Meeting Summary - October 16, 2020

Disponible en français sur demande.

Meeting Summary

Date: Friday, October 16, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Videoconference

This summary sets out the key points discussed at the October 16, 2020 meeting.

Public Consultation of FSRA Statement of Priorities and Budget

FSRA published its proposed 2021-22 Statement of Priorities and Budget for public consultation on October 13, 2020.  The Panel heard about the pension sector priorities, which include identifying ways to foster a vibrant employment-pensions based system in Ontario, developing strategies for member communications and engagement, continuing enhancement of the prudential supervision framework, and improving regulatory effectiveness and efficiency.

The panel also heard about the work of the FSRA Consumer Office who are also working on stakeholder engagement and looking at new and innovative approaches to reaching consumers.

Draft Guidance on Asset Transfers

The Panel heard about new Guidance that was released for public consultation on September 11, 2020, entitled Supervisory Approach to Asset Transfers under the Pension Benefits Act.  Panel members were encouraged to provide any feedback they may have.

FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee

FSRA and the Office of the Superintendent of Financial Institutions (OSFI) have announced the establishment of a joint special purpose committee on DC pension plans.  This committee will review the approaches of both regulators to supervising DC plans, and find, where possible, opportunities for regulatory harmonization.  The committee’s terms of reference are on the FSRA website.

Attendance Record

Available in French upon request.