In June 2024, FSRA released its final Pension Plan Amendments Guidance (Guidance). The Guidance informs stakeholders of FSRA’s interpretation and approach to Pension Benefit Act (PBA) provisions related to certain pension plan amendments. In particular, retroactive amendments that could have a negative impact on plan members or beneficiaries (described in the Guidance as “retroactive adverse amendments”), such as retroactive reductions in contribution rates, are generally not registerable under the PBA. FSRA determines this by considering the totality of the nature and effect of the amendment on the rights and benefits of the beneficiaries, as well as the PBA provisions relevant to the amendment.
FSRA may exercise discretion to register an amendment with retroactive and potentially negative impacts, if the negative retroactive impacts on the rights and benefits of plan members and beneficiaries are non-material, and these impacts are offset by considerations of transparency, impact, reasonableness and equity. A plan must demonstrate to FSRA it is fulfilling all four criteria contemplated in the guidance. For example, a plan inadvertently filing the amendment late is not sufficient grounds on its own for FSRA to exercise discretion to register the amendment.
The Guidance describes how FSRA will evaluate potential retroactive adverse amendments for registration in a broad range of scenarios. FSRA is committed to transparency in its approach and as set out in the Guidance, FSRA is publishing details of retroactive amendments with negative impacts that it reviewed under its approach.
Information update
As of March 31, 2025, FSRA has reviewed 17 RAA applications following the release of the Guidance and registered 8.
Registered
Summarized in the linked documents below are retroactive amendments that were reviewed by FSRA and registered under the PBA based on submissions from the plan administrators that aligned with FSRA’s expectations and approach under the Guidance.
Decisions made in this context are specific to the individual circumstances in question and should not be considered as setting a precedent for future cases. FSRA will continue to evaluate each situation based on its unique factors and merits.
Not registered
Summarized in the linked documents below are retroactive amendments that were reviewed by FSRA and not registered under the PBA as filed, or where FSRA provided direction that FSRA would not register such an amendment if it were filed, based on submissions from the plan administrators and FSRA’s expectations and approach under the Guidance.
Decisions made in this context are specific to the individual circumstances in question and should not be considered as setting a precedent for future cases. FSRA will continue to evaluate each situation based on its unique factors and merits.