Featured Product

    OSFI Consults on Instructions for Defined Benefit Pension Plan Reports

    December 20, 2019

    OSFI is consulting on revisions to the instruction guide for preparation of actuarial reports for defined benefit pension plans. The guide, which was last revised in October 2017, sets out the reporting requirements of actuarial reports filed with OSFI for defined benefit pension plans, including those with a defined contribution component. Comments should be provided no later than March 20, 2020. A non-attributed summary of the comments received, along with the responses of OSFI, will be posted on the OSFI website when the final version of the guide is released.

    The revisions to the guide provide further details regarding the expectations of OSFI for actuarial reports. The revisions reflect:

    • Additional requirements with respect to plans having a flexible benefits feature, the discount rate assumption (including a modification to the maximum going concern discount rate), and assessments of the risks
    • Further clarifications of the OSFI position on mortality assumptions
    • Updated requirements for plans using a replicating portfolio approach
    • Further disclosure requirements with respect to membership data, stochastic modeling for indexation, and funding requirements for transfer deficiencies
    • Greater clarity on other expectations and the addition of some references to legislation and guidance material
    • Changes to accepted actuarial practice and other issues, if any, that have emerged since October 2017

     

    Related Links

    Comment Due Date: March 20, 2020

    Keywords: Americas, Canada, Insurance, Pensions, Defined Benefit, Pensions Benefit Standard Act, Reporting, Actuarial Reports, Defined Contribution, OSFI

    Featured Experts
    Related Articles
    News

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News
    News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News
    News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News
    News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News
    News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News
    News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News
    News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News
    News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News
    News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News
    News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938