Standing Technical Advisory Committee for Defined Contribution (DC) Pension Plans

Meeting summary

Date: Friday, June 4, 2021
Time: 10:00 a.m. to 11:30 a.m.
Location: Videoconference

This summary sets out the key points discussed at the June 4, 2021 meeting.  

FSRA Consumer Office initiative on cross-sector complaints resolution framework

The Committee heard from the FSRA Consumer Office about a possible cross-sectoral policy framework for complaints resolution.  The Consumer Office shared draft principles developed through best practice research that could serve as the basis for any framework.

Digital transformation

The Committee heard about FSRA’s digital transformation project that will modernize FSRA’s IT systems for the pension sector as well as across FSRA’s other sectors.  Improvements have recently been made to the Pension Services Portal (PSP) which allows 14 additional items to be filed through the PSP.  Members were invited to participate in a separate stakeholder consultation session in July related to Pension digital transformation.  The purpose of this meeting is to solicit stakeholder feedback on the PSP functionality, identify any pain points and ensure that FSRA understands the sector’s needs for a future system.

Other discussion topics

The Committee also heard about and discussed the following topics:

  • An update on FSRA’s proposed changes to the Form 7 contribution monitoring and reporting process.
  • FSRA’s service standards on inquiries, and DB and DC wind ups.
  • Data collection on missing members which will become mandatory starting with all Annual Information Returns filed after August 2021.
  • Policy updates including the relaunch of FSRA’s website, the approach to new pension guidance as well as guidance inherited from FSCO, the new family law guidance, the draft guidance on Administrator Roles and Responsibilities, and the draft DC member guide being developed by the FSRA/OSFI technical advisory committee on DC plans.

Next meeting

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

Attendance record


Invited/Attended

Company Name

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

Mark Eagles

FSRA – Director, Advisory Services and Committee Co-Chair

VC

David Vincent

Canadian Benefits Law and Committee Co-Chair

VC

Adam Blake

Canada Life

R

Caroline Helbronner

Blake, Cassels & Graydon LLP

VC

James Harnum

Koskie Minsky

VC

Jillian Kennedy

Mercer

R

Karen Burnett

Willis Towers Watson

VC

Kate Nazar

Sun Life

VC

Kim Ozubko

Royal Bank of Canada

VC

Michelle Loder

LifeWorks

VC

Moshe Arye Milevsky

York University

VC

Sukhvinder Dulay

OMERS

VC

Terra Klinck

BMKP Law LLP

VC

Andrew Fung, David Bartucci, Jennifer Rook, Joanna Spadafora, Lynn Barron, Paul Dempsey, Taryn Pimento

FSRA

VC

Cole Matthews, Kevin Curtin

MOF

VC

Available in French upon request.