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Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans

Meeting Summary

Date: Tuesday, November 3, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Videoconference

This summary sets out the key points discussed at the November 3, 2020 meeting.

Public consultation on FSRA statement of priorities and budget

FSRA published its proposed 2021-22 Statement of Priorities and Budget for public consultation on October 13, 2020.  The Committee heard about the pension sector priorities, which include identifying ways within the regulatory framework to foster a vibrant employment-based pension pillar in Ontario, developing strategies for member communications and engagement, continuing enhancement of the prudential supervision framework, and improving regulatory effectiveness and efficiency.

Missing member guidance

The Committee was advised that public consultation on FSRA’s new missing member guidance closed on September 20, 2020, and that the final version of the guidance will be published in December 2020.  A roundtable discussion took place on issues and administrative challenges around missing members. 

Insolvency trends and regulatory approach

The Committee was presented with an overview of the work conducted by FSRA’s Relationship Management and Prudential Supervision team.  This team use a principles-based and outcomes-focused approach in order to enhance the oversight of prudential pension matters, ensure appropriate risk assessments, appropriately target supervision, and deploy an effective engagement strategy.

Proposed change to the form 7 process

The Summary of Contributions / Revised Summary of Contributions (Form 7) is required to be filed by pension plan administrators with the trustee(s) of their pension fund.  If remitted contributions are less than 90% of those reported on Form 7 (variance) or if no contributions are remitted (non-remittance), the trustee(s) is required to report the variance or non-remittance to FSRA.

The Committee was advised that FSRA is considering changes to the Form 7 reporting processes and feedback was sought from committee members.

Next meeting

The next meeting of the committee will be scheduled for Spring 2021.

Attendance record


Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Videoconference

Jennifer Rook

FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair

VC

Mitch Frazer

Torys LLP and Committee Co-Chair

VC

Bill Watson

Mercer

VC

Brent Simmons

Sun Life

VC

Cathy MacDonald

Canada Life

VC

Clio Godkewitsch

Goldblatt Partners LLP

VC

Corey Vermey

Unifor

R

Earl Davis

n/a

VC

Jason Vary

Actuarial Solutions Inc.

VC

Ken Eady

Sears Retiree Group

VC

Lilach Frenkel

Aon

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

FSRA

VC

David Bartucci

FSRA

VC

Dillon DeCoteau

FSRA

VC

Lester Wong

FSRA

VC

Lynn Barron

FSRA

VC

Mark Eagles

FSRA

VC

Paul Dempsey

FSRA

VC

Paul Martiniello

FSRA

VC

Alex Killoch

MOF

VC

Doug Malone

MOF

VC

Louis Kalikow

MOF

VC