No OSFI approval of amendments or actuarial reports

We would like to remind administrators that under the Pension Benefits Standards Act, 1985 (PBSA), OSFI does not register or approve pension plan amendments other than amendments that reduce accrued benefits. Such amendments are void unless authorized by the Superintendent. As required by subsection 10.1(1) of the PBSA, administrators must file a plan amendment within 60 days after it is made. This requirement includes amendments to the plan text and any document that creates or supports the plan or the pension fund. OSFI relies on the administrator's declaration of compliance made in the plan amendment information formOSFI 594 (Defined benefit plans) and OSFI 593 (Defined contribution plans) that must accompany every amendment. However, the relationship manager in the Private Pension Plans Division (PPPD) assigned to the plan will contact the administrator if an issue with plan documents is discovered during ongoing monitoring activities.

Similarly, OSFI does not approve annual or triennial actuarial reports. The actuarial team in PPPD does however review a select number of actuarial reports each year. These reviews may be either a full review of the actuarial report or a targeted review where the relationship manager has requested that specific issues in the actuarial report be reviewed. PPPD will contact the plan's actuary and the administrator if there are any concerns identified during a review.