Human Resources Legislative Update
OSFI Introduces New Filing Procedure for Certain Applications Submitted by Pension Plan Administrators
Date: May 3, 2022
On May 2, 2022, the Office of the Superintendent of Financial Institutions (OSFI) issued a notice regarding new instruction guides that will be of interest to administrators of pension plans registered under the Pension Benefits Standards Act, 1985.
As the notice explains, administrators filing certain applications requiring the Superintendent’s approval will now need to do so through OSFI’s Regulatory Reporting System (RRS). Instruction guides that set out how to file these applications using the RRS have been prepared by OSFI and are linked to below:
- Filing an Application for Approval of an Asset Transfer related to Defined Benefit Provisions using RRS
- Filing an Application for Approval of a Defined Contribution Pension Plan Termination Report using RRS
- Filing an Application for Approval of a Defined Benefit Pension Plan Termination Report using RRS
- Filing an Application for Approval of an Asset Transfer related to Defined Contribution Provisions (Provincial Plan Members Only) using RRS
- Filing an Application for Approval of Amendments Reducing Benefits using RRS
- Filing an Application for Approval of a Refund of Surplus to the Employer using RRS
Effective immediately, OSFI will no longer accept documents in support of these applications via email. However, documents in support of pension plan registration applications for the Superintendent’s approval must continue to be submitted to pensions@osfi-bsif.gc.ca.
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