Standing Technical Advisory Committee for Defined Contribution Pension Plans

Meeting Summary

Date: Tuesday, May 26, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Teleconference

This summary sets out the key points discussed at the May 26, 2020 meeting.

Purpose of Committee

This committee will review issues related to the administration and regulation of defined contribution pension plans and provide advice on technical issues and proposed legislation and regulations.  It will review regulatory processes and participate in the development of FSRA guidance and communication initiatives with a view to reducing complexity and regulatory burden while improving regulatory effectiveness and ensuring members’ rights are protected.  The committee will also look at ways to improve outcomes for plan beneficiaries and enhance their opportunity to make well-informed decisions.

Recent FSRA Initiatives

The discussion focused on FSRA’s Guidance entitled Pension Sector Emergency Management Response (the Guidance), which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic.  Of interest to defined contribution plans, the Guidance includes information on the process of amending a pension plan to reduce or suspend contributions, including the timing of filings with FSRA and the timing of disclosures to members.

In addition, the committee heard about the government’s Emergency Management and Civil Protection Act that affects FSRA’s ability to issue Notices of Intended Decision and Orders.  It was noted that the website of the Financial Services Tribunal contains information applicable to its activities and hearings that may have already commenced.

Variable Benefits

The committee heard about the variable benefits provisions in the PBA and the regulations that came into force on January 1, 2020.  The variable benefits regime permits a pension plan that provides defined contribution benefits to be amended to provide Life Income Fund (LIF)-like payments directly from the plan.

Next Meeting

The next meeting of the committee is scheduled for November 10, 2020.

Attendance Record

Invited/Attended Company Name Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (TC)Teleconference

Mark Eagles

FSRA – Director, Advisory Services and Committee Co-Chair

TC

David Vincent

Canadian Benefits Law and Committee Co-Chair

TC

Adam Blake

Canada Life

TC

Caroline Helbronner

Blake, Cassels & Graydon LLP

TC

James Harnum

Koskie Minsky

TC

Jillian Kennedy

Mercer

TC

Karen Burnett

Willis Towers Watson

TC

Kate Nazar

Sun Life

TC

Kim Ozubko

Miller Thomson LLP

TC

Michelle Loder

Morneau Shepell Ltd.

TC

Moshe Arye Milevsky

York University

TC

Sukhvinder Dulay

Hicks Morley

TC

Terra Klinck

BMKP Law LLP

TC

Joanna Spadafora

FSRA

TC

Barbara Austin

FSRA

TC

Lester Wong

FSRA

TC

Lynn Barron

FSRA

TC

Available in French upon request.