The Office of the Superintendent of Financial Institutions (OSFI) has released a guidance note regarding amendments to section 10.2 of the Pension Benefits Standards Act, 1985 (PBSA).

The amendments in questions eliminated the requirement for the superintendent’s permission to transfer assets related to defined contribution provisions from one pension plan to another.

This guidance note comes into effect immediately and replaces the Instruction Guide for Asset Transfers between Defined Contribution Pension Plans issued in December 2008.

View the OSFI guidance note here.