FSRA issues guidance on pension plan administrator roles and responsibilities
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to promoting the good administration of pension plans and protecting the rights and benefits of plan beneficiaries.
Following its consultation with sector standing committees, FSRA is releasing final Interpretation Guidance to support the role and responsibilities of pension plan administrators.
Administrators, as fiduciaries in an ever-changing world, are responsible for prudently managing risks in their pension plans, making decisions in the best interest of pension plan beneficiaries, and administering the plan in accordance with the filed plan documents and all applicable laws.
This Guidance is a refresh and consolidation of four inherited guidance documents to improve regulatory efficiency and effectiveness on the pension sector and reflect FSRA’s transition to a principles-based regulatory approach.
This Guidance is not intended to be a complete and comprehensive guide for administrators. Administrators have a duty to educate themselves with respect to their responsibilities.
The Guidance will come into effect on July 28, 2021.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.