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Standing Technical Advisory Committee for Public Sector Pension Plans

Meeting summary

Date: Thursday, November 18, 2021
Time: 1:00 p.m. to 11:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the November 18, 2021, meeting. 

Stakeholder engagement and guidance

  • The Committee discussed a variety of items raised by committee members.
  • The Committee reviewed draft approach guidance regarding PBGF assessment calculations and plan amendments and was invited to make comments.  The Committee was also advised that FSRA intended to refresh its Pension Sector Guiding Principles (effective January 9, 2020) and would provide further updates on its work. 
  • An amendment to the FSRA Act has been passed by the government, but not yet proclaimed, to protect whistleblowers from reprisals.  The amendment will apply to all FSRA sectors—not just pensions.  FSRA will be developing processes to administer the whistleblower regime.

Improving regulatory effectiveness and efficiency

  • FSRA began mandatory data collection on missing members and PBGF exposure with the September 2021 Annual Information Return (AIRs).  The Committee was reminded that PBGF data was required to be submitted by November 30, 2021.
  • Committee members were invited to share their views on what the regulator could do to assist plan administrators who need to correct administrative errors.

Inflation and yield curve

To reflect FSRA’s goal that administrators and their advisors understand how their plans and funded position might change in different economic environments, Committee members were asked for feedback on the implications to pension plans of different possible inflation and yield curve environments. 

Next meeting

The next meeting of the committee will be scheduled for Spring 2022.

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 R
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
Andrew Fung, David Bartucci, Jennifer Mullen, Jennifer Rook, Jessica Ramden, Joey Shiner, Lester Wong, Lynn Barron, Mathew Ou, Mark Eagles, 
Paul Martiniello
Vinod Armoogum, Vince Paul, Yang Qiao MOF VC