The Office of the Superintendent of Financial Institutions has laid out its progress on a number of pension responsibilities in its 2016-17 report on plans and priorities, published Friday.

One area of progress is pooled retirement pension plans, notes the report. Since OSFI acquired new responsibilities under the PRPP multilateral agreement, which came into effect in June 2016, it developed guidance and supervisory approaches for the plans in 2016-17, with new guides expected later this year or in 2018.

“Guidance for PRPP administrators was issued regarding PRPP licensing, registration, termination and annual information returns,” it noted. “Guides that describe the rights and interests of PRPP members under the applicable federal or provincial PRPP legislation were developed in 2016-17 and are expected to be published in 2017-18.”

Read: PRPPs continue to languish as provinces vary in enthusiasm for new option

The report also noted that, based on a study OSFI conducted on defined contribution plans, it determined that no changes to the supervision of these plans are necessary at this time. However, it noted it will continue to collect and analyze information and follow trends regarding defined contribution pensions in order to consider potential future changes to how OSFI supervises them.

Highlights of other activities completed by OSFI around federally regulated private pension plans in 2016-17 include:

  • Significant upgrades to OSFI’s risk assessment system for pensions in order to ensure better coordination with the regulatory reporting system through which plan filings are submitted; and,
  • Updated guidance, including disclosure guides for both defined benefit and defined contribution plans.

OSFI also noted in the report that it has exceeded its performance targets with respect to issues in pension plans being identified and acted on at an early stage.

Read: 80% of pension plans underfunded but solvency improved slightly in 2016: OSFI

“The regulation and supervision of federally regulated private pension plans program will focus on continuing to support the implementation of pooled registered pension plans through the development of appropriate supervisory approaches and external guidance, as well as through cooperation with provincial pension authorities,” stated the report. 

“OSFI will also continue to review and adjust supervisory approaches applicable to defined contribution pension plans, as appropriate.”

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

Benefits Canada Newsletter

For the latest industry news and opinions, sign up for our daily newsletter.

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required