Revisions to the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans
Information
On November 5, 2021, OSFI issued the revised Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans (Actuarial Guide) for consultation with pension plan stakeholders. The revisions to the Actuarial Guide provide updated expectations for plans using a replicating portfolio approach. The consultation period ended on September 10, 2021. We would like to thank everyone who provided input on the draft revisions.
Minor changes to other sections of the Actuarial Guide that have no impact on funding requirements were also made to clarify other expectations.
A draft of Section 2.7.4 of the revised Actuarial Guide was issued on July 9, 2021. A non-attributed summary of comments received, along with our responses and Guidance Impact Analysis Statement has been posted on OSFI’s website.
The revisions to the Actuarial Guide will apply to actuarial reports with a valuation date on and after December 31, 2021. Early adoption is permitted.