Defined contribution asset transfers subject to provincial legislation

An asset transfer related to the defined contribution provisions of a federally regulated pension plan, other than a transfer to a pooled registered pension plan, does not normally require the permission of the Superintendent. However, if the benefits of any of the transferring members, former members, or other persons entitled to benefits are subject to provincial pension legislation, the Superintendent’s permission, on behalf of a provincial regulatory authority, is required. If a transfer of assets related to defined contribution provisions involves individuals subject to provincial pension legislation, plan administrators are expected to complete the Standardized Asset Transfer Form.

Before transferring assets related to defined contribution provisions of a plan, plan administrators are asked to determine whether or not the benefits of any of the transferring individuals are subject to provincial pension legislation, thereby triggering the requirement to obtain the Superintendent’s permission. 

Please see OSFI’s Guidance Note, Asset Transfers related to Defined Contribution Provisions of Pension Plans for more information regarding defined contribution asset transfers.