Notifying OSFI in advance of plan termination

OSFI continues to receive applications for plan terminations without first receiving the required notice as provided in subsection 29(5) of the Pension Benefits Standards Act, 1985. We remind plan administrators that if they are terminating their pension plan, they must notify us in writing at least 60 days and not more than 180 days before the date of termination. If OSFI does not receive this notice, we may require the plan administrator to amend the termination date and re-file the termination report, which may lead to additional required contributions that will have to be paid into the plan.