Standing Technical Advisory Committee for Defined Contribution Pension Plans

Meeting Summary

Date: Tuesday, November 10, 2020
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the November 10, 2020 meeting.  

Discussion Items

The Committee was provided with a sample of FSRA’s statistical information.  The Committee also heard about the upcoming publication of new Guidance on missing members and the on-line filing of DC wind ups. The Committee members discussed the legislative impediments to auto-enrolment in DC plans, and the importance of member communication and retirement planning tools.

Draft Guidance on Asset Transfers

The Committee heard about new Guidance that was released for public consultation on September 11, 2020, entitled Supervisory Approach to Asset Transfers under the Pension Benefits Act. Although not applicable to DC plans, Committee members were encouraged to provide any feedback they may have.

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.

FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee

FSRA and the Office of the Superintendent of Financial Institutions (OSFI) have announced the establishment of a joint special purpose committee on DC pension plans. This committee will review the approaches of both regulators to supervising DC plans, and find, where possible, opportunities for regulatory harmonization. The committee’s terms of reference are on the FSRA website.

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

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

VC

Caroline Helbronner

Blake, Cassels & Graydon LLP

VC

James Harnum

Koskie Minsky

VC

Jillian Kennedy

Mercer

VC

Karen Burnett

Willis Towers Watson

VC

Kate Nazar

Sun Life

VC

Kim Ozubko

Miller Thompson LLP

VC

Michelle Loder

Morneau Shepell Ltd.

VC

Moshe Arye Milevsky

York University

VC

Sukhvinder Dulay

Hicks Morley

VC

Terra Klinck

BMKP Law LLP

VC

Andrew Fung

FSRA

VC

Barbara Austin

FSRA

VC

David Bartucci

FSRA

VC

Dillon De Coteau

FSRA

VC

Jennifer Rook

FSRA

VC

Joanna Spadafora

FSRA

VC

Lester Wong

FSRA

VC

Lynn Barron

FSRA

VC

Paul Martiniello

FSRA

VC

Cole Matthews

MOF

VC

Available in French upon request.