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

Meeting Summary

Date: Friday, May 7, 2021
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the May 7, 2021 meeting.

Presentation from the Canadian Association of Pension Supervisory Authorities (CAPSA)

The Committee welcomed the Chair of the CAPSA Capital Accumulation Plans Guideline Committee tasked to review and update CAPSA Guideline No. 3 – Guidelines for Capital Accumulation Plans (CAP Guideline). The Chair presented CAPSA’s experience since the last full review of the CAP Guideline in 2009, and their latest initiative to review and update the CAP Guideline, which they expect to be completed in the spring of 2022. A key lesson learned from their experience was the importance of industry and public consultation to create a guideline that was well supported by stakeholders. Areas of focus in their current consultations include more effective communication to plan members, decumulation, fees, and bringing consistency across the industry involved in CAPs.

In the spirit of harmonization and improving regulatory effectiveness and efficiency, the Committee expressed a preference to put forward to CAPSA the opportunities identified during the Committee’s work as part of the review of the CAP Guidelines with the Industry Working Group.

Review of Working Group Findings

The Committee reviewed the findings of the Filings and Metrics working group, who provided a summary of their work to the Committee for discussion. Key areas for consideration identified by the working group include streamlining requirements around certain forms and a review of the information required on annual filings for DC plans.

Next Meeting

The next meeting of the Committee will be on Tuesday, June 15, 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 JankovPension 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
Angela Mazerolle CAPSA, VP Regulatory Operations, Financial and Consumer Services Commission, New BrunswickVC
Evelyn Rego, Lynn Barron, David Bartucci, James Hoffner, Jesse Heath-Rawlings, Karima Shajani, Andrew Fung, Paul Dempsey, Mark EaglesFSRAVC
Benoit Briere, Chuck Saab, Mike Ius, Nadine Atallah, Sydney Roy OSFIVC
Carolina Geronimo, Jenny ChauBritish Columbia Financial Services AuthorityVC
Matt Krzepkowski, Neil McKinnonDepartment of FinanceVC
Alex Killoch, Cole MathewsMinistry of FinanceVC