Human Resources Legislative Update
CAPSA Consults on Revised Pension Plan Governance Guideline
Date: March 22, 2016
On March 11, 2016, the Canadian Association of Pension Supervisory Authorities (CAPSA) released draft revisions to CAPSA Guideline No. 4: Pension Plan Governance and the related Self-Assessment Questionnaire and FAQ Document for consultation.
The proposed revisions included in the consultation draft are intended to provide pension plan administrators with:
- enhanced clarity around fiduciary obligations and responsibilities, including those that may relate to delegated third party service provider activities
- guidance on establishing and documenting an effective governance framework, including ongoing processes for oversight and compliance
- tools for the identification of roles, responsibilities and accountabilities
- the broadening of scope for performance measurement and monitoring to include all participants in the plan administration
- best practices with respect to plan risk management.
Comments on the consultation draft are due by June 10, 2016.