Featured Product

    OSFI Issues Amendments to Assessment of Pension Plans Regulations

    March 08, 2019

    OSFI notified all plan administrators that the regulations amending the assessment of pension plan regulations were published in Part II of the Canada Gazette on March 06, 2019 and will come into force on April 01, 2019. The amendments will streamline the assessment process and eliminate assessments for certain terminated pension plans.

    OSFI had, in July 2018, consulted all plan administrators about the proposed amendments to the Assessment of Pension Plans Regulations made under the OSFI Act. OSFI did not receive any concerns or objections and moved forward with the proposed amendments. The regulations include the following key amendments:

    • OSFI-issued invoice instead of self-assessment form. The amendments enable the Superintendent to determine a pension plan’s assessment after the plan has filed its Application for Registration or its Annual Information Return (AIR). OSFI will determine the assessment due and send an invoice to all plans that file an Application for Registration on or after April 01, 2019; or with AIRs due to be filed on and after April 01, 2019. Plan administrators will no longer be required to complete a Pension Plan Assessment Remittance Form. However, if an assessment was sent in advance of the due date for the AIR using this form, the assessment will still be accepted and an invoice will not be issued.
    • Elimination of assessments for certain terminated pension plans. The amendments specify that there is no assessment to be paid if the plan has been terminated for five or more pension plan years and if the pension plan is underfunded on the termination date, provided that either the pension plan is a negotiated contribution plan or the employer for the plan is bankrupt or insolvent, or undergoing proceedings under the Companies’ Creditors Arrangements Act.
    • Clarification to the definition of beneficiary. The amendments clarify that members, survivors, or any other persons who chose to transfer their pension benefit credit out of the plan before or after plan termination are not included as beneficiaries (which means that they are not considered for purposes of the assessment calculation). The amendments also clarify that any person for whom the administrator has purchased an annuity as part of the wind-up of a terminated plan is not considered a beneficiary for purposes of the assessment calculation.

     

    Related Links

    Effective Date: April 01, 2019

    Keywords: Americas, Canada, Insurance, Pension Plans, Assessment of Pension Plans, OSFI

    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423