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

Meeting Summary

Date: Friday, March 26, 2021
Time: 10:00 a.m. to 1:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the March 26, 2021 meeting.

Presentation from the UK Pension Regulator (TPR)

The Committee welcomed representatives of TPR who discussed the ongoing shift from DB to DC plans in the UK. The presentation provided Committee members with background on the increasing use of master trusts and the framework that was developed by TPR to register and regulate them. The presentation provided insight into the challenges that arose for TPR when the regulatory framework was created, as well as the successes of master trusts and improvement in the operation of trustee boards to meet TPR’s objective of improving pension plans.

Review of Working Groups Findings

The Investment and the Fees working groups provided a summary of their work to the Committee for discussion.

Future Working Groups

The Committee will establish a working group with the objective of reviewing regulatory processes, filings and data collection. This group will report to back to the Committee at the next meeting.

Next Meeting

The next meeting of the Committee will be on Friday, May 7, 2021.

Attendance Record

Invited/AttendedCompany NameAttendance Status
(R)egrets; (S)ubstitute; (VC)Videoconference
Caroline BlouinFSRA - EVP and TAC ChairVC
Tamara DeMosOSFI - Managing Director, Private Pension Plans Division and TAC Chair VC
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 CanadaR
Susie TaingSun Life Assurance CompanyVC
Tim MarkRoyal Bank of CanadaVC
Todd SaulnierAssociation of Canadian Pension ManagementVC
Zaheed JiwaniEcklerVC
Fred Barry, Geoff Cheetham, Nick Phillips The Pension Regulator (TPR)VC
Antoinette Leung, Arielle Brenman, Barbara Austin, David Bartucci, James Hoffner, Jesse Heath-Rawlins, Lynn Barron, Mark Eagles, Paul Martiniello, FSRAVC
Benoit Briere, Chuck Saab, Mike Ius, Nadine Atallah, Sydney Roy OSFIVC
Carolina Geronimo, Jenny ChauBritish Columbia Financial Services AuthorityVC

Kathleen Wrye,
Neil McKinnon

Department of FinanceVC
Alex Killoch, Cole MathewsMinistry of FinanceVC