Filing an Application for Approval of Amendments Reducing Benefits using the Regulatory Reporting System (RRS)

Document Properties

  • Type of Publication: Instruction Guide
  • Date:  May 2022

General

The purpose of this instruction guide is to assist administrators of defined benefit pension plans registered under the Pension Benefits Standards Act, 1985 (PBSA) in filing an application seeking the Superintendent’s authorization for an amendment with respect to paragraph 10.1(2)(a) of the PBSA that has the effect of reducing benefits, using the Regulatory Reporting System (RRS).

This guide does not supersede the requirements of the PBSA, the Pension Benefits Standards Regulations, 1985, the Directives of The Superintendent Pursuant To The Pension Benefits Standards Act, 1985, or any related guidelines that OSFI has issued or may issue.

Filing Requirements

The administrator must file all required information and documentation supporting the reducing amendment approval request (outlined in section 3.6 of the Draft Instruction Guide: Authorization of Amendments Reducing Benefits in Defined Benefit Pension Plans), using RRS. Failure to do so will generate an error message and prevent a filer from submitting the approval request.

RRS Process – Approval Request Return for Amendments Reducing Benefits

Creating the Approval Request Return in RRS

To file a request for approval, the administrator must first create, in RRS, the Approval Request Return for Amendments Reducing Benefits.

  1. In the Main Menu, hover over Manage Returns and select Create Return.

  2. Under Return Name, enter the type and effective date of the reducing amendment. For example: “Reducing Amendment – YYYY-MM-DD”.

  3. Under Select Form Set, choose: PP7 – Approval Request Return for Amendments Reducing Benefits.

  4. Under Enter earliest effective date of change contained in the return, enter the effective date of the reducing amendment.

  5. Click Create – the return will appear in the Draft Returns section found in the main menu.

For more information on creating returns in RRS, please consult the Manage Corporate Returns User Guide and other RRS training materials. RRS training materials can also be found in RRS in the Documents folder under Training and Support.

Completing the Approval Request Return in RRS

Once in the Draft Returns tab, the administrator will be able to edit the content of the return by entering the information directly into the on-line web form. Select the name of the return that was just created. Select Edit. The information and documentation supporting the reducing amendment approval request can now be entered.

  • Line 1 – Enter the effective date of the reducing amendment using the following format YYYY-MM-DD.

  • Lines 2 to 4 – Select “Yes” or “No” to indicate the response to each question.

Required Documents

Lines 5 and 6 require the administrator to upload documents. Do not use the characters “#” or “&” in the names of any uploaded documents.

  • Line 5 – Upload all of the following documents:

    1. Completed Authorization Request Form for Amendments Reducing Benefits;

    2. Reducing Amendment;

    3. Completed OSFI 594: Defined Benefit/Combination Pension Plan Amendment Information Form;

    4. Board Resolution and/or other documents authorizing the amendment, if applicable;

    5. Documents supporting the authority to make the amendment;

    6. Actuarial Report that includes all required elements;

    7. A copy of the notice informing affected members and former members and other persons entitled to benefits under the plan of the Reducing Amendment.

  • Line 6 – Upload one or more of the following documents, as applicable:

    1. Plan text;

    2. Documents supporting that the Plan is a negotiated contribution plan;

    3. If an information session was held, a copy of any presentation material from the session;

    4. Any other document(s) and/or comments relevant to the reducing amendment. If there is more than one other document, please upload them in a zip file.

As with other returns in the Draft Returns section, you can save this return in draft form until it is fully completed and ready to submit.

Submission of the Approval Request Return in RRS

Once all required documentation has been uploaded and the return is ready to submit, go to the Submit Return sub-menu in the Submission section (found in the main menu). Select the Submit link in the Action column for the appropriate return.

Contact Us

For further information, please contact us at:

Office of the Superintendent of Financial Institutions
255 Albert Street
Ottawa, Ontario
K1A 0H2
Telephone: (613) 991-0609
E-mail: ReturnsAdmin@osfi-bsif.gc.ca