Meeting summary - July 7, 2026

Standing Technical Advisory Committee for DC Plans

Meeting summary

Date: July 7, 2026
Time: 10:30 a.m. – 12:00 p.m.
Location: Hybrid

This summary sets out the key points discussed at the meeting.

Member items

The Committee discussed plan sponsor responsibilities in defined contribution pension plans, including plan design, governance, and retirement outcomes. Members highlighted the importance of clearly defining the purpose of pension plans and periodically reviewing plan design assumptions to ensure they continue to meet members’ needs. Members suggested that FSRA might want to provide more guidance on our expectations in relation to the CAPSA guidelines.

Changes to TAC membership

Opening remarks included recognition of renewing members and the introduction of a new Committee member, Jean-Grégoire (Greg) Morand.

Pensions Transformation Project

FSRA presented updates on enhancements to the Pension Services Portal (PSP) as part of the Pensions Transformation Project.

FSRA outlined its intention to support a smooth transition to the new system for users and sought feedback from Committee members on effective communication strategies for the sector. FSRA also invited volunteers to provide feedback on updated modules as development and implementation activities continue.

Forms discussion

The Committee discussed planned improvements to forms within the Pension Services Portal (PSP), including opportunities to improve usability and streamline submission processes. Committee members identified opportunities for forms enhancements and welcomed the proposed changes. FSRA indicated it would continue engaging with stakeholders to gather feedback on how best to implement future form enhancements and will provide ongoing updates to the sector as changes progress.

CAPSA and NPCOA updates

Updates were provided on CAPSA initiatives, including ongoing work to develop amendments to the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans to accommodate multi-jurisdictional variable payment life annuities (VPLAs). A public consultation document on the proposed amendments is expected to be released in 2027.

Additional CAPSA discussions include a broader review of existing guidance materials to identify opportunities for updates or consolidation, as well as continued focus on supervisory consistency across jurisdictions.

An update was also provided on mortality assumptions for computing the commuted value of pensions and capitalized value of pensions for family law purposes. The Canadian Institute of Actuaries (CIA) is recommending that the new mortality table and improvement scale be adopted effective February 1, 2027. The date to submit comments to the CIA on the new tables is July 15, 2026, and the CIA's Actuarial Standards Board will review all comments received in the fall of 2026.

The National Pension Compliance Officers Association (NPCOA) has a new Chair, Steven Anu from BCFSA, for fiscal 2027. He presented NPCOA's 2026-2027 workplan at the CAPSA Spring Meeting which covered improvements in various national administration guides, surveys of funding assumptions by province and major authority decisions, lists of decumulation options for DC plans, and information on missing members. The workplan was approved by CAPSA.

Pensions guidance review

FSRA provided an update on its ongoing review of pension guidance, with a focus on FSRA’s Guidance on automatic features in defined contribution plans. Further details on proposed updates will be shared with the Committee.

FSRA also provided updates on its plans to review additional pieces of Guidance in 2026/27, and that the proposed pieces of Guidance will be brought to future TAC meetings for discussion.

FSRA fee rule review

FSRA provided an update on its plans to review the fee rule and discussed its authority to oversee fees within the pension sector and across all sectors under its supervision, as part of its ongoing fee rule assessments.

Ontario budget updates

Representatives from the Ministry of Finance provided updates on recent Ontario budget announcements, including the increased PBGF guarantee, legislative amendments supporting Variable Life Benefits (VLBs), administrator discharges related to missing members over 100 years of age, new unlocking provisions, and ongoing work on frameworks for defined contribution to jointly sponsored pension plan (JSPP) conversions.

Next meeting

The next meeting of the Committee is scheduled for November 2026.

Attendance record

Disponible en français sur demande.