Overview of the Pension Plans Survey Findings

In the fall of 2014, the Office of the Superintendent of Financial Institutions (OSFI) commissioned Harris/Decima, an independent research firm, to conduct a confidential, on-line survey with administrators and professional advisors of active private pension plans regulated by OSFI. The primary objective was to assess OSFI’s performance and to collect suggestions for improvement.

Harris/Decima provided OSFI with a report presenting the results from the survey in summary form; OSFI does not know how specific administrators and professional advisors responded.

The results from the 2014 survey are comparable to those from the previous study conducted in 2011. High positive ratings pertain to effectiveness in supervising plans, guidance that provides a clear indication of OSFI’s expectations, satisfaction with the processing of approval applications and being able to communicate in the official language of choice.

Areas for improvement relate to timeliness in responding to enquiries, usefulness of the information available from the pensions area of OSFI’s website and effectiveness of the Regulatory Reporting System (RRS) training materials.

OSFI appreciates the feedback provided by respondents to this consultation and has developed an action plan to address some of the areas identified for improvement. Future consultations will monitor OSFI’s overall effectiveness and progress in addressing areas for improvement.

Established in 1987 to contribute to the safety and soundness of the Canadian financial system, the Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, and carries out a mandate designed to protect depositors, policyholders, creditors and pension plan beneficiaries.

For further information about the study methodology or the results, please send an e-mail to information@osfi-bsif.gc.ca.