Guide to Completing the Pension Plan Annual Corporate Certification (PPACC)

Document Properties

  • Type of Publication : Guide
  • Date: June 2015

General

This purpose of this Guide is to assist administrators of pension plans subject to the Pension Benefits Standards Act, 1985 (PBSA) or the Pooled Registered Pension Plans Act (PRPPA) in completing the Pension Plan Annual Corporate Certification (PPACC) that is required to be filed with the Office of the Superintendent of Financial Institutions (OSFI)Footnote 1, and updating their Organization ProfileFootnote 2.

The PPACC certifies that the pension plan has reviewed its Organization Profile and that the information is complete and up-to-date.

Who Must File

The administrator of a pension plan subject to the PBSA or the PRPPA, or its agent, must file the PPACC.

Filing Requirements

The PPACC should be filed with OSFI in accordance with section 12 of the PBSA or section 27 of the PRPPA. The administrator of a pension plan shall file this document annuallyFootnote 3, using the Regulatory Reporting System (RRS)Footnote 4.

Requirements Related to Electronic Filing

All required information should be entered directly into RRS. Attached lists or files are not acceptable.

For details on how to file using RRS, please consult the Manage Corporate Returns Quick Reference Guide, Section 3.1 - General Instructions on Completing and Submitting a Corporate Return of the Manage Corporate Returns User Guide and other training materials available on the OSFI website, and in RRS in the Documents folder under Training and Support.

Prior to submitting the PPACC, the plan's Organization Profile in RRS must be reviewed and updated, if necessary, by creating and submitting a return for each role for which information is to be added or updated. While OSFI expects plans to review and update their Organization Profile, Appendix A outlines the primary information related to the ongoing administration and filing of regulatory returns for a pension plan.

If there is any information that needs to be added, removed or updated in the plan's Organization Profile, the following steps should be followed to update the information:

  1. Create the applicable return(s) as outlined in Appendix A. For Instructions on creating returns to update a plan's Organization Profile, follow the steps listed in the Manage Corporate Returns Quick Reference Guide or, for more detailed instructions, refer to Section 3.5 - General Instructions on How to Create a Corporate Return of the Manage Corporate Returns User Guide.

    If names or contact information need to be updated for more than one plan role, there is the option of creating one return and entering all the updates in the single return or creating a separate return for each update.

    Once the necessary returns have been created, they will appear in the Draft Returns section, the same location where all other returns are stored until completed and submitted.

  2. Open each created return in the Draft Returns section and complete the necessary updates. For instructions on completing these updates, refer to Section 4.0 – Specific Corporate Returns Instructions of the Manage Corporate Returns User Guide.

    As with other returns in the Draft Returns section, these returns can be saved in draft form until they are fully completed and ready to submit.

  3. Once a return is ready to submit, go the Submit Return sub-menu in the Submission section and click on the "submit" button next to the return you wish to submit.

A plan's Organization Profile can be updated and submitted through RRS at any time during the year. This facilitates the completion of the PPACC at year end.

Once information in the plan's Organization Profile is complete and up-to-date, it can be certified by completing and submitting the PPACC.

Glossary

Actuarial Firm – the organization contracted by the Plan Administrator to prepare the actuarial valuation report for the pension plan.

External Actuary – the primary contact person for the Actuarial Firm, i.e. the professional who is responsible for calculating the liabilities and costs of pension plan benefits, and recommending funding requirements subject to applicable legislation. Under the PBSA, all actuarial reports must be prepared by a person who is a Fellow of the Canadian Institute of Actuaries.

Individual Trustee – in this role, include a member of the board of trustees, pension committee or similar body administering the pension plan or an individual trustee of a pension plan as defined in the Income Tax Act.

Participating Employer – an organization that contributes to a pension plan for which they are not the plan sponsor.

Pension Fund Custodian – the organization that receives and holds the pension fund assets as well as reconciles the portfolio and reports to the Plan Administrator.

Pension Fund Custodian Contact – the primary contact person for the Pension Fund Custodian with regard to the pension plan.

Plan Administrator – the primary contact person regarding the overall administration of the pension plan, including the pension fund.

Plan Sponsor – the organization responsible for designing the pension plan, setting the benefit structure and contributions for various classes of plan members, and for establishing, maintaining, amending or terminating the pension plan.

Third-Party Company – the organization contracted by the Plan Administrator to carry out, on its behalf, certain administrative duties required in the operation of the pension plan.

Third-Party Administrator Contact – the primary contact person for the Third Party Administrator with regard to the pension plan.

For further information, please visit the OSFI website or contact us at:

Office of the Superintendent of Financial Institutions
255 Albert Street
Ottawa, Ontario K1A 0H2
Telephone: (613) 990-6651 Fax: (613) 991-6118
E-mail: ReturnsAdmin@osfi-bsif.gc.ca

Appendix A

Primary Plan Information to Confirm and Update in the
Regulatory Reporting System (RRS)
Information to Confirm and Update Location in Organization Profile Return to Use For Updates Information to Include in RRS
General Plan Contact Information

Organization Contact Information

Organization Contact Information Return

Business mailing address
Plan contact email address
Phone number

Plan Sponsor (organization)

Plan Administrator (individual)

Pension Fund Custodian (organization)

Pension Fund Custodian Contact (individual)

Individual Trustee, if any (individual)

Actuarial Firm, if any (organization)

External Actuary, if any (individual)

Third Party Company, if any (organization)

Third Party Administrator Contact, if any (individual)

Current Plan Sponsor, Plan Administrator and Other Roles Required Roles and Contact Information Return Name
Mailing address
Email address
Phone number
Participating Employer (organization) Current Plan Sponsor, Plan Administrator and Other Roles Required Roles and Contact Information Return Name
Funding Vehicle Current Plan Sponsor, Plan Administrator and Other Roles Funding Vehicle Information Return Funding vehicle type
Policy number

Note: In order to ensure that the Plan contact information captured in RRS is accurate and up-to-date, the first time the plan's Organization Profile is completed, the requested information in all of the relevant fields must be entered. In the future, this information will not be required to be provided annually. Rather, the information in RRS will need to be reviewed and any necessary updates will need to be made as and when required. The Pension Plan Annual Corporate Certification will need to be filed annually.

Footnotes

Footnote 1

The Guide does not supersede the requirements of the PBSA, the Pension Benefits Standards Regulations, 1985(PBSR), Directives Of The Superintendent Pursuant To The Pension Benefits Standards Act, 1985 (Directives), the PRPPA, the Pooled Registered Pension Plan Regulations,  or any Guidelines that OSFI has issued or may issue regarding the administration of pension plans subject to the PBSA or PRPPA.

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Footnote 2

i.e. the plan's general and role/contact information. A glossary of the various roles is provided at the end of the Guide.

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Footnote 3

The PPACC must be filed within six months of the plan year end for plans subject to the PBSA and within three months of the plan year end for plans subject to the PRPPA, while there are any assets remaining in the pension fund.

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Footnote 4

All pension plan regulatory returns must be filed using RRS. If your plan is not registered to file returns using RRS, we ask that you do so immediately.  Pension plan administrators must contact the Bank of Canada, as host of the RRS system, to register for access to the Bank of Canada secure site and the RRS system.  For assistance in registering, please contact RRS Support at the Bank of Canada by phone at 1-855-865-8636, or by e-mail at rrs-sdr@bank-banque-canada.ca .

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