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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 |
FSRA | VC |
| Vinod Armoogum, Vince Paul, Yang Qiao | MOF | VC |