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

Meeting Summary

Date: Friday, December 11, 2020
Time: 10:00 a.m. to 1:00 p.m.
Location:  Videoconference

This summary sets out the key points discussed at the December 11, 2020 meeting.  

Purpose of Committee

This special purpose “ad hoc” committee is a collaboration between FSRA and OSFI that will assist both regulators in developing better processes, guidance and approaches to regulation of the DC sector.  The committee will consider ways to improve outcomes for members of DC plans by looking at ways to address key DC plan risks, improve regulatory efficiency and effectiveness, and inform the development of a principles-based, outcomes focused and graduated supervisory approach.

Trend Analysis and Research

The Committee reviewed a data set showing the DC landscape in Canada.  This included historical trends on the number of DC plan, membership, assets, fees and default investments.  The Committee also reviewed models of approaches to DC regulation by the UK and Australia.

Deep Dive – Member Statements

The Committee discussed the key challenges to creating impactful and meaningful member statements and how digital access could change the role of member statements.  In addition, the Committee considered:

  • The importance of member engagement and education;
  • The need for transparency of investment management and administration fees for both plan sponsors and members; and,
  • The challenges surrounding providing appropriate projections as well as decumulation options.

Working Groups

The Committee will also establish two working groups with the objective of focusing discussions on plan design and member engagement (including statements and retirement income).  These groups will report back to the Committee at the next meeting.

Attendance Record


Invited/Attended

Company Name

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

Caroline Blouin

FSRA - EVP and TAC Chair

VC

Tamara DeMos

OSFI - Managing Director, Private Pension Plans Division and TAC Chair

VC

Alex McKinnon

United Steelworkers

VC

Brett Marchand

Manulife Financial Corporation

VC

Corienne Logan

Many Nations Co-operative Ltd.

VC

David Vincent

Canadian Benefits Law

VC

Jo-Ann Hannah

Retired

VC

Joe Nunes

Canadian Institute of Actuaries

VC

Lisa Janov

Pension Investment Association of Canada

VC

Martin McInnis

Co-operative Superannuation Society Pension Plan

VC

Michael Dodd

Co-operators Group

VC

Michelle Loder

Morneau Shepell Ltd.

VC

Paul Webber

Cowan Insurance Group

VC

Roger Maguet

Canada Life

VC

Roman Kosarenko

George Weston Limited

VC

Susan Bird

Multi Employer Benefit Plan Council of Canada

VC

Susie Taing

Sun Life Assurance Company

VC

Tim Mark

Royal Bank of Canada

VC

Todd Saulnier

Association of Canadian Pension Management

VC

Zaheed Jiwani

Eckler

VC

Antoinette Leung

FSRA

VC

Barbara Austin, David Bartucci, James Hoffner, Jesse Heath-Rawlins, Antoinette Leung, Kirk Quinn, Lynn Barron, Mark Eagles, Paul Martiniello,

FSRA

VC

Benoit Briere, Jeff Bowman, Sydney Roy

OSFI

VC

Jenny Chau,
Carolina Geronimo

British Columbia Financial Services Authority

VC

Matt Krzepkowski,
Neil McKinnon

Department of Finance

VC

Lauren Kappius, Alex Killoch, Cole Mathews

Ministry of Finance

VC