OTTAWA – October 19, 2016 – The Office of the Superintendent of Financial Institutions Canada
The Office of the Superintendent of Financial Institutions Canada (OSFI) today released a revised Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans (Guide). The Guide sets out the reporting requirements of actuarial reports filed with OSFI for private pension plans with defined benefit provisions. The Guide updates the previous version, published in December 2015, to reflect the following:
- The maximum going concern discount rate is modified to 6.00%.
- The quality of fixed-income investments to be used in the establishment of a replicating portfolio is defined.
- Additional disclosure is required with respect to termination expenses.
- Clarifications on required contributions for funding Designated Plans are provided.
The revised Guide applies to actuarial reports with a valuation date on and after October 31, 2016. Early adoption is permitted. From time to time, OSFI may require additional information not mentioned in the Guide. Actuarial reports should be prepared in accordance with the federal pension legislation, directives, and the Guide.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
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OSFI – Public Affairs