Technical Advisory Committee to identify ways to foster a vibrant employment-based pension pillar in Ontario
Meeting summary
Date: Thursday, June 10, 2021
Time: 9:00 a.m. to 11:00 a.m.
Location: Videoconference
This summary sets out the key points discussed at the June 10, 2021 meeting.
Purpose of committee
FSRA established this Technical Advisory Committee (TAC) as an ad hoc, special purpose committee, to discuss ways to foster a vibrant employment-based pension sector in Ontario within the existing legislative and regulatory framework. The main purpose of this Committee is to facilitate a discussion between participants representing the pension sector to find ways in which FSRA can:
- Promote the good administration of pension plans that is facilitative for employers, cost efficient and leverages innovative practices; and
- Ensure that Ontario plan members are well-informed regarding their retirement benefits and how those pension benefits are protected.
Key statistics and ideas
The Committee reviewed key statistics about FSRA-regulated pension plans and recent trends.
Members of the Committee were asked to present three executable, implementable and measurable ideas that will foster a vibrant employment-based pension sector in Ontario.
Themes identified
The Committee discussed ideas on how to promote good administration of pension plans and the role of member communication and administration in enhancing member outcomes.
During the discussions, the following themes were identified:
- Value of a Pension
- Digital Records and Dashboards
- Plan Consolidation and Mergers
- Decumulation Options in DC plans
- Member Communications and Engagement
- Streamlining Filings and Data requests
Working groups
The Committee also established working groups with the objective of exploring further the following themes:
- Value of a Pension
- Digital Records and Dashboards
- Plan Consolidation and Mergers
These three 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 TAC.
In respect of other identified themes, towards the end of FY2021-22, FSRA is already engaged with both the CAPSA CAP Guideline review and its own bilateral TAC being carried out with OFSI regarding DC plans. Also, FSRA will be establishing a special purpose TAC on Member Communications and Engagement.
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 |
|
Evan Howard |
CAAT |
VC |
|
Mary Cover |
C.D. Howe Institute |
VC |
|
Uros Karadzic |
Ernst & Young LLP |
VC |
|
Bonnie-Jeanne MacDonald |
National Institute on Ageing |
VC |
|
Mathias Oschinki |
University of Toronto |
VC |
|
Corey Vermey |
UNIFOR |
VC |
|
David Bartucci |
FSRA |
VC |
|
Mark Eagles |
FSRA |
VC |
|
Jesse Heath-Rawlings |
FSRA |
VC |
|
Joaquin Zermeno |
FSRA |
VC |
|
Alex Killoch |
MOF |
VC |
|
Jenarra De Souza |
MOF |
VC |
|
Vinod Armoogum |
MOF |
VC |