Technical Advisory Committee to Identify Ways to Foster a Vibrant Employment-Based Pension Pillar in Ontario
These Terms of Reference are intended to inform the creation of the identified technical advisory committee. Technical advisory committees are an important part of FSRA’s stakeholder engagement process, assisting the Regulator in developing better processes, guidance and approaches to its regulation of the pension sector.
FSRA’s stakeholder engagement process enables two-way dialogue and understanding. We want our stakeholders to be informed of FSRA activities and to provide timely advice and feedback. We may also seek to identify and discuss emerging issues.
Responsibilities of technical advisory committee members include:
- reviewing background material in preparation for meetings and attending meetings;
- providing solutions-focused advice, proposals and feedback to FSRA and freely expressing points of views;
- using best efforts to, where possible, develop consensus; and
- providing feedback to FSRA on the functioning of the committee.
2. Mandate of the Technical Advisory Committee
We are establishing this Technical Advisory Committee as an ad hoc, special purpose committee, to discuss ways to foster a vibrant employment-based pension sector in Ontario. The main purpose of this Committee is to facilitate a discussion between participants representing the pension sector.
Amongst other things, the Technical Advisory Committee will discuss issues such as:
- examine regulatory processes with an objective of promoting good administration of pension plans that is facilitative for employers, cost efficient and can leverage innovative practices;
- the role of pension coverage in enhancing member outcomes;
- improve regulatory effectiveness and efficiency;
- ensure that Ontario plan members are well-informed regarding their retirement benefits; and
- enhance data management with respect to financial and operational aspects of pension plans.
Technical Advisory Committee members are expected to provide comments based on their experience to date, identify issues and develop proposals; where appropriate they may be asked to provide sample data or to prepare analyses.
3. Nomination and Appointment of Advisory Committee Members
Appointments will be made through an open application process posted online. Selections will be made by FSRA, based in part upon the experience of the individuals who are put forward, the component of the pension sector that they represent and other factors that may be determined to be relevant. This Technical Advisory Committee will have a target membership of 10 - 14 members (not including FSRA and MOF participants). FSRA can choose to add or remove any member of the Technical Advisory Committee at any time.
4. Qualifications of Members of the Technical Advisory Committee
Nominees to the Technical Advisory Committee should be experienced members of their respective organization or profession who can represent their organization’s or profession’s position on relevant issues. Organizations cannot have more than one representative as a member of any one Technical Advisory Committee.
Candidates to participate on this Technical Advisory Committee must have significant experience dealing with the administration and design of pension plans and should be representative of one or more of the following pension sector categories:
- Union representatives who have experience with pension plans;
- Representatives of pension plan members, former members and retired members;
- Representatives of employers that sponsor pension plans;
- Representatives of pension sector and professional associations;
- Representatives of multi-employer pension plans administrators;
- Pension lawyers, advisors and other specialists in the pension field;
- Insurance companies that provide plan administrative services and/or sell life annuities;
- Organizations with expertise on pensions and other retirement income products;
- Think tanks and similar organizations focused on retirement security, pension research or the pension system.
FSRA will be represented on the Technical Advisory Committee by its Executive Vice President, Pensions or her delegate and by other identified FSRA staff members. The Executive Vice President, Pensions or her delegate will be the Chair of the Technical Advisory Committee.
One or more representatives of the Ministry of Finance will also be invited to join this Technical Advisory Committee.
5. Public Process, Input from Others and Disclosure Issues
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Technical Advisory Committee and to material prepared by or for the Technical Advisory Committee.
Members of the Technical Advisory Committee are permitted to obtain assistance from co-workers or sector collaborators. However, until the Technical Advisory Committee’s mandate is complete, Technical Advisory Committee members and those that assist them are requested to maintain confidentiality (with the exception of information made public by FSRA). Following completion of the Technical Advisory Committee’s mandate, a Technical Advisory Committee member may communicate his or her views concerning the work of the Technical Advisory Committee.
6. Meetings, Agendas and Deliverables
We expect the Technical Advisory Committee will participate in 3 meetings; these are tentatively scheduled to begin in May 2021. If it is determined that a meeting is not required or must be re-scheduled, members will be notified in advance. The Chair may call additional meetings as required.
Technical Advisory Committee members may be asked to prepare material for consideration by the Technical Advisory Committee.
FSRA shall endeavour to provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA shall prepare a high-level summary of each meeting and will distribute it, including any accompanying written submissions, to Technical Advisory Committee members, typically within three weeks following a meeting. FSRA also intends to publish the high-level summary on its website within approximately 3 weeks of each meeting.
7. Applications to participate
Please email your request to participate on this Technical Advisory Committee to: [email protected].
Your request should briefly indicate your relevant experience and should also indicate which of the listed stakeholder groups you fall into (it can be more than one).
8. For more information contact: