Notice and Filing Requirements before and after Plan Termination

Plan administrators and employers are required to notify the Superintendent in writing, not more than 180 days before and at least 60 days before the plan termination date, of their decision to terminate a pension plan. For example, if the plan termination date is December 31, then the Superintendent must be notified of the plan’s termination not sooner than July 4 and not later than November 1. OSFI may require a plan administrator or employer to change the termination date if proper notification is not given.

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