The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed amendment to the Succession Law Reform Act doesn’t introduce unintended confusion or ambiguities that would make it challenging for pension plan sponsors, administrators and trustees to carry out their duties. In an open letter, the ACPM said the language of the […]
The Financial Services Regulatory Authority of Ontario has updated its guidance on the roles and responsibilities of pension plan administrators, adding three additional areas for administrators to enhance protection and stability for pension plan beneficiaries. The guidance, which took effect earlier this month, stated an administrator is responsible for all aspects of the administration of the […]
In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]
The Association of Professors of the University of Ottawa and the Ontario Confederation of University Faculty Associations are joining the University Pension Plan, as of April 30, 2024. Since its inception in July 2021, the UPP has seen a number of plan sponsors join the plan, beginning with the University of Toronto Faculty Association, the University of […]
In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]
The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]
The Office of the Superintendent of Financial Institutions’ proposed cybersecurity incident reporting standard could unintentionally lead to duplication and increased risk if it doesn’t reflect differences in technology and risks faced by federally regulated financial institutions and federally regulated pension plans, according to the Association of Canadian Pension Management. While financial institutions’ systems are critical to the functioning of […]
The Ontario Ministry of Finance’s proposed guidance for multi-employer target-benefit pension plans undermines incentives for employers to contribute towards their employees’ retirement savings, including cost certainty, with unduly burdensome regulatory framework, according to the Association of Canadian Pension Management. In an open letter, the ACPM expressed its hesitation about proposed rules restraining trustees’ ability to prudently […]
Climate and cybersecurity are the leading risk factors concerning Canadian pension plan administrators, according to a pension lawyer. Susan G. Seller, a pension and benefits lawyer at Bennett Jones LLP, adds third-party arrangements and commercial real estate risks round out the most pressing categories for federally regulated pension plans. “We’re living in a time where […]
The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]