Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) has issued this Policy Advisory to inform plan administrators of OSFI’s expectations regarding investments by federally regulated pension plans in buy-in annuity products. This Policy Advisory covers an investment in a buy-in annuity policy issued by a life insurance company for pensions in pay only.
This Policy Advisory replaces the draft version issued for comment in January 2012. OSFI’s expectations for plans investing in buy-in annuity products are consistent with what was indicated in the draft version of the advisory; however, some changes have been made to provide additional clarity in some areas.
Questions concerning the Policy Advisory should be addressed to Sylvia Bartlett, Policy Manager, Private Pension Plans Division, at (613) 990-7856 or Sylvia.Bartlett@osfi-bsif.gc.ca.