FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee - Meeting Summary, December 11, 2020

Publication type
OSFI regulation documents
Defined contribution plans

Meeting Summary

Date: Friday, December 11, 2020
Time: 10:00 a.m. to 1:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the December 11, 2020 meeting.

Purpose of Committee

This special purpose "ad hoc" committee is a collaboration between FSRA and OSFI that will assist both regulators in developing better processes, guidance and approaches to regulation of the DC sector. The committee will consider ways to improve outcomes for members of DC plans by looking at ways to address key DC plan risks, improve regulatory efficiency and effectiveness, and inform the development of a principles-based, outcomes focused and graduated supervisory approach.

Trend Analysis and Research

The Committee reviewed a data set showing the DC landscape in Canada. This included historical trends on the number of DC plan, membership, assets, fees and default investments. The Committee also reviewed models of approaches to DC regulation by the UK and Australia.

Deep Dive – Member Statements

The Committee discussed the key challenges to creating impactful and meaningful member statements and how digital access could change the role of member statements. In addition, the Committee considered:

  • The importance of member engagement and education;
  • The need for transparency of investment management and administration fees for both plan sponsors and members; and,
  • The challenges surrounding providing appropriate projections as well as decumulation options.

Working Groups

The Committee will also establish two working groups with the objective of focusing discussions on plan design and member engagement (including statements and retirement income). These groups will report​ back to the Committee at the next meeting.

Attendance Record
Invited/Attended Company Name Attendance Status
(VC) Videoconference
Caroline Blouin FSRA - EVP and TAC Chair VC
Tamara DeMos OSFI - Managing Director, Private Pension Plans Division and TAC Chair VC
Alex McKinnon United Steelworkers VC
Brett Marchand Manulife Financial Corporation VC
Corienne Logan Many Nations Co-operative Ltd. VC
David Vincent Canadian Benefits Law VC
Jo-Ann Hannah Retired VC
Joe Nunes Canadian Institute of Actuaries VC
Lisa Janov Pension Investment Association of Canada VC
Martin McInnis Co-operative Superannuation Society Pension Plan VC
Michael Dodd Co-operators Group VC
Michelle Loder Morneau Shepell Ltd. VC
Paul Webber Cowan Insurance Group VC
Roger Maguet Canada Life VC
Roman Kosarenko George Weston Limited VC
Susan Bird Multi Employer Benefit Plan Council of Canada VC
Susie Taing Sun Life Assurance Company VC
Tim Mark Royal Bank of Canada VC
Todd Saulnier Association of Canadian Pension Management VC
Zaheed Jiwani Eckler VC
Antoinette Leung FSRA VC
Barbara Austin, David Bartucci, James Hoffner, Jesse Heath-Rawlins, Antoinette Leung, Kirk Quinn, Lynn Barron, Mark Eagles, Paul Martiniello FSRA VC
Benoit Briere, Jeff Bowman, Sydney Roy OSFI VC
Jenny Chau, Carolina Geronimo BCFSA VC
Matt Krzepkowski, Neil McKinnon Department of Finance VC
Lauren Kappius, Alex Killoch, Cole Mathews Ministry of Finance VC