OSFI Published the InfoPensions Newsletter in November 2019
OSFI published the November 2019 issue of its InfoPensions Newsletter, which covers announcements and reminders on matters relevant to the federally regulated private pension plans and the pooled registered pension plans. The newsletter includes descriptions of how OSFI applies various provisions of the Pension Benefits Standards Act of 1985, Pooled Registered Pension Plans Act, their regulations, directives, and OSFI guidance. The key topics covered in the newsletter are related to basic rate for assessment of pension plans, OSFI expectations for actuarial reports, late contributions and communications with plan custodians, preliminary observations from the defined contribution pension plan study, amendments to the Pensions Benefits Standards Act, 1985 in the 2019 Budget Implementation Act, updated returns for regular annual filings, and filing amendments through Regulatory Reporting System or RRS.
This issue of the newsletter highlights that OSFI has made changes to some of its annual regulatory returns applicable to pension plans registered under or having filed an application for registration under the Pension Benefits Standards Act, 1985. The revisions to these returns include changes to remove duplicate or unnecessary data, to streamline the information and ensure consistency across the returns, and to include additional information that will improve the OSFI supervision of pension plans. The following returns have been amended:
- Actuarial Information Summary (AIS)
- Solvency Information Return (OSFI 575)
- Annual Information Return (OSFI 49) and its accompanying Schedule A
- Certified Financial Statements (OSFI 60)
- Pension Plan Annual Corporate Certification (PPACC)
- Replicating Portfolio Information Summary (RPIS)
The changes to the AIS and the Solvency Information Return will apply to filings for plan years ending October 31, 2019 and later. The changes to the other listed returns will apply to filings for plan years ending December 31, 2019 and later. The accompanying instruction guides will be revised and re-issued on the OSFI website by no later than spring 2020. Subsection 10.1(1) of the Pension Benefits Standards Act, 1985 (PBSA) requires the plan administrator to file with the Superintendent a copy of any amendments to the plan and any amendments to documents that create or support the plan or the plan fund within 60 days after the amendment is made. As of April 01, 2020, plan administrators will be required to file plan amendments through RRS. In order to file an amendment, administrators will complete and upload in RRS either the OSFI 593: Defined Contribution Pension Plan Text Information Form or the OSFI 594: Defined Benefit/Combination Plan Amendment Information Form and all other relevant documents. However, even after April 01, 2020, amendments requiring the Superintendent’s authorization cannot be submitted via RRS.
Related Link: InfoPensions Newsletter
Keywords: Americas, Canada, Insurance, Pension Plans, InfoPensions, Newsletter, Reporting, Solvency Information Return, OSFI
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