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Standing Technical Advisory Committee for Public Sector Pension Plans (PSPP)

Meeting summary

Date: Thursday, October 27, 2022
Time: 1:30 p.m. to 3:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the October 27, 2022, meeting.

Committee membership

  • The committee welcomed new members.

General items

  • The committee discussed the liquidity issue faced by the UK pension plans resulting from their general adoption of LDI strategies, and proposed federal legislation dealing with pensions and bankruptcies of plan sponsors.

Member-Focused work

  • FSRA updated the committee on upcoming member-focused initiatives: a paper on member communication and engagement, a Member Resource Centre and other related updates to FSRA’s website. The committee was given an update on the first Pension Awareness Day in February 2023.

Guidance updates

  • FSRA updated the committee on guidance documents that are in progress, including guidance related to plan amendments, actions that the administrator can take to comply with the federal Income Tax Act and PBGF Assessments.

Improving regulatory harmonization across Canada

  • CAPSA recently completed consultations on four guidelines. The committee was updated on the progress of this and other work.

Late filings

  • FSRA provided an update on actions it will take to address late filings, as first released in the Q1 and Q2 2022 FSRA Pensions e-blasts. The committee provided feedback.

2023 Thematic review of large plans

  • The committee was made aware of FSRA’s planned thematic review of large plans in 2023 with respect to their investment and funding risk management and governance activities and practices.

Next meeting

The next meeting of the committee is scheduled for Spring 2023.

Attendance record

Invited/Attended

Company Name

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

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

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

R

Murray Gold

Koskie Minsky

P

Paul Litner

Osler, Hoskin & Harcourt LLP

VC

Paul Winnett

Morneau Shepell Ltd

VC

Philip Morse

Willis Towers Watson

VC

Rachel Arbour

HOOPP

VC

Trevor Cartlidge

OPB

VC

Daniel Padro, David Bartucci, , Jennifer Mullen, Jessica Ramdin, Jennifer Rook, Karima Shajani, Lester Wong, Mark Eagles, Tim Thomson

FSRA

VC

Susan Ampleford, Vinod Armoogum

MOF

VC