Disbursing assets on plan termination

From time to time, OSFI receives plan termination reports after the plan has already been wound-up, i.e. the assets have been distributed.  It is important to remember that, on plan termination, the Superintendent must approve a plan’s termination report before the plan assets can be distributed.  Once a plan administrator receives notice of the Superintendent’s approval, they may distribute the assets in accordance with the termination report and should do so without undue delay. The plan administrator must then notify OSFI in writing once all plan assets are distributed and must submit a year-to-date financial statement from the custodian.

Plan administrators are required to continue to file an Annual Information Return (OSFI-49) and Certified Financial Statements (OSFI-60) and to pay assessments until OSFI receives written notice that all pension assets have been distributed.