Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans
Meeting Summary
Date: Tuesday, June 1, 2021
Time: 10:00 a.m. to 11:45 a.m.
Location: Videoconference
This summary sets out the key points discussed at the June 1, 2021 meeting.
FSRA Consumer Office Initiative on Cross-Sector Complaints Resolution Framework
The Committee heard from the FSRA Consumer Office about a possible cross-sectoral policy framework for complaints resolution. The Consumer Office shared draft principles developed through best practice research that could serve as the basis for any framework.
Changes to Real Bond Rate of Return and Commuted Value Calculations
The Committee discussed the Bank of Canada’s recent change to the real bond rate of return and its impact on the calculation of commuted values and preparation of valuation reports, amongst other impacts. Committee members also discussed the position paper released by the CIA on these issues and were advised that FSRA is reviewing this as well.
Digital Transformation
The Committee heard about FSRA’s digital transformation project that will modernize FSRA’s IT systems for the pension sector as well as across FSRA’s other sectors. Improvements have recently been made to the Pension Services Portal (PSP) which allows 14 additional items to be filed through the PSP. Members were invited to participate in a separate stakeholder consultation session in July related to Pension digital transformation. The purpose of this meeting is to solicit stakeholder feedback on the PSP functionality, identify any pain points and ensure that FSRA understands the sector’s needs for a future system.
Data Collection
The Committee discussed the draft regulation on PBGF data collection.
The Committee also heard about data collection on missing members which will become mandatory starting with the September 2021 Annual Information Return. The goal is to get more information on the scope of the issue which will help guide future legislative and policy development.
Other Discussion Topics
The Committee also heard about and discussed the following topics:
- The results of the FSRA’s quarterly DB funding report as at March 31, 2021,
- An update on FSRA’s proposed changes to the Form 7 contribution monitoring and reporting process.
- Difference between open and closed plans,
- Policy updates including the relaunch of FSRA’s website, the approach to new pension guidance as well as guidance inherited from FSCO, and the draft guidance on Administrator Roles and Responsibilities.
Next Meeting
The next meeting of the committee will be scheduled for Fall 2021.
Attendance Record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Jennifer Rook |
FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair |
VC |
|
Mitch Frazer |
Torys LLP and Committee Co-Chair |
VC |
|
Bill Watson |
Mercer |
VC |
|
Brent Simmons |
Sun Life |
VC |
|
Cathy MacDonald |
Canada Life |
VC |
|
Clio Godkewitsch |
Goldblatt Partners LLP |
R |
|
Corey Vermey |
Unifor |
R |
|
Earl Davis |
n/a |
VC |
|
Jason Vary |
Actuarial Solutions Inc. |
VC |
|
Ken Eady |
Sears Retiree Group |
VC |
|
Lilach Frenkel |
Aon |
VC |
|
Lisa Mills |
BMKP Law LLP |
VC |
|
Rohan Kumar |
Willis Towers Watson |
VC |
|
Simon Nelson |
Eckler Ltd. |
VC |
|
Steve Wilson |
PricewaterhouseCoopers LLP |
VC |
|
Tejash Modi |
Morneau Shepell |
VC |
|
William Jones |
Canadian Federation of Pensioners |
VC |
|
Andrew Fung, David Bartucci, Dillon DeCoteau, Joey Shiner, Lester Wong, Lynn Barron, Mark Eagles, Paul Dempsey, Taryn Pimento |
FSRA |
VC |
|
Alex Killoch, Jenarra DeSouza, Louis Kalikow |
MOF |
VC |
Available in French upon request.