FSRA releases final Supervisory Approach Guidance to implementation of the Target Benefit MEPPs framework

The Financial Services Regulatory Authority of Ontario (FSRA) is supporting the government of Ontario in implementing its target benefit legislative and regulatory framework for multi-employer pension plans (MEPPs), which came into effect on January 1, 2025.

Following public consultation, FSRA’s Supervisory Approach Guidance is now final. This Guidance outlines how FSRA will oversee and apply Ontario’s framework while supporting plan administrators in meeting their obligations.

The final Guidance explains FSRA’s approach to:

• reviewing and approving applications to convert defined benefits to target benefits
• assessing whether a plan’s Provision for Adverse Deviation (PfAD) is aligned with its funding and benefits policy
• supervising plans that provide target benefits through regular reviews, risk assessments, and ongoing engagement with plan administrators

FSRA thanks all stakeholders who provided feedback.

The final Guidance is now active.

Learn more

• Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework
• Summary of consultation feedback on the Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.