Filing an Application for Approval of an Asset Transfer related to Defined Benefit Provisions using the Regulatory Reporting System (RRS)

General

The purpose of this instruction guide is to assist administrators of pension plans registered under the Pension Benefits Standards Act, 1985 (PBSA) in filing an application seeking the Superintendent’s permission under subsection 10.2(1) of the PBSA to transfer assets related to defined benefit provisions from a federally regulated pension plan to another pension plan, using the Regulatory Reporting System (RRS).

This guide does not supersede the requirements of the PBSA, the Pension Benefits Standards Regulations, 1985, the Directives of The Superintendent Pursuant To The Pension Benefits Standards Act, 1985, or any related guidelines that OSFI has issued or may issue.

Filing Requirements

The administrator must file all required information and documentation supporting the asset transfer approval request (outlined in section 5.0 of the Instruction Guide: Asset Transfers related to Defined Benefit Provision of Pension Plan), using RRS. Failure to do so will generate an error message and prevent a filer from submitting the approval request.

RRS Process – Approval Request Return for an Asset Transfer Related to Defined Benefit Provisions

Creating the Approval Request Return in RRS

To file a request for approval, the administrator must first create, in RRS, the Approval Request Return for Asset Transfer Related to Defined Benefit Provisions.

1. In the Main Menu, hover over Manage Returns and select Create Return.

2. Under Return Name, enter the type and effective date of the asset transfer. For example: “DB Asset Transfer – YYYY-MM-DD”. If submitting two or more asset transfers with the same effective date, create another return and file another application.

3. Under Select Form Set, choose: PP6 – Asset Transfer – Defined Benefit/Combination.

4. Under Enter earliest effective date of change contained in the return, enter the effective date of the asset transfer.

5. Click Create – the return will appear in the Draft Returns section found in the main menu.

For more information on creating returns in RRS, please consult the Manage Corporate Returns User Guide and other RRS training materials. RRS training materials can also be found in RRS in the Documents folder under Training and Support.

Completing the Approval Request Return in RRS

Once in the Draft Returns tab, the administrator will be able to edit the content of the return by entering the information directly into the on-line web form. Select the name of the return that was just created. Select Edit. The information and documentation supporting the asset transfer approval request can now be entered.

• Line 1 – From the drop-down menu, select either “Full Asset Transfer” or “Partial Asset Transfer”.

• Line 2 – Enter the effective date of the asset transfer using the following format YYYY-MM-DD.

• Lines 3 and 4 – Select “Yes” or “No” to indicate the response to each question.

Required Documents

Lines 5 through 8 require the administrator to upload documents. Do not use the characters “#” or “&” in the names of any uploaded documents.

• Line 5 – Upload all of the following documents:

  1. Completed Approval Request Form – Asset Transfers related to Defined Benefit Provisions of Pension Plans

  2. Actuarial Report from the transferring plan as at the effective date of the asset transfer

  3. Actuarial Report from the receiving plan as at the effective date of the asset transfer

  4. Copy of notice(s) sent to transferring individuals

• Line 6 – Upload one or more of the following documents regarding the transferring plan:

  1. Executed Plan Amendment authorizing the asset transfer, AND

  2. Completed OSFI 594: Defined Benefit/Combination Pension Plan Amendment Information Form, AND/OR

  3. Board Resolution authorizing the asset transfer

• Line 7 – Upload one or more of the following documents regarding the receiving plan:

  1. Executed Plan Amendment recognizing the asset transfer, AND

  2. Completed OSFI 594: Defined Benefit/Combination Pension Plan Amendment Information Form, if the receiving plan is registered with OSFI or pending registration with OSFI, AND/OR

  3. Board Resolution authorizing assumption of liabilities

• Line 8 – Upload the following documents, as applicable:

  1. Pension transfer agreement

  2. Relevant section(s), interpretation and/or definitions of section(s) of the purchase and sale agreement

  3. Collective agreement(s)

  4. If the transferring plan is in a surplus position, a declaration that the asset transfer does not contravene the plan documents, trust agreements and any other agreements or undertakings

  5. Plan text

  6. Any other document(s) and/or comments relevant to the asset transfer. If there is more than one other document, please upload them in a zip file

As with other returns in the Draft Returns section, you can save this return in draft form until it is fully completed and ready to submit.

Submission of the Approval Request Return in RRS

Once all required documentation has been uploaded and the return is ready to submit, go to the Submit Return sub-menu in the Submission section (found in the main menu). Select the Submit link in the Action column for the appropriate return.

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