FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee

Meeting summary

Date: Friday, March 26, 2021
Time: 10:00 a.m. to 1:00 p.m.
Location:  Videoconference

This summary sets out the key points discussed at the March 26, 2021 meeting.

Presentation from the UK Pension Regulator (TPR)

The Committee welcomed representatives of TPR who discussed the ongoing shift from DB to DC plans in the UK. The presentation provided Committee members with background on the increasing use of master trusts and the framework that was developed by TPR to register and regulate them. The presentation provided insight into the challenges that arose for TPR when the regulatory framework was created, as well as the successes of master trusts and improvement in the operation of trustee boards to meet TPR’s objective of improving pension plans.

Review of Working Groups Findings

The Investment and the Fees working groups provided a summary of their work to the Committee for discussion.

Future Working Groups

The Committee will establish a working group with the objective of reviewing regulatory processes, filings and data collection. This group will report to back to the Committee at the next meeting.

Next Meeting

The next meeting of the Committee will be on Friday, May 7, 2021.

Attendance Record

Invited/Attended

Company Name

Attendance Status
(R)egrets; (S)ubstitute; (VC)Videoconference

Caroline Blouin

FSRA - EVP and TAC Chair

VC

Tamara DeMos

OSFI - Managing Director, Private Pension Plans Division and TAC Chair

VC

Alex McKinnon

United Steelworkers

VC

Brett Marchand

Manulife Financial Corporation

VC

Corienne Logan

Many Nations Co-operative Ltd.

VC

David Vincent

Canadian Benefits Law

VC

Jo-Ann Hannah

Retired

VC

Joe Nunes

Canadian Institute of Actuaries

VC

Lisa Janov

Pension Investment Association of Canada

VC

Martin McInnis

Co-operative Superannuation Society Pension Plan

VC

Michael Dodd

Co-operators Group

VC

Michelle Loder

Morneau Shepell Ltd.

VC

Paul Webber

Cowan Insurance Group

VC

Roger Maguet

Canada Life

VC

Roman Kosarenko

George Weston Limited

VC

Susan Bird

Multi Employer Benefit Plan Council of Canada

R

Susie Taing

Sun Life Assurance Company

VC

Tim Mark

Royal Bank of Canada

VC

Todd Saulnier

Association of Canadian Pension Management

VC

Zaheed Jiwani

Eckler

VC

Fred Barry, Geoff Cheetham, Nick Phillips

The Pension Regulator (TPR)

VC

Antoinette Leung, Arielle Brenman, Barbara Austin, David Bartucci, James Hoffner, Jesse Heath-Rawlins, Lynn Barron, Mark Eagles, Paul Martiniello,

FSRA

VC

Benoit Briere, Chuck Saab, Mike Ius, Nadine Atallah, Sydney Roy

OSFI

VC

Carolina Geronimo, Jenny Chau

British Columbia Financial Services Authority

VC

Kathleen Wrye, Neil McKinnon

Department of Finance

VC

Alex Killoch, Cole Mathews

Ministry of Finance

VC


[1] Please consult our Meeting Summary from December 11, 2020 for details on the Committee’s purpose.