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

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5649