Filing an Application for Approval of a Defined Benefit Pension Plan Termination Report using the Regulatory Reporting System (RRS)

General

The purpose of this instruction guide is to assist administrators of defined benefit pension plans registered under the Pension Benefits Standards Act, 1985 (PBSA) in filing an application seeking the Superintendent’s authorization under subsection 29(10) of the PBSA of a plan’s termination report, using the Regulatory Reporting System (RRS).

This guide does not supersede the requirements of the PBSA, the Pension Benefits Standards Regulations, 1985 (PBSR), 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 defined benefit pension plan termination report approval request (outlined in section 8 of the Instruction Guide: Termination of a Defined Benefit 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 Defined Benefit Pension Plan Terminations

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 Defined Benefit Pension Plan Terminations.

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

2. Under Return Name, enter the type of transaction and effective date of the termination. For example: “DB Termination – YYYY-MM-DD”.

3. Under Select Form Set, choose: PP4 – Approval Request Return for Defined Benefit Pension Plan Terminations.

4. Under Enter earliest effective date of change contained in the return, enter the effective date of the plan’s termination.

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 defined benefit pension plan termination report approval request can now be entered.

• Line 1 – From the drop-down menu, select either “Full termination”, “Partial termination declared by the Superintendent” or “Partial termination for members subject to provincial pension legislation”.

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

• Line 3 – Select “Yes” or “No” to indicate if the plan is a designated plan.

Required Documents

Lines 4 through 6 require the administrator to upload documents. Do not use the characters “#” or “&” in the names of any uploaded documents.

• Line 4 – Upload all of the following documents:

  1. Completed Approval Request Form for Termination of a Defined Benefit Pension Plan

  2. Termination Report

  3. Actuarial Information Summary form

  4. Samples of the initial notification of plan termination (Form 2.1 of Schedule IV of the PBSR)

  5. Samples of the detailed termination statements (Form 2.2 of Schedule IV of the PBSR)

• Line 5 – Upload one or more of the following documents:

  1. Executed Plan Amendment authorizing the pension plan termination, AND

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

  3. Board Resolution authorizing the pension plan termination, OR

  4. A letter indicating the pension plan has terminated.

• Line 6 – Upload the following documents, as applicable:

  1. Plan text

  2. Any other document(s) and/or comments relevant to the plan’s termination. 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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