FSRA established this Technical Advisory Committee as an ad hoc, special purpose committee, to discuss ways to foster a vibrant employment-based pension sector in Ontario. Committee members worked together with the public to identify how to support the vibrancy of workplace pensions within the regulatory framework. The Committee met three times with the following outcomes and recommendations:
Value of a pension and Pension Awareness Day
- The Committee expressed strong support for launching a Pension Awareness Day, and it is now included in FSRA’s 2022-2023 Statement of Priorities. We have established an internal working group to design a campaign focused on communicating the value of a pension plan to members, employers and society including a Pension Awareness Day. The target audience includes pension members, pension administrators and the public.
Improvement of data collection
- Changes to the Investment Information Summary: We heard from the Committee about the need for streamlining some of the prescribed filings FSRA requires. FSRA is reviewing the financial and investment data captured in the Investment Information Summary (IIS) filed annually by Defined Benefit pension plans. The IIS was first introduced in 2006. The revised IIS will streamline the data collection process and will provide FSRA with data points conducive to capture additional elements of investment performance.
- Collection of missing members data: FSRA is now collecting information on missing members through the Annual Information Return. This information helps FSRA increase its understanding on the scope and direction of the problem of missing members. FSRA will share its findings on missing members with the Ministry of Finance.
Plan consolidation and mergers
- The Committee expressed strong support for pension plan consolidation. FSRA is currently working to remove regulatory barriers for plans that wish to consolidate while at the same time ensuring the protection of member interests. In terms of specific actions, FSRA is working on automating asset transfer applications for Defined Contribution plans.
Communication with the sector
- FSRA is considering adding two new annual reports to strengthen our channels of communication with the sector. These reports will provide timely information on the characteristics of the pension sector and periodic updates on pension operations. The operational report will show updates on the most frequent pension transactions, such as asset transfers, mergers, plan wind-ups, etc. The dashboard will include key sectorial data, such as, membership, contributions, assets, number of plans, etc.
Support to initiatives focused on improving the pension sector
- The Committee members expressed interest on Dynamic Pension pools, a financial decumulation vehicle that operates on a risk-sharing principle. One area of specific interest was the operationalization of this concept, specifically, how Dynamic Pension pools are going to be rolled out.
Related information posted on FSRA's website
- Meeting summary - December 9, 2021
- FSRA Announces new TAC members for the Employment-Based Vibrant Pension Pillar in Ontario
- Technical Advisory Committee to Identify Ways to Foster a Vibrant Employment-Based Pension Pillar in Ontario