Office of the Superintendent of Financial Institutions
Date: Friday, December 11, 2020Time: 10:00 a.m. to 1:00 p.m.Location: Videoconference
This summary sets out the key points discussed at the December 11, 2020 meeting.
This special purpose "ad hoc" committee is a collaboration between FSRA and OSFI that will assist both regulators in developing better processes, guidance and approaches to regulation of the DC sector. The committee will consider ways to improve outcomes for members of DC plans by looking at ways to address key DC plan risks, improve regulatory efficiency and effectiveness, and inform the development of a principles-based, outcomes focused and graduated supervisory approach.
The Committee reviewed a data set showing the DC landscape in Canada. This included historical trends on the number of DC plan, membership, assets, fees and default investments. The Committee also reviewed models of approaches to DC regulation by the UK and Australia.
The Committee discussed the key challenges to creating impactful and meaningful member statements and how digital access could change the role of member statements. In addition, the Committee considered:
The Committee will also establish two working groups with the objective of focusing discussions on plan design and member engagement (including statements and retirement income). These groups will report back to the Committee at the next meeting.