Proposed Changes to OSFI’s Guidance Note – Asset Transfers related to Defined Contribution Provisions of Pension Plans

Document properties

  • Type of publication: Letter
  • Date: September 29, 2022
  • To: Administrators of federally regulated pension plans with defined contribution provisions under the Pension Benefits Standards Act, 1985 and their consultants

The Office of the Superintendent of Financial Institutions (OSFI) is issuing proposed revisions to its Guidance Note for Asset Transfers related to Defined Contribution Provisions of Pension Plans (Guidance Note) and its accompanying asset transfer request form. The Guidance Note, last issued in March 2018, informs the pension industry of OSFI’s expectations with respect to asset transfers related to defined contribution provisions from federally regulated pension plans and the filing requirements related to transfers involving individuals whose pension benefits are subject to provincial pension legislation.

The Guidance Note has been converted to an instruction guide to better reflect its purpose. Revisions reflect the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans and include other updates to clarify OSFI’s expectations and filing requirements. The instruction guide is being issued in draft form so that stakeholders have the opportunity to provide input on these changes.

Please send any questions or comments concerning these changes to

OSFI will post a non-attributed summary of stakeholder comments and OSFI’s responses when we release the final version of the instruction guide. Comments should be provided no later than November 29, 2022.

New approval requests should be submitted using the instruction guide and accompanying asset transfer request form in their draft versions until replaced by finalized versions.

Yours truly,
Judy Cameron
Senior Director
Regulatory Affairs and Strategic Policy