Notice of Intended Decision Considers Whether Vacation Pay Forms Part of Pensionable Earnings

The Ontario Superintendent of Financial Services (Superintendent) issued a Notice of Intended Decision (NOID) in late 2018 that considered whether vacation pay should be factored into a pension plan’s definition of pensionable earnings. The NOID indicates that, in the absence of clear exclusionary language, the Superintendent will interpret the phrase “base pay” to include vacation…

Natasha Monkman Quoted by the Financial Post on Nortel Pensioners Litigation

Hicks Morley’s Natasha Monkman was quoted by the Financial Post in an article titled “More waiting could be in store for Nortel pensioners.” The article discusses how a recent decision by the Financial Services Commission of Ontario (FSCO) to reclaim $200 million from monies allocated to pensioners in the Nortel Networks Corp. bankruptcy, and the related litigation, could…

FSCO Launches Targeted Compliance Review of Member Option Statements

In March, 2018, the Financial Services Commission of Ontario (FSCO) will commence a targeted review of pension plan member option statements to verify compliance with key requirements under the Pension Benefits Act (Act) and FSCO policies. In particular, FSCO will focus its targeted review on whether plan administrators are: meeting requirements for statement content and…

Ontario’s Bill 70: The New Face of Pension Regulation Revealed

On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 (Bill 70). Bill 70 is omnibus legislation that includes various pension-related initiatives, including substantive changes to certain pension minimum standards…

Ontario Proposes Significant Overhaul of Pension Regulatory Framework

On November 16, 2016, the Ontario government introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016, omnibus legislation that would, among other things: enact the Financial Services Regulatory Authority of Ontario Act, 2016 to establish a new framework for the creation of the Financial Services Regulatory Authority of Ontario (FSRA), replacing both…

Ontario Filing Requirements for Statements of Investment Policies and Procedures and Form 14

Recent amendments to Ontario’s Pension Benefits Act regulations now require that administrators of Ontario registered pension plans file Statements of Investment Policies and Procedures (“SIPPs”) with the Financial Services Commission of Ontario (“FSCO”), together with a detailed information summary form (“Form 14”). We discuss these new filing requirements and supporting FSCO resources in this FTR…

FSCO Invites Public Consultation on Recent Changes to SIPP Requirements

On June 30, 2015, the Financial Services Commission of Ontario (“FSCO”) posted Investment Guidance Notes on Environmental, Social and Governance Factors (ESG) and Statements of Investment Policies and Procedures (SIPPs) for Member Directed Defined Contribution Plans for public consultation prior to being finalized. Investment Guidance Notes set out the expectations of FSCO regarding the investment…

FSCO Updates Form 1 (Pension Plan Registration), Asset Transfer FAQs

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…

FSCO Extends Filing Deadline for EPPA-Related Plan Amendments

As we recently reported, on November 19, 2014, the Alberta government announced that plan sponsors or administrators could request and receive an extension of the deadline for filing plan amendments required under Alberta’s new Employment Pension Plans Act (“EPPA”) from December 31, 2014 to March 31, 2015. The Financial Services Commission of Ontario (“FSCO”) has…