Meeting summary - November 16, 2021

Standing Technical Advisory Committee for Defined Contribution (DC) Pension Plans

Meeting summary

Date: Tuesday, November 16, 2021
Time: 1:00 p.m. to 3:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the November 16, 2021 meeting.  

Stakeholder engagement and guidance

• FSRA staff shared the positive feedback and suggestions for improvement received from members of all the technical advisory committees.  To provide the ability for TAC members to have more in-depth discussion of items, and to participate more fully in guidance development, meetings will be moved from a biannual to a quarterly schedule starting in 2022.
• The Committee heard about the work being done by the technical advisory committee on the Employment-Based Vibrant Pension Pillar in Ontario.  This committee has been looking at ways FSRA could improve efficiency in processes and filings, and how FSRA could promote the awareness and value of pension plans.  The Committee will be delivering their final report in 2022.
• The Committee reviewed draft approach guidance regarding plan amendments and was invited to make comments.  The Committee was also advised that FSRA intended to refresh its Pension Sector Guiding Principles (effective January 9, 2020) and would provide further updates on its work. 
• The Committee was advised that the FSRA/OSFI Technical Advisory Committee’s Recommendations for Strengthening the Canadian Association of Pension Supervisory Authorities (CAPSA) Capital Accumulation Plans Guidelines, and the CAPSA Member Guide for DC Pension to help members make decisions and improve their financial literacy, have been published.
• The Committee discussed guidance released by FSRA including, Automatic Features in Defined Contribution Pension Plans (released November 8, 2021).  The committee also discussed proposed regulatory changes relating to the removal of the requirement to file a SIPP for DC plans, and the removal to the requirement to file an audited annual DC financial statement, unless otherwise directed to do so.

Improving regulatory effectiveness and efficiency

• FSRA began mandatory data collection on missing members and PBGF exposure with the September 2021 Annual Information Return (AIRs).  The Committee was reminded that PBGF data was required to be submitted by November 30, 2021.
• Committee members were invited to share their views on what the regulator could do to assist plan administrators who need to correct administrative errors.

Next meeting

The next meeting of the committee will be scheduled for Spring 2022.

Attendance record

Available in French upon request.