Consultation on FSRA’s proposed Target Benefit Supervisory Guidance

Thank you for providing your feedback on FSRA’s proposed Target Benefit Supervisory Guidance.

The request for submissions is now closed.

We appreciate the comments and questions received to date and look forward to sharing with you the final Guidance. Stay up to date on Guidance releases on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.

Ontario’s financial services regulator, FSRA, is inviting stakeholders to provide their input on the proposed guidance in support of the government of Ontario implementing its target benefit legislative and regulatory framework for multi-employer pension plans (MEPPs), which came into effect on January 1, 2025.

FSRA’s proposed Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework explains how FSRA will oversee and apply Ontario’s framework. It outlines 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 in alignment with its funding and benefits policy.
• supervising plans that provide target benefits through regular reviews, risk assessments, and ongoing engagement with plan administrators.

The consultation period is now open and will close on October 14, 2025.

Learn more:

• Proposed Guidance: Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework
• Final Guidance: Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework
• Summary of stakeholder comments – Supervisory Approach Guidance to Implementation of the Target Benefit MEPP Framework

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

Learn more at www.fsrao.ca.