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Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans
Date: Monday, November 15, 2021
Time: 1:00 p.m. to 3:00 p.m.
This summary sets out the key points discussed at the November 15, 2021 meeting.
Stakeholder engagement and guidance
- FSRA staff shared the positive feedback and suggestions for improvement received from members of all the technical advisory committees. To provide the ability for TAC members to have more in-depth discussion of items, and to participate more fully in guidance development, meetings will be moved from a biannual to a quarterly schedule starting in 2022.
- The Committee heard about the work being done by the technical advisory committee on the Employment-Based Vibrant Pension Pillar in Ontario. This committee has been looking at ways FSRA could improve efficiency in processes and filings, and how FSRA could promote the awareness and value of pension plans. The Committee will be delivering their final report in 2022.
- The Committee discussed guidance released by FSRA including, Automatic Features in Defined Contribution Pension Plans (released November 9, 2021).
- The Committee reviewed draft approach guidance regarding PBGF assessment calculations and plan amendments and was invited to make comments. The Committee was also advised that FSRA intends to refresh its Pension Sector Guiding Principles (effective January 9, 2020) and would provide further updates on its work.
- An amendment to the FSRA Act has been passed by the government, but not yet proclaimed, to protect whistleblowers from reprisals. The amendment will apply to all FSRA sectors—not just pensions. FSRA will be developing processes to administer the whistleblower regime.
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.
Inflation and yield curve
To reflect FSRA’s goal that administrators and their advisors understand how their plans and funded position might change in different economic environments, Committee members were asked for feedback on the implications to pension plans of different possible inflation and yield curve environments.
The next meeting of the committee will be scheduled for Spring 2022.
|Invited/attended||Company name||Attendance status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Teleconference
|Jennifer Rook||FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair||VC|
|Mitch Frazer||Torys LLP and Committee Co-Chair||VC|
|Brent Simmons||Sun Life||VC|
|Cathy MacDonald||Canada Life||VC|
|Clio Godkewitsch||Goldblatt Partners LLP||R|
|Jason Vary||Actuarial Solutions Inc.||VC|
|Ken Eady||Sears Retiree Group||VC|
|Lisa Mills||BMKP Law LLP||VC|
|Rohan Kumar||Willis Towers Watson||VC|
|Simon Nelson||Eckler Ltd.||VC|
|Steve Wilson||PricewaterhouseCoopers LLP||VC|
|Tejash Modi||Morneau Shepell||VC|
|William Jones||Canadian Federation of Pensioners||VC|
|Andrew Fung, David Bartucci, Lester Wong, Lynn Barron, Mark Eagles, Mathew Ou, Paul Martiniello, Tim Thomson||FSRA||VC|
|Anne Strathy, Krista Teichroeb||MOF||VC|