Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans
Meeting Summary
Date: Tuesday, June 2, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Teleconference
This summary sets out the key points discussed at the June 2, 2020 meeting.
Purpose of Committee
This committee will review issues related to the administration and regulation of defined benefit single-employer pension plans (DB SEPPs). The committee will participate in the development of guidance, regulatory processes and communication initiatives. It will be asked to respond to FSRA’s requests to provide advice on technical issues and proposed legislation and regulations as well as to identify possible changes to the legislation and regulations to support the efficient regulation of DB SEPPs. The committee will also act as a liaison between FSRA and the sector, bringing issues to the attention of FSRA.
Recent FSRA Initiatives
The discussion focused on FSRA’s Information Guidance entitled Pension Sector Emergency Management Response (the Guidance), which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic. The guidance also includes information on the government’s Emergency Management and Civil Protection Act that affects FSRA’s ability to issue Notices of Intended Decisions and Orders at this time. Also of interest to defined benefit plans was a recent amendment to Regulation 909 which temporarily removed the 20% late filing penalty for PBGF assessments.
Payment of Commuted Values
The committee reviewed FSRA’s Approach Guidance entitled Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans) (the Approach Guidance). The Approach Guidance was developed to address events when a defined benefit pension plan’s transfer ratio (TR) has declined by ten per cent or more and the resulting TR is below 0.9. The guidance replaces FSCO Policy T800-402, Commuted Value Transfers, which became effective July 7, 2009, until further notice. Committee members were given the opportunity to ask questions and receive clarification on the guidance.
Next Meeting
The next meeting of the committee is scheduled for November 3, 2020.
Attendance Record
| Invited/Attended | Company Name | Attendance Status (A)ttended; (R)egrets; (S)ubstitute; (TC)Teleconference |
|---|---|---|
|
Jennifer Rook |
FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair |
TC |
|
Mitch Frazer |
Torys LLP and Committee Co-Chair |
TC |
|
Bill Watson |
Mercer |
TC |
|
Brent Simmons |
Sun Life |
TC |
|
Cathy MacDonald |
Canada Life |
TC |
|
Clio Godkewitsch |
Goldblatt Partners LLP |
TC |
|
Corey Vermey |
Unifor |
R |
|
Earl Davis |
n/a |
TC |
|
Jason Vary |
Actuarial Solutions Inc. |
TC |
|
Ken Eady |
Sears Retiree Group |
TC |
|
Lilach Frenkel |
Aon |
TC |
|
Lisa Mills |
BMKP Law LLP |
R |
|
Rohan Kumar |
Willis Towers Watson |
TC |
|
Simon Nelson |
Eckler Ltd. |
TC |
|
Steve Wilson |
PricewaterhouseCoopers LLP |
TC |
|
Tejash Modi |
Morneau Shepell |
TC |
|
William Jones |
Canadian Federation of Pensioners |
TC |
|
Dillon DeCoteau |
FSRA |
TC |
|
Lester Wong |
FSRA |
TC |
|
Mark Eagles |
FSRA |
TC |
|
Paul Dempsey |
FSRA |
TC |
|
David Bartucci |
FSRA |
TC |
|
Lynn Barron |
FSRA |
TC |
Available in French upon request.