Standing Technical Advisory Committee for Defined Contribution (DC) Pension Plans
Meeting summary
Date: Tuesday, March 1, 2022
Time: 1:30 p.m. to 2:45 p.m.
Location: Videoconference
This summary sets out the key points discussed at the March 1, 2022 meeting.
Innovation
- FSRA staff shared that FSRA has an Innovation Office and that FSRA is currently innovating the following changes for the DC sector:
- DC Annual Information Return (AIR) will be streamlined. This new DC AIR will be introduced later this year and will reduce regulatory burden.
- DC Plan Wind Up Smart Form – this online form can now be filed through the Portal and will expedite DC plan wind ups. Issues can be flagged and dealt with sooner. FSRA welcomes comments from those who have used the new form and process.
- DC Asset Transfers – a new online smart form is being developed and could be available later this year.
Survey feedback (FSRA and administrative errors)
- FSRA shared feedback received from the technical advisory committees (TACs) from a recent survey conducted by FSRA.
- Common administrative errors and the possibility of future FSRA guidance in the area was also discussed.
Amendment portal process
- Changes to the amendments submission process (Form 1.1) will be released shortly and FSRA hopes it will allow for certain automated approvals on housekeeping type amendments. Online submission of Form 1.1. is strongly encouraged by FSRA. FSRA will provide training sessions for the industry.
FSRA Complaints Policy Framework
- The Complaints Policy Framework has been released. FSRA’s next step is doing an analysis to determine what existing gaps exist in the complaint process for each sector. FSRA may contact a selection of plans of different sizes to better understand pension plans complaints handling processes, recognizing plans will have different processes.
Regulation 66/22
- The Committee heard about recent regulatory changes to remove the requirement for DC plans to file a Statement of Investment Policies and Procedures (SIPP) as well as audited financial statements.
Draft principles based regulation guidance
- As a principles-based regulator, FSRA will be releasing draft guidance shortly to consult on FSRA’s approach to principles-based regulation. There will be sector-specific consultations, as well as a public consultation.
CAPSA CAP guideline
- The CAPSA CAP Guideline is being revised and should be circulated for comments in a few months. The committee was encouraged to review and comment.
Next meeting
The next meeting of the committee is scheduled for June 2022.
Attendance record
Invited/Attended |
Company Name |
Attendance Status |
---|---|---|
Mark Eagles |
FSRA – Director, Advisory Services and Committee Co-Chair |
VC |
David Vincent |
Canadian Benefits Law and Committee Co-Chair |
VC |
Neil Duffy |
Canada Life |
VC |
Caroline Helbronner |
Blake, Cassels & Graydon LLP |
VC |
James Harnum |
Koskie Minsky |
VC |
Jillian Kennedy |
Mercer |
VC |
Karen Burnett |
Willis Towers Watson |
VC |
Paul Russ |
Sun Life |
VC |
Kim Ozubko |
Royal Bank of Canada |
VC |
Michelle Loder |
LifeWorks |
VC |
Moshe Arye Milevsky |
York University |
VC |
Sukhvinder Dulay |
OMERS |
VC |
Terra Klinck |
BMKP Law LLP |
VC |
Andrew Fung, Jennifer Rook, Joanna Spadafora, |
FSRA |
VC |
Alex Killoch, Krista Teichroeb, Reet Hees |
MOF |
VC |
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