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Standing Technical Advisory Committee for Defined Contribution Pension Plans
Meeting Summary
Date: Tuesday, November 10, 2020
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference
This summary sets out the key points discussed at the November 10, 2020 meeting.
Discussion Items
The Committee was provided with a sample of FSRA’s statistical information. The Committee also heard about the upcoming publication of new Guidance on missing members and the on-line filing of DC wind ups. The Committee members discussed the legislative impediments to auto-enrolment in DC plans, and the importance of member communication and retirement planning tools.
Draft Guidance on Asset Transfers
The Committee 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. Although not applicable to DC plans, Committee members were encouraged to provide any feedback they may have.
Proposed Change to the Form 7 Process
The Summary of Contributions / Revised Summary of Contributions (Form 7) is required to be filed by pension plan administrators with the trustee(s) of their pension fund. If remitted contributions are less than 90% of those reported on Form 7 (variance) or if no contributions are remitted (non-remittance), the trustee(s) is required to report the variance or non-remittance to FSRA.
The Committee was advised that FSRA is considering changes to the Form 7 reporting processes and feedback was sought from committee members.
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.
Next Meeting
The next meeting of the committee will be scheduled for Spring 2021.
Attendance Record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Mark Eagles |
FSRA – Director, Advisory Services and Committee Co-Chair |
VC |
|
David Vincent |
Canadian Benefits Law and Committee Co-Chair |
VC |
|
Adam Blake |
Canada Life |
VC |
|
Caroline Helbronner |
Blake, Cassels & Graydon LLP |
VC |
|
James Harnum |
Koskie Minsky |
VC |
|
Jillian Kennedy |
Mercer |
VC |
|
Karen Burnett |
Willis Towers Watson |
VC |
|
Kate Nazar |
Sun Life |
VC |
|
Kim Ozubko |
Miller Thompson LLP |
VC |
|
Michelle Loder |
Morneau Shepell Ltd. |
VC |
|
Moshe Arye Milevsky |
York University |
VC |
|
Sukhvinder Dulay |
Hicks Morley |
VC |
|
Terra Klinck |
BMKP Law LLP |
VC |
|
Andrew Fung |
FSRA |
VC |
|
Barbara Austin |
FSRA |
VC |
|
David Bartucci |
FSRA |
VC |
|
Dillon De Coteau |
FSRA |
VC |
|
Jennifer Rook |
FSRA |
VC |
|
Joanna Spadafora |
FSRA |
VC |
|
Lester Wong |
FSRA |
VC |
|
Lynn Barron |
FSRA |
VC |
|
Paul Martiniello |
FSRA |
VC |
|
Cole Matthews |
MOF |
VC |