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Pension update – June 12, 2025

Welcome message

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Portrait of Andrew Fung

Just before we approach the first day of summer, we are pleased to connect with you to share updates on our work, along with key reports that offer information and insights into Ontario’s pension sector. We’re excited about the opportunities that lie ahead and to our continued collaboration with you — our valued sector stakeholders.

We look forward to maintaining our momentum of frank and open dialogues and deepening our collaboration with stakeholders across the pension sector.

In April, FSRA met with the four Pensions Technical Advisory Committees (TACs) to update them on FSRA’s activities and solicit their input on issues relevant to each TAC. We also met with the Pensions Stakeholder Advisory Committee of the Board to discuss pension trends and issues that would inform FSRA with its priorities. FSRA initiated a very well-received roadshow with actuarial firms, to discuss common issues and hear from the sector.

We continue to enhance supervision of the pension sector through proactive engagements with pension plans to better identify and stay ahead of emerging risks or issues. By maintaining regular dialogue, we gain deeper insights and promote stronger governance and compliance. We are encouraged by stakeholders who wrote to us to continue with this principles-based approach to advancing regulatory excellence and improve plan member outcomes.

Thank you for your ongoing engagement and support. Wishing you a wonderful and safe summer!

-- Andrew Fung, Executive Vice President, Pensions

FSRA Reports

Q1 2025 Solvency Report

FSRA released its Q1 2025 Solvency Report for Defined Benefit Pension Plans, covering the period January 1, 2025 to March 31, 2025, revealing a median solvency ratio of 119 per cent – down three percentage points from the previous quarter.

To learn more, access the report.

Second annual Sector Overview and Activities Report

FSRA is pleased to present its second annual Ontario Pension Sector Overview and Activity Report on pension plans regulated by FSRA.

The 2024 Ontario Pension Sector Annual Overview and Activity Report provides an analysis of Ontario’s workplace pension landscape, offering stakeholders valuable insights into the sector’s composition, operational activities and regulatory measures.

To learn more, access the report.

Pension Benefits Guarantee Fund Report

FSRA continues to support its CEO in the administration of the Pension Benefits Guarantee Fund (PBGF) and has established clear oversight and processes for Investment Management Corporation of Ontario (IMCO) monitoring, ensuring alignment with FSRA’s governance standards, investment objectives, risk tolerance and overall objectives for the PBGF.

To provide insights and transparency into the financial status of the PBGF, FSRA is pleased to release its annual PBGF Report, which sets out key information relating to the PBGF as at March 31, 2025.

To learn more, access the report.

New information and processes

Retroactive adverse amendments update

In June 2024, FSRA released its final Pension Plan Amendments Guidance. The guidance informs stakeholders of FSRA’s interpretation and approach to the Pension Benefits Act (PBA) provisions related to certain pension plan amendments.

In particular, retroactive amendments that could have a negative impact on plan members or beneficiaries (described in the guidance as “retroactive adverse amendments” or RAA), such as retroactive reductions in contribution rates, are generally not registerable under the PBA. However, FSRA may exercise discretion to register an amendment with retroactive and potentially negative impacts if:

  • the negative retroactive impacts on the rights and benefits of plan members and beneficiaries are non-material
  • these impacts are offset by considerations of transparency, reasonableness and equity

As part of FSRA’s principles-based regulation (PBR) journey, FSRA is publishing an anonymized summary to ensure transparency while respecting confidentiality, to help pension stakeholders understand how conclusions are reached. As of March 31, 2025, FSRA has reviewed 17 RAA applications following the release of the guidance. The summary of rationale for both registered and not registered retroactive adverse amendments is now available.

To learn more, view the retroactive adverse amendments summary.

Updates and reminders

Family Law update

FSRA has posted the feedback received from its Family Law Consultation Paper as well as the outcomes of its consultation. Based on the feedback received, FSRA has decided not to pursue developing a Family Law Rule at this time.

