Meeting summary - July 13, 2021

Technical Advisory Committee to identify ways to foster a vibrant employment-based pension pillar in Ontario

Meeting summary

Date: Tuesday, July 13, 2021
Time: 1:30 p.m. to 3:30 p.m.
Location: Videoconference

This summary sets out the key points discussed at the July 13, 2021 meeting.

Purpose of this meeting

Driven by the objectives set out by the Committee, this meeting focused on the review of the input received from the three working groups established at the last meeting: Value of a Pension, Digital Records and Dashboard and Plan Consolidation and Mergers.

These themes were selected on the basis of the Committee’s professional expertise and the prospects of achieving greater practical outcomes, within the mandate of the Technical Advisory Committee.

The meeting also focused on identifying three executable, implementable and measurable ideas that will foster a vibrant employment-based pension sector in Ontario.

Review of working groups findings

In respect to Value of a Pension, the Committee reflected on the importance of disseminating unbiased information on the value of pensions from the perspective of  employees, employers and society in general.

The Committee recognized that initiatives such as a broader digitalization of pension records or a pension dashboard are not viable within current market conditions.

The Committee also agreed that FSRA could provide guidance and leadership to promote efficient pension records.

The Committee expressed strong support for pension plan consolidation.

The natural role of FSRA is to facilitate plan consolidation while overseeing the protection of member interests in the context of the PBA.

In terms of specific actions, FSRA informed the Committee on plans to automate the processing of asset transfer applications for Defined Contribution plans.

The Committee acknowledged that FSRA has been doing a good job supporting consolidation in the DB sector. Examples of recent work in support of the Sector are the development of guidance on asset transfers and the implementation of a certification process for asset transfer applications.

Next steps

The Committee identified the following actionable items to be developed in the coming months:

• Explore collaboration opportunities with other organizations to develop material, leverage existing content and devise effective strategies to promote a better understanding of the value of pensions to employers and employees;
• Identify efficient methods to disseminate unbiased information on how pension plans work and the retirement system in Ontario.
• Continue work with the Sector in facilitating asset transfers and mergers to support consolidation.

Attendance record

Invited/Attended	Organization Name	Attendance Status (R)egrets; (S)ubstitute (VC)Videoconference
Caroline Blouin	FSRA	VC
James Pierlot	Blue Pier	VC
Cameron McNeill	MEBCO	VC
Danelle Parkinson	ACPM	VC
Andrew J. Hatnay	Koskie Minsky	VC
David Marshall	JKM Financial	VC
Marie-Josée Forcier	Normandin Beaudry	VC
Ian Edelist	CIA	VC
Jo-Ann Hannah	Retired	VC
David Bartucci	FSRA	VC
Mark Eagles	FSRA	VC
Jesse Heath-Rawlings	FSRA	VC
Joaquin Zermeno	FSRA	VC
Alex Killoch	Ministry of Finance	VC
Jenarra DeSouza	Ministry of Finance	VC

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