ID
2019-003

Type
Supervision
Sector
Pensions
Status
Public comment closed
Date
Comment Due Date

Thanks to everyone who provided feedback on our Proposed Pension Sector Guiding Principles. We reviewed all submissions and considered all warranted changes.

These principles will impact the creation of rules, public interactions, policy development and the deployment of our regulatory resources. 

You can access the final Pension Sector Guiding Principles here: Approach No. PE0197APP: Pension Sector Guiding Principles 

Useful Link

 

#By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.

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Sector Comment Date posted Sort ascending
Pensions
[2019-003] David Gordon - CAAT Pension Plan

February 7, 2020
Pensions
[2019-003] Peter Waite - Pension Investment Association of Canada
Very supportive of regulatory transparency and interaction with industry and are encouraged by FSRA’s early initiatives in this regard.
February 7, 2020
Pensions
[2019-003] Mariana MacIntosh - Ontario Teachers Pension Plan

February 7, 2020
Pensions
[2019-003] SCOTT MURRAY
In regards to pension transfers, it would seem the FSRA is guided only by "Pension Benefits Act and/or Regulation 909", and if a fairness issue does not clearly contradict what has been anticipated in the Act or Regulation, then the FSRA won't consider it.
Principles should be written for the FSRA to have some latitude to consider fairness issues that do not clearly contradict what has been anticipated in the Act or Regulation, when making regulatory decisions.
If you require any further information, please do not hesitate to contact me.
Thank you
Scott Murray

December 1, 2019
Pensions
[2019-003] SCOTT MURRAY
There should be a strong principle for transparency, stated in such a way, that at a minimum:
(1) all filings and correspondence related to asset transfers or pension mergers to be available to members and pensioners via a web based portal than can be easily accessed and searched. Advising members/pensioners that a copy can be supplied if requested in writing, or viewed in a viewing room at a time to be arranged is simply not consistent with transparency principles, in this day and age, when all the documentation could be easily made readily available on a web site in a searchable format.
(2) when notices are sent to members/pensioners regarding a proposed asset transfer/merger, it should be mandatory that the notice advise the members/pensioners, that they may ask questions and/or object to the transfer, and the cut-off date for those questions/objections be clearly stated. The "FSCO full transfer guide A700-251" attached, uses the phrase "Notice should include", and this is too weak, and allows for an Administrator, to ignore it. Should be must. The correspondence I received as a pensioner made no mention of a time period set aside for questions and objections, and in fact, the wording of the correspondence made it sound as though the transfer was a done deed, and "What you need to know is......". The idea of a period of time for questions or objections was never included with the notice.

Thank you
Scott
December 1, 2019
[2019-003] Marissa Lennox - Canadian Association for Retired Persons (CARP)

November 29, 2019
Pensions
[2019-003] Michael Powell - Canadian Federation of Pensioners
We are pleased to participate in this consultation.
November 28, 2019
No questions have been asked about this consultation yet.