FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee

Meeting Summary

Date: Friday, December 11, 2020
Time: 10:00 a.m. to 1:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the December 11, 2020 meeting.

Purpose of Committee

This special purpose "ad hoc" committee is a collaboration between FSRA and OSFI that will assist both regulators in developing better processes, guidance and approaches to regulation of the DC sector. The committee will consider ways to improve outcomes for members of DC plans by looking at ways to address key DC plan risks, improve regulatory efficiency and effectiveness, and inform the development of a principles-based, outcomes focused and graduated supervisory approach.

Trend Analysis and Research

The Committee reviewed a data set showing the DC landscape in Canada. This included historical trends on the number of DC plan, membership, assets, fees and default investments. The Committee also reviewed models of approaches to DC regulation by the UK and Australia.

Deep Dive – Member Statements

The Committee discussed the key challenges to creating impactful and meaningful member statements and how digital access could change the role of member statements. In addition, the Committee considered:

  • The importance of member engagement and education;
  • The need for transparency of investment management and administration fees for both plan sponsors and members; and,
  • The challenges surrounding providing appropriate projections as well as decumulation options.

Working Groups

The Committee will also establish two working groups with the objective of focusing discussions on plan design and member engagement (including statements and retirement income). These groups will report​ back to the Committee at the next meeting.

Attendance Record
Invited/AttendedCompany NameAttendance Status
(VC) Videoconference
Caroline BlouinFSRA - EVP and TAC ChairVC
Tamara DeMosOSFI - Managing Director, Private Pension Plans Division and TAC ChairVC
Alex McKinnonUnited SteelworkersVC
Brett MarchandManulife Financial CorporationVC
Corienne LoganMany Nations Co-operative Ltd.VC
David VincentCanadian Benefits LawVC
Jo-Ann HannahRetiredVC
Joe NunesCanadian Institute of ActuariesVC
Lisa JanovPension Investment Association of CanadaVC
Martin McInnisCo-operative Superannuation Society Pension PlanVC
Michael DoddCo-operators GroupVC
Michelle LoderMorneau Shepell Ltd.VC
Paul WebberCowan Insurance GroupVC
Roger MaguetCanada LifeVC
Roman KosarenkoGeorge Weston LimitedVC
Susan BirdMulti Employer Benefit Plan Council of CanadaVC
Susie TaingSun Life Assurance CompanyVC
Tim MarkRoyal Bank of CanadaVC
Todd SaulnierAssociation of Canadian Pension ManagementVC
Zaheed JiwaniEcklerVC
Antoinette LeungFSRAVC
Barbara Austin, David Bartucci, James Hoffner, Jesse Heath-Rawlins, Antoinette Leung, Kirk Quinn, Lynn Barron, Mark Eagles, Paul MartinielloFSRAVC
Benoit Briere, Jeff Bowman, Sydney RoyOSFIVC
Jenny Chau, Carolina GeronimoBCFSAVC
Matt Krzepkowski, Neil McKinnonDepartment of FinanceVC
Lauren Kappius, Alex Killoch, Cole MathewsMinistry of FinanceVC