PRPPs to be added to Assessment of Pension Plans Regulations

The Office of the Superintendent of Financial Institutions (OSFI) recovers most of its expenses through annual assessments of the financial institutions and private pension plans that it supervises.  For pension plans, these expenses relate to OSFI’s administration of the Pension Benefits Standards Act, 1985 (PBSA), and the Pooled Registered Pension Plans Act.  The existing Assessment of Pension Plans Regulations, made pursuant to the Office of the Superintendent of Financial Institutions Act, prescribe the formula used to determine the annual assessments for pension plans under the PBSA but do not include provisions for recovering expenses from pooled registered pension plans (PRPPs).  Proposed amendments to these regulations will allow OSFI to implement annual assessments of PRPPs. The proposed amendments have been published for comment in Part I of the Canada Gazette on June 25, 2016.