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Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans

Meeting Summary

Date: Tuesday, June 1, 2021
Time: 10:00 a.m. to 11:45 a.m.
Location: Videoconference

This summary sets out the key points discussed at the June 1, 2021 meeting.

FSRA Consumer Office Initiative on Cross-Sector Complaints Resolution Framework

The Committee heard from the FSRA Consumer Office about a possible cross-sectoral policy framework for complaints resolution.  The Consumer Office shared draft principles developed through best practice research that could serve as the basis for any framework.

Changes to Real Bond Rate of Return and Commuted Value Calculations

The Committee discussed the Bank of Canada’s recent change to the real bond rate of return and its impact on the calculation of commuted values and preparation of valuation reports, amongst other impacts.  Committee members also discussed the position paper released by the CIA on these issues and were advised that FSRA is reviewing this as well.

Digital Transformation

The Committee heard about FSRA’s digital transformation project that will modernize FSRA’s IT systems for the pension sector as well as across FSRA’s other sectors.  Improvements have recently been made to the Pension Services Portal (PSP) which allows 14 additional items to be filed through the PSP.  Members were invited to participate in a separate stakeholder consultation session in July related to Pension digital transformation.  The purpose of this meeting is to solicit stakeholder feedback on the PSP functionality, identify any pain points and ensure that FSRA understands the sector’s needs for a future system.

Data Collection

The Committee discussed the draft regulation on PBGF data collection. 

The Committee also heard about data collection on missing members which will become mandatory starting with the September 2021 Annual Information Return.  The goal is to get more information on the scope of the issue which will help guide future legislative and policy development. 

Other Discussion Topics

The Committee also heard about and discussed the following topics:

  • The results of the FSRA’s quarterly DB funding report as at March 31, 2021,
  • An update on FSRA’s proposed changes to the Form 7 contribution monitoring and reporting process.
  • Difference between open and closed plans,
  • Policy updates including the relaunch of FSRA’s website, the approach to new pension guidance as well as guidance inherited from FSCO, and the draft guidance on Administrator Roles and Responsibilities.

Next Meeting

The next meeting of the committee will be scheduled for Fall 2021.

Attendance Record

Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Teleconference

Jennifer Rook

FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair

VC

Mitch Frazer

Torys LLP and Committee Co-Chair

VC

Bill Watson

Mercer

VC

Brent Simmons

Sun Life

VC

Cathy MacDonald

Canada Life

VC

Clio Godkewitsch

Goldblatt Partners LLP

R

Corey Vermey

Unifor

R

Earl Davis

n/a

VC

Jason Vary

Actuarial Solutions Inc.

VC

Ken Eady

Sears Retiree Group

VC

Lilach Frenkel

Aon

VC

Lisa Mills

BMKP Law LLP

VC

Rohan Kumar

Willis Towers Watson

VC

Simon Nelson

Eckler Ltd.

VC

Steve Wilson

PricewaterhouseCoopers LLP

VC

Tejash Modi

Morneau Shepell

VC

William Jones

Canadian Federation of Pensioners

VC

Andrew Fung, David Bartucci, Dillon DeCoteau, Joey Shiner, Lester Wong, Lynn Barron, Mark Eagles, Paul Dempsey, Taryn Pimento

FSRA

VC

Alex Killoch, Jenarra DeSouza, Louis Kalikow

MOF

VC