Office of the Superintendent of Financial Institutions
OSFI posted a draft revised
Instruction Guide for the Termination of a Defined Benefit Pension Plan (the Guide) along with this
accompanying memo, on January 20, 2020 for consultation that was scheduled to end on March 31, 2020. Because of the COVID-19 crisis, on
March 13, 2020, OSFI suspended a number of consultation initiatives and policy development work related to new or revised guidance, including consultation on this Guide. As indicated in the latest issue of
the Pillar, OSFI has gradually restarted policy development work.
The consultation period for the Guide has now resumed. Please note that a change to footnote 43 of the Guide was needed to reflect the fact that the federal government signed the
2020 Agreement Respecting Multi-Jurisdictional Pension Plans in June 2020. As a result, a multi-jurisdictional plan with members under Quebec’s jurisdiction will no longer need to file a separate termination report covering these members with the provincial regulator.
Please send any questions or comments concerning the Guide to Sylvia Bartlett, Manager of the Policy Team in the Private Pension Plans Division, by email at
firstname.lastname@example.org. OSFI will post a non-attributed summary of stakeholder comments and OSFI’s responses when we release the final version of the Guide. Please provide comments no later than November 30, 2020.
Tamara DeMos Managing Director Private Pension Plans Division