Disponible en français sur demande.
Standing technical advisory committee for public sector pension plans
Meeting summary
Date: Thursday, November 12, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Videoconference
This summary sets out the key points discussed at the November 12, 2020, meeting.
FSRA’s approach to SEPP to JSPP asset transfer approvals
Committee members heard that FSRA would no longer be using the Notice of Intended Decision/Order process to approve asset transfers from SEPPs to JSPPs. Instead, notice of the upcoming approval is to be posted on the plan’s website, and approval will be provided by letter. Committee members were supportive of this streamlined approach.
Draft guidance on FSRA’s title protection framework
Huston Loke, Executive Vice President, Market Conduct, discussed FSRA’s development of a framework for the financial services industry which will require individuals using the financial planner and financial advisor titles have appropriate credentials. Committee members commented on the importance of pension plan members receiving appropriate and accurate financial planning advice from people who are qualified to provide it.
Discussion topics
The Committee discussed the following topics:
- The recent Supreme Court of Canada decision concerning pension buybacks by certain RCMP employees and whether there could be implications for Ontario’s public sector pension plans;
- The new commuted value standard being adopted on December 1, 2020, and its impact on public sector pension plans;
- Policy R350-300 – Refunds of Overpayments to Employers, and the administrative burden faced by public sector pension plans who must use this policy to apply for a refund.
- The difficulty in documenting asset classes in the Investment Information Summary (Form 8).
Next meeting
The next meeting of the committee will be scheduled for the Spring of 2021.
Attendance record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
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 |
R |
|
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 |
|
Michael Gimaldi |
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 |
|
Huston Lok |
FSRA |
VC |
|
Jennifer Mullen |
FSRA |
VC |
|
Lester Wong |
FSRA |
VC |
|
Lynn Barron |
FSRA |
VC |
|
Mark Eagles |
FSRA |
VC |
|
Mathew Ou |
FSRA |
VC |
|
Heather Schramm |
MOF |
VC |
|
Natalie Wong |
MOF |
VC |
|
Vinod Armoogum |
MOF |
VC |
Available in French upon request.