FSRA working with the Ontario government to improve regulatory efficiency and effectiveness for the pension sector
Tuesday, December 15, 2020 6:16:00 PM
The Government of Ontario has recently amended the Pension Benefits Act (PBA) when it passed the Better for People, Smarter for Business Act.
A key change is that employers of certain individual pension plans (IPPs) or designated plans (DPs) can elect to exempt their plans from the application of the PBA, its regulations and FSRA's rules.
Employers who wish to exempt their IPPs or DPs from the PBA must complete and submit a PBA Exemption Election Form and the applicable consent forms to FSRA.
In addition to the exemption for IPPs and DPs, the Bill also introduces amendments that allow FSRA to use its discretion to waive or vary certain requirements to permit more effective, tailored member communications when there is a transfer of assets between pension plans.
FSRA recently concluded its public consultation on revised Guidance outlining its supervisory approach to asset transfers. This Guidance is intended to provide a more efficient review process for asset transfer applications and ensure that members are well informed and understand the impact of the transfer on past and future benefits. The final guidance incorporating this change will be released in January 2021.
For more information please visit: PBA Exemption Election Form and Consent Forms for IPPs or DPPs or contact Pension Inquiries at: PensionInquiries@fsrao.ca.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at: www.fsrao.ca.
SOURCE: Financial Services Regulatory Authority of Ontario