defined benefit multi-employer pension plans, in the areas of governance, risk management and communication. In the area of governance, these practices include establishing a comprehensive orientation policy to onboard new trustees to ensure they begin their term prepared to carry out their duty. […]
The Financial Services Regulatory Authority of Ontario is establishing a technical advisory committee to provide insights on the province’s existing regulatory processes for employer-based pension plans. The committee’s 10 to 14 members will examine current regulatory processes in order to improve pension plan administration through cost-efficient and innovative practices. They’ll also discuss approaches to help ensure Ontario’s pension plan […]