Meeting summary - February 26, 2026

Standing Technical Advisory Committee for Defined Benefit Single Employer Pension Plans (SEPP)

Meeting summary

Date: February 26, 2026
Time: 10:30 a.m. – 12:00p.m.
Location: Hybrid

This summary sets out the key points discussed at the February 26, 2026, meeting.

General items

The committee held a high-level discussion on current regulatory priorities and emerging themes affecting DB SEPP plans. Members provided general updates on ongoing initiatives, sector observations, and broader considerations related to plan administration and oversight.

FSRA updates

FSRA has launched a data clean-up initiative to strengthen the Pension Services Portal (PSP) and improve the accuracy of plan information. FSRA requests pension plan administrators to review and update key plan and contact details in PSP ahead of the next AIR filing cycle to ensure timely, complete, and accurate submissions.

Surplus and wind‑up processes

FSRA outlined expectations for surplus‑sharing agreements contingent on a plan winding-up and confirmed that such agreements may be acceptable if certain criteria are met. The committee also discussed recent wind‑up activity (16 completed) and 31 asset transfers.

CAPSA updates

Updates were provided on the revised Administrative Procedures document supporting the 2020 Agreement Respecting Multi-jurisdictional Pension Plans, published on the website of the Canadian Association of Pension Supervisory Authorities (CAPSA) in December 2025. Updates were also provided on current CAPSA actuarial initiatives, including ongoing work related to mortality scales. The Committee also received an overview of continued coordination among CAPSA, the Canadian Institute of Actuaries (CIA), and the Actuarial Standards Committee on broader policy and guidance initiatives, including those related to Variable Pension Life Annuities (VPLAs) and climate related regulatory considerations. A general update was also provided on the monitoring of asset transfers and pension plan windups across jurisdictions, along with efforts to support consistency in administrative processes.

Guidance updates

FSRA provided an overview of progress in this cycle of guidance reviews. Documents summarizing recommendations or updates will be provided to the TAC for consideration. FSRA communicated that Family Law forms have been updated to reflect Target Benefits as a benefit type.

Pension Benefits Guarantee Fund (PBGF). The PBGF currently holds approximately $1.4B. Sears was the last major plan to access the fund. Smaller‑plan claims occur periodically. FSRA and stakeholders discussed the impact of missing members on insolvency‑related annuity purchases.

Recent enforcement activities on DC non-remittances

The committee reviewed recent enforcement activities related to DC non‑remittances, including the issuance of NOIDs and broader considerations for strengthening diligence and consistency in enforcement practices.

Retroactive Adverse Amendments

The committee discussed FSRA’s ongoing work related to Retroactive Adverse Amendments. FSRA released its first Retroactive Adverse Amendment report in June 2025, summarizing determinations made as of March 31, 2025. A second report is currently in development and will provide updates through December 31, 2025. The committee reviewed the implications of these findings for plan sponsors, administrators, and member communications, as well as potential considerations for future compliance oversight.

Communications and engagement update

Pension Awareness Day activities, and planning for FSRA Exchange in May 2026, were discussed.

Defined Benefit funding and solvency

FSRA reviewed DB funding trends, including solvency implications when missing members must be included in annuity purchase groups. The committee discussed the benchmark discount rate for SEPP valuations and the relationship between market value and wind‑up solvency.

Next meeting

The next meeting of the committee is scheduled for Summer 2026.

Attendance record

Disponible en français sur demande.