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Standing technical advisory committee for public sector pension plans

Meeting summary

Date: Thursday, May 27, 2021
Time: 10:00 a.m. to 11:30 a.m.
Location: Videoconference

This summary sets out the key points discussed at the May 27, 2021, meeting.

Dialogue with FP Canada

FP Canada provides professional standards for certified financial planners in Canada. Committee members heard from representatives of FP Canada on the ongoing education and professional development program that the organization provides its members.

Changes to real bond rate of return and commuted value calculations

The Committee discussed the Bank of Canada’s recent change to the real bond rate of return and its impact on the calculation of commuted values and preparation of valuation reports, amongst other impacts.  Committee members also discussed the position paper released by the CIA on these issues and were advised that FSRA is reviewing this as well.

Other discussion topics

The Committee also heard about the following topics:

  • The work of FSRA’s Consumer Office in developing a cross-sector complaints resolution framework,
  • FSRA’s digital transformation project that will modernize IT systems for both the pension sector and across FSRA’s other sectors,
  • A new regulation which will require additional information to be filed with FSRA concerning PBGF exposure,
  • Policy updates including the relaunch of FSRA’s website, mandatory missing member data collection on the Annual Information Return, and the approach to new pension guidance as well as guidance inherited from FSCO.

Next meeting

The next meeting of the committee will be scheduled for the Fall of 2021.

Attendance record

Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Videoconference

Andrew Fung

FSRA – Head, Relationship Management and Prudential Supervision (Pensions) and Committee Co-Chair

VC

Gareth Gibbins

OMERS and Committee Co-Chair

VC

Cynthia Crysler

Cavalluzzo LLP

VC

Danelle Parkinson

OPB

VC

David Gordon

CAAT

VC

Hrvoje Lakota

Investment Management Corporation of Ontario

VC

Jeff Sommers

Blake, Cassels & Graydon LLP

VC

Julie Belair

OPTrust

VC

Kevin Skerrett

CUPE National Office

VC

Mary  Cover

OTPP

VC

Len Elliott

OPSEU

VC

Murray Gold

Koskie Minsky

VC

Paul Winnett

Morneau Shepell Ltd.

VC

Philip Morse

Willis Towers Watson

VC

Rachel Arbour

HOOPP

VC

Scott Clausen

Mercer

VC

Susan Philpott

Goldblatt Partners

VC

Anne Slivinskas, David Bartucci, Jennifer Mullen, Jennifer Rook, Joey Shiner, Lester Wong, Lynn Barron, Mark Eagles, Mathew Ou

FSRA

VC

Jenarra De Souza, Sadruddin Salman, Vinod Armoogum

MOF

VC