The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]
Pension plan sponsors must effectively employ care, diligence and skill when facing cybersecurity threats, said Sandeep Kakan, board trustee and secretary at the Canada-Wide Industrial Pension Plan, during a session at the Canadian Investment Review’s 2023 Defined Benefit Investment Forum in December. Cybersecurity concerns are rising in the aftermath of the MOVEit hack, which compromised […]
While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and other issues that may confront pension plan sponsors and administrators in the coming year. Risk management Plan sponsors can expect a continued focus on risk management as a key part […]
The Financial Services Regulatory Authority of Ontario’s proposed family rule could allow for pension benefits to be divided more fairly in the event of a marriage breakdown, says Louis Duranleau, a senior principal of pensions at Normandin Beaudry. “When there’s an agreement between the spouses to share the retiree’s pension before it’s effectively divided in […]
The average projected solvency ratio for Ontario defined benefit pension plans increased slightly to 117 per cent in the third quarter of 2023, with more than three-quarters of plans projected to be fully funded, according to a new report by the Financial Services Regulatory Authority of Ontario. While the percentage of DB plans projected to have […]
The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]
The Nova Scotia Labour Board has ordered St. Mary’s University to resume making pension contributions for employees on long-term disability leave, reasoning that the pension committee had no authority to make changes to contribution levels mandated by the plan. “The board found that amendments to the pension plan proposed by the pension committee — the […]
The Canadian Association of Pension Supervisory Authorities’ new risk management guideline allows for additional flexibility amid evolving issues such as cybersecurity and environmental, social and governance considerations, said David Bartucci, head of pension regulations and regulatory effectiveness at the Financial Services Regulatory Authority of Ontario and a member of the CAPSA’s risk management committee, during […]
An article on the Ontario Court of Appeal upholding its decision in the Brewers Retail Inc. pension case was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Court of Appeal upholds decision in Brewers Retail pension case 2. Are insurers updating their benefits policies to include […]
An article on the most recent changes to the Canada Labour Code was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: How recent Canada Labour Code updates are impacting federally regulated employers Report finds fewer employees going above and beyond in their jobs Half of […]