Consultation on Proposed Guidance: Pension Benefits Guarantee Fund Assessment Calculations and Deadlines

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Note: FSRA would like to clarify that this guidance was not issued as final and therefore not in effect. FSRA has removed the proposed guidance and will review in the future the need, if any, for guidance related to PBGF assessment rules.

Learn more about this consultation

Ontario's Pension Benefits Guarantee Fund protects members and beneficiaries of certain single employer defined benefit pension plans. In the event of an employer's bankruptcy, and where the pension plan they sponsor is in a deficit position, the Pension Benefits Guarantee Fund guarantees benefits payable from these plans, subject to specific maximums and specific inclusions. The Pension Benefits Guarantee Fund is governed by the Pension Benefits Act and is administered by FSRA.

The proposed Guidance clarifies:

• the deadline for paying the assessment is nine months after the fiscal year end, whether the pension plan is ongoing or is being wound up
• for ongoing plans, the PBGF assessment for fiscal years that end on or after December 31, 2021, must be based on the most current valuation report filed with FSRA that has a valuation date on or before the fiscal year end in question

FSRA invites stakeholders and the public to submit feedback on the proposed Guidance until March 14, 2022.