Meeting summary - November 25, 2021

Retirees Advisory Panel            

Meeting Summary

Date: Thursday, November 25, 2021
Time: 1:00 p.m. to 3:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the November 25, 2021 meeting. 

Stakeholder engagement and guidance

• The Panel discussed a variety of items raised by committee members.
• FSRA staff shared the positive feedback and suggestions for improvement received from members of all the technical advisory committees.  FSRA has determined that as the work being done by the Retiree Panel and FSRA’s Consumer Advisory Committee is very similar, the Retiree Panel will be disbanded.  Panel members were encouraged to apply for membership on the Consumer Advisory Committee.
• The Committee reviewed draft approach guidance regarding plan amendments (adverse amendments, certain indexation amendments, and union notice requirements), annuity purchases, and limitations on commuted value transfers and was invited to make comments.  The Committee was also advised that FSRA intended to refresh its Pension Sector Guiding Principles (effective January 9, 2020) and would provide further updates on its work.

Improving regulatory effectiveness and efficiency

• FSRA began mandatory data collection on missing members and PBGF exposure with the September 2021 Annual Information Return (AIRs).  The Committee was reminded that PBGF data was required to be submitted by November 30, 2021.
• Committee members were invited to share their views on what the regulator could do to assist plan administrators who need to correct administrative errors.

Attendance record

Available in French upon request.