When FSRA intends to make an Order, Consent or Declaration under the Pension Benefits Act, a notice of intended decision (NOID) is served on the persons affected by the Order, Consent or Declaration. These persons have the right to request a hearing before the Financial Services Tribunal (FST). If the FST holds a hearing, the FST’s decisions are published on the Canadian Legal Information Institute (CanLII)’s website.
Consents generally relate to FSRA’s authorization of payments out of a pension plan (e.g., refunds of contributions, overpayments, surplus, transfers of assets between pension plans, etc.).
Declarations are made by FSRA to declare that the Pension Benefits Guarantee Fund applies to a pension plan for the reasons set out in the NOID.