March 22, 2021

Submission of DC Wind Up Reports on the Pension Services Portal (PSP) Becomes Available

The Financial Services Regulatory Authority of Ontario (FSRA) is pleased to announce that the PSP is now able to accept applications for the approval of a wind up report for defined contribution (DC) pension plans. Pension plan administrators and their agents will be able to request the approval of a wind up report for a DC pension plan electronically, through a simpler, faster, paperless and guided process by using the DC wind up smart form on the PSP. The DC wind up form can be used to request approvals under sections 70(2) and 70(3) of the Pension Benefits Act (PBA).

Instructions for Submitting a Defined Contribution Wind Up Application on the PSP

Benefits of Submitting a DC Wind Up Report on the PSP

By using the PSP’s online application for submitting a DC wind up report, PSP users will experience the following benefits:

  • Checks your application for errors: The PSP will warn you if it detects any errors or omissions in your online application (e.g., forgetting to complete a required field or not uploading a supporting document).
  • Get immediate acknowledgement of your submission: You won’t need to wait until you get an acknowledgement letter from FSRA to confirm that your application was received.
  • Experience a faster approval process: Since the PSP will conduct a preliminary review of your application and accompanying documents, you’ll benefit from a faster, more streamlined approval process.
  • View your application and track its progress: The PSP will provide you with easy access to your online submission. You’ll also be able to check the status of your submission throughout the review process.
  • Receive immediate notification: Once your wind up report is approved or if we require additional information, you’ll receive an email notification from FSRA. If more information is required by FSRA, you can respond directly to FSRA by adding Notes or uploading correspondence in the ‘Application Workspace’.
  • Download and print your approval letter right away: As soon as your wind up approval letter is available, you can download or print it directly from the PSP. You won’t need to wait for a paper copy to be mailed to you.

 

March 31, 2020

Pension Plan Document Repository

As the Financial Services Regulatory Authority of Ontario (FSRA) continues to explore new ways to improve and enhance your experience on the Pension Services Portal (PSP), FSRA has developed a new functionality to allow PSP users to upload pension plan documents to the PSP. 

The new ‘Documents’ submenu, under the ‘Plan Profile’ menu, allows delegated users to seamlessly upload and view essential pension plan documents on the PSP. FSRA believes that this functionality will support PSP users in performing their regulatory duties by allowing centralized access to these critical documents, when they need them.

Please have a look at our updated instructions and FAQs:

Instructions for Using the Pension Services Portal
FAQs on Accessing/Delegating Access to the Pension Services Portal (PSP)


 

December 16, 2019

Enhanced new user creation & delegations process - Redesigned user interface for improved usability

As the Financial Services Regulatory Authority of Ontario (FSRA) continues to explore new ways to improve and enhance your experience on the Pension Services Portal (PSP), FSRA has developed an enhanced user creation and delegations process.

Previously, plan Administrators were required to submit a request to FSRA to create new user accounts. Now, Primary Administrators and Delegated Administrators are empowered with the ability to instantaneously create new user accounts and delegations on the PSP. This enhancement demonstrates FSRA’s desire to be more responsive, while reducing burden on pension plans by minimizing time delays for pension plans.

In keeping with our objective to enhance the user experience, FSRA has redesigned the PSP layout to allow users to navigate and perform tasks more seamlessly while maintaining the functionality you already know. In addition, PSP now allows users the ability to use their email address as a login; users are no longer required to remember their unique PSP ID.