As we recently reported, Alberta’s new Employment Pension Plans Act (“EPPA”) became effective September 1, 2014, and amendments to comply with the new EPPA rules were to be filed with the Alberta pension regulator by December 31, 2014. On November 19, 2014, the Alberta government announced that a plan sponsor (or its legal, actuarial or third…
Tag: Financial Services Tribunal of Ontario (FSCO)
FSCO Consultation on Proposed Investment Guidance Note (Prudent Investment Practices for Derivatives)
On October 24, 2014, the Financial Services Commission of Ontario (“FSCO”) published a new proposed Investment Guidance Note in respect of Prudent Investment Practices for Derivatives (“Derivatives Guidance Note”). Once finalized, the Derivatives Guidance Note will provide plan administrators detailed guidance with respect to prudent investment practices related to derivatives. The Derivatives Guidance Note sets out…
FSCO Consultation on Proposed Investment Guidance Notes (Buy-In Annuities)
On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
Carrigan v. Carrigan Estate Update: Ontario Pension Regulator Supports Common-Law Spouse’s Appeal
As first discussed in our FTR Now of November 7, 2012 “Ontario Court of Appeal Decision Rewrites the Pension Pre-Retirement Death Benefit Regime“, the decision in Carrigan v. Carrigan Estate fundamentally altered the interpretation of spousal rights and priorities relating to payment of pre-retirement death benefits. The Court of Appeal awarded the pre-retirement death benefit payable under…
FSCO Releases Guidance Note on Revised CIA Standards of Practice
The Financial Services Commission of Ontario (“FSCO”) released its Guidance Note (PDF) with respect to how it expects plans to apply the revised Canadian Institute of Actuaries’ (“CIA”) Practice-Specific Standards for Pension Plans (the “Standards”). The Guidance Note expressly states that the application of some of the CIA revisions to the Standards, which became effective…
FSCO Releases Plan Administrator Guideline for Public Consultation
On December 15, 2010, the Financial Services Commission of Ontario (“FSCO”) posted a draft consultation policy (the “policy”) regarding the management of inquiries and complaints by plan administrators. FSCO also posted a draft consultation guideline for developing a written policy (the “guideline”) on managing inquiries and complaints from plan beneficiaries for public review and commentary….
FSCO Publishes FAQ on Surplus Distribution for Full or Partial Plan Wind Ups
The Financial Services Commission of Ontario (“FSCO”) updated its long-running online “FAQ” for pension plan administrators to set out FSCO’s position on surplus distribution on full or partial plan wind ups in light of recent amendments to the Pension Benefits Act. A detailed discussion of the FAQ and FSCO’s position on this point is available…
FSCO Releases Final Records Retention Policy
The Financial Services Commission of Ontario (“FSCO”) issued a records retention policy for pension plan administrators effective July 9, 2010. The policy is intended to provide guidance for “prudent records management and retention practices” relating to Ontario-registered pension plans. The policy was approved and issued following the introduction of a draft policy last year and…