Solvency Information Return

Document Properties

  • Type of Publication: Instruction Guide
  • Date: January 2018

General

The purpose of this Guide is to assist administrators of pension plans registered or having filed an application for registration under the Pension Benefits Standards Act, 1985 (PBSA) in completing the Solvency Information Return (SIR) that is required to be filed with the Office of the Superintendent of Financial Institutions (OSFI).

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

Who Must File

The administrator of a pension plan with defined benefit provisions registered or having filed an application for registration under the PBSA, or its agent, must file the SIR.

Filing Due Date

OSFI expects the SIR to be submitted annually, before February 15 or within 45 days after the plan year end to which it relates, if later.

Filing Requirements

The administrator of a pension plan must submit the SIR using the Regulatory Reporting System (RRS)Footnote 1. The SIR is completed by entering the information directly into the on-line web form in RRS.

For further information on how to file returns using RRS, please consult the Manage Financial Returns User Guide for Insurance Companies and Private Pension Plans and other RRS training material available on the OSFI website. RRS training material can also be found in RRS in the Documents folder under Training and Support.

Solvency Information Return

Line 005 - Plan year end

Enter the end date of the period covered by the SIR, which is usually the plan year. A change in plan year endFootnote 2 will result in a SIR that covers a period of less than 12 months.

Line 012 – Contribution holiday

Select “Yes” or “No” to indicate whether a contribution holiday was taken during the plan year.

Line 013 – Number of months and amount of contribution holiday

If “Yes” has been selected on line 012, enter the estimated number of months during the plan year for which no contribution was made (first column) and enter in thousands of dollars the amount of surplus or previous years’ additional paymentsFootnote 3 used to satisfy funding requirements for the plan year (second column).

Line 016 – Rates of return

Enter in percentage format (2 decimal places) the annual rate of return earned on pension fund assets during the plan year in respect of defined benefit provisions of the plan (first column), and defined contribution provisions of the plan (second column), if applicable. The annual rate of return should be net of all investment and custodial fees.

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) 991-0609
E-mail: ReturnsAdmin@osfi-bsif.gc.ca

Footnotes

Footnote 1

Returns are not considered received at OSFI until the filing process is complete and the returns have been accepted in RRS. If the plan is not registered to use RRS, it should do so immediately. Pension plan administrators must contact the Bank of Canada, as host of the RRS, to register for access to the Bank of Canada secure site and RRS. 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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Footnote 2

A plan year end may be changed by plan amendment or resolution, which must be filed with OSFI.

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Footnote 3

Subsection 9(6) of the PBSR.

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