The deadlines by which administrators of Ontario registered pension plans must file their statement of investment policies and procedures (SIPPs) and SIPP amendments with FSCO have changed in 2016.

Effective January 1, 2016, the deadlines are as follows:

  • For plans registered before January 1, 2016, the SIPP must be filed by March 1, 2016.
  • For new plans registered on or after January 1, 2016, the SIPP must be filed within 60 days after plan registration.
  • Amendments to a SIPP must be filed within 60 days after the date the amendment is made.
According to the new requirements, administrators must also submit SIPP filings electronically through FSCO’s Pension Services Portal starting in 2016.
If SIPPs are filed before January 2016, administrators will need to re-submit them electronically through the portal after January 1, 2016.
FSCO will provide more information and tools to assist administrators in complying with the filing requirement.
Also effective January 1, it is required that a plan’s SIPP state, whether environmental, social and governance (ESG) factors, are incorporated into the plan’s investment policies and procedures, and include a description of how those factors are incorporated.
Finally, effective later this year, on July 1, 2016, administrators must include prescribed information about the SIPP in the statements to members, former members, and retired members.

Copyright © 2018 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.