Inactive Pension Plans

It has come to OSFI’s attention that there may be instances where a certificate of registration has been issued by the Superintendent but no members are ever enrolled in the plan. Federally registered plans must be administered in accordance with the PBSA which includes the requirement to enroll employees eligible to join the plan, fund the pension plan and submit regular required filing. If a plan registered under the PBSA has never enrolled any members, the plan administrator should contact their Relationship Manager to discuss the status of the plan and whether or not to rescind the plan’s registration under the PBSA. OSFI will continue to require filings until the plan is terminated or de-registered.