May 23, 2019

OSFI is consulting on the revised Instruction Guide for authorization of amendments reducing benefits in defined benefit pension plans. The guide is intended for employers and administrators of defined benefit pension plans registered under the Pension Benefits Standards Act, 1985. Comments on proposed revisions will be received until September 30, 2019.

The Instruction Guide, which was last issued in 2012, sets out factors along with the specific requirements that OSFI generally considers when reviewing an application for an amendment with respect to paragraph 10.1(2)(a) of the Pension Benefits Standards Act, 1985. The factors and requirements set out in this guide are intended to protect the rights and interests of members, former members and other persons entitled to pension benefits and to ensure that the minimum funding requirements for an ongoing pension plan will be met.

There are non-significant policy changes and revisions to the Instruction Guide. An accompanying form provides further details regarding the OSFI expectations regarding applications for the authorization of a reducing amendment. The revisions include more details regarding the required information to be filed when the application affects benefits that are subject to provincial pension legislation or involves a negotiated contribution plan. Additional details were also added to the Instruction Guide to assist administrators or their consultants in determining if an amendment would reduce an accrued benefit.

 

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Comment Due Date: September 30, 2019

Keywords: Americas, Canada, Insurance, Pensions, Defined Benefit, Pension Plans, Instruction Guide, Pensions Benefit Standards Act, OSFI

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