Document Properties
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Type of publication: Letter
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Date: August 31, 2022
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To: Actuaries and other stakeholders of pension plans with defined benefit provisions registered or having filed an application for registration under the
Pension Benefits Standards Act, 1985
The Office of the Superintendent of Financial Institutions (OSFI) is issuing a draft
Instruction Guide on Buy-in Annuity Products (the Instruction Guide) to replace the
Guidance on Buy-in Annuity Products (the Guidance). The Instruction Guide provides information to assist administrators of pension plans with defined benefit provisions registered or having filed an application for registration under the
Pension Benefits Standards Act, 1985 (PBSA) with respect to the considerations and reporting requirements of buy-in annuities.
The Instruction Guide updates the current Guidance published in September 2012, to reflect:
- updated requirements for the valuation of assets and liabilities;
- additional considerations for the administration of pension plans and pension funds;
- greater clarity on other expectations, including streamlining of information;
- additional references to legislation and guidance material; and
- changes to accepted actuarial practice and other issues that have emerged since then.
The Instruction Guide is being issued in draft form so that pension plan stakeholders can provide input on these changes.
Please send any questions or comments concerning these changes to pensions@osfi-bsif.gc.ca. OSFI will post a non-attributed summary of stakeholder comments and OSFI’s responses when the final version of the Instruction Guide is released. Comments should be provided no later than October 14, 2022.
Yours truly,
Judy Cameron
Senior Director
Regulatory Affairs and Strategic Policy