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.
Comment Due Date: September 30, 2019
Keywords: Americas, Canada, Insurance, Pensions, Defined Benefit, Pension Plans, Instruction Guide, Pensions Benefit Standards Act, OSFI
Previous ArticleEC Adopts Equivalence Decision for Derivatives Transactions in Japan
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.