ONTARIO 💵 Taking Steps to Better Protect Ontario Pension Plan Beneficiaries
Tuesday, 14 November 2023 04:35.PM
- FSRA Seeks Public Feedback on Revised Pension Plan Amendments Guidance in Second Public Consultation -
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to promoting the good administration of pension plans and protecting the rights and benefits of all plan beneficiaries.
In support of that commitment, FSRA is releasing Guidance that clarifies certain issues relating to requirements for pension plan amendments.
After consulting on the proposed Guidance in 2022 and receiving substantive feedback from pension stakeholders, the FSRA has made revisions to the Guidance. The primary focus of these revisions is to clarify FSRA's interpretation and approach concerning retroactive plan amendments. The revised Guidance aims to:
• Provide greater clarity on the determination and permissibility of certain plan amendments that have retroactive effects, including FSRA's Interpretation of relevant PBA provisions;
• Expand on FSRA's approach to the evaluation and use of discretion in registration of such amendments.
FSRA is now releasing it for a second public consultation. Stakeholders and the public are invited to submit feedback by January 19, 2024.
• Proposed Pension Plan Amendments Guidance
• Proposed Pension Plan Amendments Guidance – August 2022 Consultation
• Consultation on Pension Plan Amendments Guidance
SOURCE: Financial Services Regulatory Authority of Ontario
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