For Immediate Release
OTTAWA ─ October 4, 2017 ─ 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 is updated regularly and sets out the reporting requirements for actuarial reports filed with OSFI for private pension plans with defined benefit provisions.
The revised Guide updates the version published in October 2016, to reflect recent amendments to the Pension Benefits Standards Regulations,1985 that changed the maximum allowable amount of letters of credit. The Guide further clarifies OSFI’s disclosure expectations, particularly with respect to plans with a defined contribution component, the mortality assumption, termination expenses, and the calculation of the average solvency ratio.
The revised Guide applies to actuarial reports with a valuation date on or after September 30, 2017. 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 Canada (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.
OSFI – Public Affairs