Filing Financial Statements and an Auditor's Report

In accordance with the Pension Benefits Standards Act, 1985, Pension Benefits Standards Regulations, 1985 and the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (Directives), pension plan administrators must file the OSFI 60 – Certified Financial Statements and may also have to file an Auditor's Report of the pension fund.

As described in OSFI's Instruction Guide titled Guide to Completing the OSFI 60 – Certified Financial Statements and Filing Auditors Reports, the Directives provide that an auditor's report is not required if the plan is an insured plan or if the pension fund is deposited as follows:

1. all funds are held by one insurance company in any type of account, or
2. all funds are held in the pooled funds of one trust company, or
3. all funds are held by one trust company but not in its pooled funds and the fair market value of the total assets of the pension fund is less than $5,000,000.

All plans that do not meet one of the exceptions mentioned above, including plans that are funded through a Pension Fund Society, are required to file an Auditor's Report with OSFI.

The exceptions listed above are based on all assets of the pension fund. For example, if a pension plan has defined benefit (DB) and defined contribution (DC) provisions and the DC assets are held in the pooled funds of one trust company and the DB assets are held in the pooled funds of another, then the plan administrator is required to file an Auditor's Report with their OSFI 60.

The OSFI 60 and, where applicable, the Auditor's Report, must be filed with OSFI within six months after the plan year end. If the plan is terminated but assets remain in the pension fund then the plan administrator must continue to prepare and file the OSFI 60 and the Auditor's Report, if applicable, within the same timeframe.