Meeting Summary - May 28, 2020

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Standing Technical Advisory Committee for Public Sector Pension Plans

Meeting Summary

Date: Thursday, May 28, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Teleconference

This summary sets out the key points discussed at the May 28, 2020, meeting.

Purpose of Committee

This committee will review issues related to the administration and regulation of public sector pension plans.  The committee will respond to FSRA requests to provide advice on technical issues, proposed legislation and regulations, and participate in the development of guidance, and communication initiatives.  The committee will also identify possible changes to the legislation and regulations to support the efficient regulation of public sector pension plans.

Recent FSRA Initiatives

The discussion focused on FSRA’s Information Guidance entitled Pension Sector Emergency Management Response (the Information Guidance), which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic. The Information Guidance also includes information on the government’s Emergency Management and Civil Protection Act that affects FSRA’s ability to issue Notices of Intended Decision and Orders.

Payment of Commuted Values

The committee reviewed FSRA’s Approach Guidance entitled Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans) (the Approach Guidance). The Approach Guidance was developed to address events when a defined benefit pension plan’s transfer ratio (TR) has declined by ten per cent or more and the resulting TR is below 0.9.  The guidance replaces FSCO Policy T800-402, Commuted Value Transfers, which became effective July 7, 2009, until further notice.  Committee members were given the opportunity to ask questions and receive clarification on the guidance.

Next Meeting

The next meeting of the committee is scheduled for November 12, 2020.

Attendance Record