Proposed Changes to Instruction Guide – Termination of a Defined Contribution Pension Plan

Document Properties

  • Type of Publication: Memo
  • Date: November 2, 2020
  • To: Administrators of defined contribution pension plans registered or filed for registration under the Pension Benefits Standards Act, 1985 and their consultants

OSFI is issuing draft revisions to the Instruction Guide for the Termination of a Defined Contribution Pension Plan (the Instruction Guide) and a revised Standardized Termination Report for Defined Contribution Plans. The Instruction Guide, last issued in 2016, sets out the filing and reporting requirements for a defined contribution pension plan that has terminated, in whole or in part, under the Pension Benefits Standards Act, 1985 (PBSA).

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 plans that include benefits subject to provincial pension legislation and members and former members who cannot be located.

Please send any questions or comments concerning these changes to Sylvia Bartlett, Manager of the Policy Team in the Private Pension Plans Division, by email at . OSFI will post a non-attributed summary of stakeholder comments and OSFI’s responses when we release the final version of the Instruction Guide. Comments should be provided no later than January 15, 2021.

New applications may be submitted using the draft Instruction Guide and the revised Standardized Termination Report.

Tamara DeMos
Managing Director
Private Pension Plans Division