Office of the Superintendent of Financial Institutions
OSFI is issuing draft revisions to the Instruction Guide for the Termination of a Defined Benefit Pension Plan (the Instruction Guide). The Instruction Guide, which was last issued in 2016, sets out the filing and reporting requirements for a defined benefit pension plan that has terminated, in whole or in part, under the
Pension Benefits Standards Act, 1985 (PBSA). These requirements also apply to plans with both a defined benefit and a defined contribution component.
Revisions reflect amendments to the
Assessment of Pension Plans Regulations that came into effect April 1, 2019 and remove references to pre 2016 PBSA requirements regarding information for members and former members. Revisions also include further details on OSFI's expectations regarding the following:
Questions and comments concerning these changes may be sent to Sylvia Bartlett, Manager of the Policy Team in the Private Pension Plans Division, by email at
email@example.com. OSFI will post a non-attributed summary of stakeholder comments and OSFI's responses when the final version of the Instruction Guide is released. Comments should be provided no later than March 31st 2020.
New applications may be submitted using the draft Instruction Guide and accompanying form until replaced by finalized versions.
Tamara DeMos Managing Director Private Pension Plans Division