Office of the Superintendent of Financial Institutions
OSFI supervises federally regulated pension plans and Pooled Registered Pension Plans (PRPPs) and intervenes in a timely manner to protect members and beneficiaries of pension plans from loss, while recognizing that plan administrators are responsible for the plan's management and that pension plans can experience financial and funding difficulties that can result in the reduction of expected benefits.
OSFI supervises private pension plans and PRPPs covering employees in federally regulated areas of employment to determine whether the plans meet the minimum funding requirements and are complying with legislative and supervisory requirements. OSFI promptly advises plan administrators when problems are identified, and works with the administrator to ensure the necessary corrective measures are taken to deal with the situation as rapidly as possible.
Administrators should be mindful of their fiduciary responsibilities and the standard of care required by section 8 of the Pension Benefits Standards Act, 1985 and section 22 of the Pooled Registered Pension Plans Act.