The Financial Services Regulatory Authority is creating three new technical advisory committees, which will provide advice and feedback to the regulator on pension sector related matters and will form part of its stakeholder engagement process going forward.
The aim is to improve processes and approaches to regulation and reduce regulatory burden, noted a press release.
In its first year of operations, the committees will advise the FSRA in the following areas: missing plan members under registered pension plans; the transfer of assets between pension plans; and the supervisory approach to the pension benefits guarantee fund — eligible pension plans that carry a deficit and may be at risk of failure.
The FSRA will select committee members based on pension knowledge, understanding of the issues under consideration and senior level experience.
This fall, it will also establish another technical advisory committee to address the valuation and division of pension assets following the breakdown of a spousal relationship.