Revisions to the Directives of the Superintendent

​​Today, OSFI revised the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives). The revisions include:

  • the removal of the requirement to use a projected solvency ratio as of March 31, 2020 or later for portability transfers;
  • the reinstatement of the pre-pandemic filing deadline for regulatory returns; and
  • additions to recognize the revised commuted value standards issued by the Canadian Institute of Actuaries as they affect transfers from negotiated contribution plans.

Further information on the conditions currently applicable to portability transfers and annuity purchases can be found in our new FAQs for the Directives of the Superintendent.

In addition, OSFI revised the Directives of the Superintendent pursuant to the Pooled Registered Pension Plans Act to reinstate the pre-pandemic filing deadline for regulatory returns.