Human Resources Legislative Update
FSCO Updates Form 1 (Pension Plan Registration), Asset Transfer FAQs
Date: April 10, 2015
On April 7, 2015, the Financial Services Commission of Ontario (“FSCO”) published a revised Application for Registration of a Pension Plan, Form 1 and added new frequently asked questions for plan administrators (“FAQs”) with respect to Multi-Jurisdictional Pension Plan Asset Transfers, among other things.
The Form 1 has been updated to provide FSCO with additional information related to pension plans and plan administrators. The FSCO User Guide has also been updated. Of particular significance, the new Form 1 must be certified and signed after completion by the authorized representative (i.e. employee/officer/director) of the pension plan administrator, whose name and contact information is provided as the contact for the administrator. In addition, the Form requires the administrator designate and provide contact information for the person who has been delegated the responsibility of dealing with plan member questions. More detailed information is also now required with respect to the type of benefit provided by the pension plan, the type of plan and the breakdown of employee classes for eligibility purposes, among other things. The prior version of Form 1 will not be accepted after May 31, 2015.
Among other matters, the new Asset Transfer-related FAQs (Q24 – Q32) address the issues of Ontario member consent, notice requirements and the applicability of Ontario’s regulatory framework regarding filing obligations and deadlines in plans registered outside of Ontario.
Other FSCO website updates of interest include:
- publication of the 2014 Report on the Funding of Defined Benefit Pension Plans in Ontario (11th Annual Report); and
- Nortel Ontario Beneficiary Direction, Consent & Waiver – Form 5.3, Instructions & FAQs.