FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee
Meeting summary
Date: Friday, May 7, 2021
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference
This summary sets out the key points discussed at the May 7, 2021 meeting.
Presentation from the Canadian Association of Pension Supervisory Authorities (CAPSA)
The Committee welcomed the Chair of the CAPSA Capital Accumulation Plans Guideline Committee tasked to review and update CAPSA Guideline No. 3 – Guidelines for Capital Accumulation Plans (CAP Guideline). The Chair presented CAPSA’s experience since the last full review of the CAP Guideline in 2009, and their latest initiative to review and update the CAP Guideline, which they expect to be completed in the spring of 2022. A key lesson learned from their experience was the importance of industry and public consultation to create a guideline that was well supported by stakeholders. Areas of focus in their current consultations include more effective communication to plan members, decumulation, fees, and bringing consistency across the industry involved in CAPs.
In the spirit of harmonization and improving regulatory effectiveness and efficiency, the Committee expressed a preference to put forward to CAPSA the opportunities identified during the Committee’s work as part of the review of the CAP Guidelines with the Industry Working Group.
Review of working group findings
The Committee reviewed the findings of the Filings and Metrics working group, who provided a summary of their work to the Committee for discussion. Key areas for consideration identified by the working group include streamlining requirements around certain forms and a review of the information required on annual filings for DC plans.
Next meeting
The next meeting of the Committee is scheduled for June 15, 2021.
Attendance record
Invited/Attended |
Company Name |
Attendance Status |
---|---|---|
Caroline Blouin |
FSRA - EVP and TAC Chair |
VC |
Tamara DeMos |
OSFI - Managing Director, Private Pension Plans Division and TAC Chair |
VC |
Alex McKinnon |
United Steelworkers |
VC |
Brett Marchand |
Manulife Financial Corporation |
VC |
Corienne Logan |
Many Nations Co-operative Ltd. |
VC |
David Vincent |
Canadian Benefits Law |
VC |
Jo-Ann Hannah |
Retired |
VC |
Joe Nunes |
Canadian Institute of Actuaries |
VC |
Lisa Jankov |
Pension Investment Association of Canada |
VC |
Martin McInnis |
Co-operative Superannuation Society Pension Plan |
VC |
Michael Dodd |
Co-operators Group |
VC |
Michelle Loder |
Morneau Shepell Ltd. |
VC |
Paul Webber |
Cowan Insurance Group |
VC |
Roger Maguet |
Canada Life |
VC |
Roman Kosarenko |
George Weston Limited |
VC |
Susan Bird |
Multi Employer Benefit Plan Council of Canada |
VC |
Susie Taing |
Sun Life Assurance Company |
VC |
Tim Mark |
Royal Bank of Canada |
VC |
Todd Saulnier |
Association of Canadian Pension Management |
VC |
Zaheed Jiwani |
Eckler |
VC |
Angela Mazerolle |
CAPSA, VP Regulatory Operations, Financial and Consumer Services Commission, New Brunswick |
VC |
Evelyn Rego, Lynn Barron, David Bartucci, James Hoffner, Jesse Heath-Rawlings, Karima Shajani, Andrew Fung, Paul Dempsey, Mark Eagles |
FSRA |
VC |
Benoit Briere, Chuck Saab, Mike Ius, Nadine Atallah, Sydney Roy |
OSFI |
VC |
Carolina Geronimo, Jenny Chau |
British Columbia Financial Services Authority |
VC |
Matt Krzepkowski, |
Department of Finance |
VC |
Alex Killoch, Cole Mathews |
Ministry of Finance |
VC |