Document Properties
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Type of Publication: Letter
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Date: August 4, 2022
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To: Administrators of federally regulated defined contribution pension plans under the
Pension Benefits Standards Act, 1985 and their consultants
The Office of the Superintendent of Financial Institutions (OSFI) is issuing the final version of the
Instruction Guide for the Registration of a Defined Contribution Pension Plan (the Instruction Guide). The Instruction Guide assists plan administrators of defined contribution pension plans in completing the
OSFI 48DC – Application form for the Registration of a Defined Contribution Pension Plan (the Application form).
OSFI issued a revised draft Instruction Guide and the Application form for consultation on February 24, 2022. The annex presents a summary of the comments received and how OSFI has addressed them.
Questions and comments concerning any of OSFI’s requirements or expectations set out in the Instruction Guide may be sent to
pensions@osfi-bsif.gc.ca.
Yours truly,
Judy Cameron
Senior Director
Regulatory Affairs and Strategic Policy
Annex – Summary of Comments Received and OSFI Response
6.1 Part 1 – Line 001 of the Instruction Guide
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Comment
Move sentence about the name of the plan reflecting the class of employees within the section to better organize the paragraph.
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OSFI Response
Sentence moved.
6.1 Part 1 – Line 008 of the Instruction Guide
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Comment
Clarify that an insurance company holds a contract or policy in an account not a pension fund.
Add “or” between third and fourth bullet.
Clarify that a “fully insured plan” means that retirement benefits are guaranteed as opposed to paid by an annuity or a guaranteed insurance contract
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OSFI Response
Clarifications made in the Instruction Guide.
6.1 Part 1 – Line 009 of the Application Form
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Comment
Clarify whose contact information is required in Lines 008 and 009 and explain how they differ.
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OSFI Response
Clarifications made in the Instruction Guide and Application form.
6.1 Part 1 – Line 017 of the Application Form
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Comment
In columns 001 and 002, applicants must report the geographic location of employment for plan members by gender (male/female). Has OSFI considered situations where a plan administrator may not have the gender of its members or where the plan administrator does not wish to collect it.
Consider clarifying whether OSFI is collecting gender or sex to avoid ambiguity.
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OSFI Response
No changes made.
OSFI is reviewing this matter.