Learn more

Protecting consumers and plan members is at the heart of everything we do

On April 23, FSRA released the results of its latest cross-sectoral consumer survey. Conducted every two years, this survey allows us to better understand the challenges and issues some consumers and plan members face when interacting with the financial services sectors we regulate. The findings will inform FSRA’s regulatory and supervisory efforts to help improve outcomes across the province.

In addition to publishing the survey results, FSRA announced the release of its Vulnerability Framework, developed after considering feedback from a 2024 consultation about strengthening protection of vulnerable consumers. The Framework defines vulnerable consumers and outlines the actions FSRA will undertake to strengthen protection of vulnerable consumers.

FSRA recognizes that pension plan members are not traditional consumers. In response to pensions stakeholder feedback and concerns, the Framework does not apply to the pension sector in the same way it does to FSRA’s other regulated sectors. The Framework states that for the pensions sector, it is confined only to FSRA’s activities that promote public education and knowledge about issues affecting pension plan members and beneficiaries.

Learn more about the cross-sectoral consumer survey and Vulnerability Framework.

Spotlight on the Pension Plan Operations team

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Pension Plan operations team

Back row (left to right): Jennifer Loader, Janice Juba, Pearl Zhang, David Pahn, Tim Thomson, Hae-Jin Kim, Priya Edward, Olivia Xu, Shane Douglas, Nicole Gao
Front row (left to right): Fabiola Mannavarayan, Dillon De Coteau, Faria Haque, Kathy Carmosino, Eva Lungu, Boniya Elicotil, Nikeeta Mistry, Mara Calleja, Sushama Kadam, Ashfia Raka, Anna Vani
Not pictured: Nain Sandhu, Sharon Polischuk, Evelyn Rego, Ralph Nateram, Sobha Haumeer, Brigitte Tran, Edward Ma

The Pension Plan Operations and Regulatory Effectiveness (PPORE) team is the frontline of FSRA’s Pensions sector, utilizing principles-based regulation (PBR) to ensure pension plans are complying with the rules that govern them. The PPORE team is made up of three closely connected Groups: Operations, Special Transactions, and Filings Compliance and Records Management. The PPORE team is committed to regulatory excellence — promoting good plan administration, safeguarding pension benefits, and protecting the rights of members across Ontario’s pension sector. The PPORE team is headed by David Bartucci, Head, Pension Operations and Regulatory Effectiveness.

As part of the PPORE team, the Operations group is headed by Tim Thomson, Director of Pension Plan Operations, and Senior Managers Kathy Carmosino and Anna Vani.

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Pension Plan operations team heads

Left to right: Kathy Carmosino, Tim Thomson, Anna Vani

The group focuses on:

  • Regulatory oversight: Conducting compliance reviews of Ontario-registered pension plans.
  • Plan amendments: Reviewing and processing plan amendments, from minor updates to major changes in plan benefits.
  • Member support: Responding to member inquiries by phone and email, helping clarify rights, entitlements, and regulatory processes.
  • Administrator support: Assisting plan administrators with regulatory requirements, certification processes, and guidance — including support for managing unlocated members and distributing required statements.

By collaborating across all areas and maintaining a strong focus on service and regulatory oversight, the Operations group plays a vital role in supporting a resilient, well-governed pension system for Ontario.

Looking for people to help make a difference

We are seeking new members for our four Standing Technical Advisory Committees. These committees advise FSRA on proposed pension regulatory guidance, FSRA initiatives, and identify issues arising out of existing pension legislation. Committee members will be selected based on their pension knowledge, areas of expertise and level of experience, ensuring that each committee has diverse perspectives and representation from unions, employers, plan administrators, plan members and retirees. If you are interested in joining a committee, please send your biography or CV to Jennifer Mullen. Please indicate which committee you would like to join. Terms for new members may begin throughout the year – selected individuals will be notified of their appointment term.

Quick links

On the horizon

  • Q2 2025 Solvency Report
  • 2024 Report on the Funding of Defined Benefit Pension Plans in Ontario
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Pension update