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Standing Technical Advisory Committee for Defined Contribution Pension Plans
Meeting Summary
Date: Tuesday, May 26, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Teleconference
This summary sets out the key points discussed at the May 26, 2020 meeting.
Purpose of Committee
This committee will review issues related to the administration and regulation of defined contribution pension plans and provide advice on technical issues and proposed legislation and regulations. It will review regulatory processes and participate in the development of FSRA guidance and communication initiatives with a view to reducing complexity and regulatory burden while improving regulatory effectiveness and ensuring members’ rights are protected. The committee will also look at ways to improve outcomes for plan beneficiaries and enhance their opportunity to make well-informed decisions.
Recent FSRA Initiatives
The discussion focused on FSRA’s Guidance entitled Pension Sector Emergency Management Response (the Guidance), which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic. Of interest to defined contribution plans, the Guidance includes information on the process of amending a pension plan to reduce or suspend contributions, including the timing of filings with FSRA and the timing of disclosures to members.
In addition, the committee heard about the government’s Emergency Management and Civil Protection Act that affects FSRA’s ability to issue Notices of Intended Decision and Orders. It was noted that the website of the Financial Services Tribunal contains information applicable to its activities and hearings that may have already commenced.
Variable Benefits
The committee heard about the variable benefits provisions in the PBA and the regulations that came into force on January 1, 2020. The variable benefits regime permits a pension plan that provides defined contribution benefits to be amended to provide Life Income Fund (LIF)-like payments directly from the plan.
Next Meeting
The next meeting of the committee is scheduled for November 10, 2020.
Attendance Record
| Invited/Attended | Company Name | Attendance Status (A)ttended; (R)egrets; (S)ubstitute; (TC)Teleconference |
|---|---|---|
|
Mark Eagles |
FSRA – Director, Advisory Services and Committee Co-Chair |
TC |
|
David Vincent |
Canadian Benefits Law and Committee Co-Chair |
TC |
|
Adam Blake |
Canada Life |
TC |
|
Caroline Helbronner |
Blake, Cassels & Graydon LLP |
TC |
|
James Harnum |
Koskie Minsky |
TC |
|
Jillian Kennedy |
Mercer |
TC |
|
Karen Burnett |
Willis Towers Watson |
TC |
|
Kate Nazar |
Sun Life |
TC |
|
Kim Ozubko |
Miller Thomson LLP |
TC |
|
Michelle Loder |
Morneau Shepell Ltd. |
TC |
|
Moshe Arye Milevsky |
York University |
TC |
|
Sukhvinder Dulay |
Hicks Morley |
TC |
|
Terra Klinck |
BMKP Law LLP |
TC |
|
Joanna Spadafora |
FSRA |
TC |
|
Barbara Austin |
FSRA |
TC |
|
Lester Wong |
FSRA |
TC |
|
Lynn Barron |
FSRA |
TC |