Meeting summary - June 23, 2026

Standing Technical Advisory Committee for Multi-Employer Pension Plan (MEPP)

Meeting summary

Date: June 23, 2026
Time: 10:30 a.m. – 12:00 p.m.
Location: Hybrid

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

General items

The Committee reviewed several administrative and policy-related matters concerning multi-employer pension plans, including annuity discharge practices, treatment of ineligible contributions, and issues related to members aged 71 and older who defer pension commencement. It was noted that guidance is not required for members refusing to commence pensions after age 71, as responsibility rests with plan administrators, who may seek legal advice where appropriate.

Changes to TAC membership

Opening remarks included recognition of departing members and the introduction of a new Committee member, Tony Fanelli.

Annuity discharge for MEPPs

The Committee discussed current practices related to annuity purchases within MEPPs, with a focus on gaining a more detailed understanding of where annuities are being purchased and associated administrative considerations. Committee members agreed to continue discussions on this topic with the Ministry of Finance.

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 PSP, including opportunities to improve usability and streamline submission processes. Committee members noted ongoing challenges with form terminology and identified opportunities for greater clarity. 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).

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, including those related to defined benefit asset transfers and 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.