OTTAWA – October 6, 2016 – The Office of the Superintendent of Financial Institutions Canada
The Office of the Superintendent of Financial Institutions Canada (OSFI) today released an Instruction Guide for Disclosure Requirements for Defined Contribution Pension Plans and an Instruction Guide for Disclosure Requirements for Defined Benefit Pension Plans. These guides outline the requirements of the Pension Benefits Standards Act, 1985 (PBSA) and the Pension Benefits Standards Regulations, 1985 (PBSR) regarding the disclosure of information to a plan member, former member, an employee eligible to join the plan, and that person’s spouse or common-law partner.
The new instruction guides replace the Guideline titled “Disclosure of Information to Pension Plan Members and Former Members” issued on March 6, 1998 which included guidance related to both defined benefit and defined contribution plans.
The guides incorporate the most recent changes to the disclosure requirements set out in the PBSA and the PBSR. The guides are intended to be more user-friendly and include checklists for the required annual member and former member statements.
If a pension plan includes a defined contribution and a defined benefit component, plan administrators are to follow the applicable requirements outlined in the Instruction Guide for Disclosure Requirements for Defined Benefit Pension Plans as well as any additional applicable requirements described in the Instruction Guide for Disclosure Requirements for Defined Contribution Pension Plans.
Disclosure requirements for plans registered under the Pooled Registered Pension Plans Act are not included in these instruction guides.
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.
OSFI – Public Affairs