Notice Requirement for Plan Terminations

The Private Pension Plans Division at OSFI has recently received applications for plan terminations without the required notice having been provided to OSFI. As communicated in InfoPensions 9, OSFI would like to remind plan administrators that if they are intending to terminate their pension plan, subsection 29(5) of the Pension Benefits Standards Act, 1985 requires the plan administrator or employer to provide the Superintendent with written notice of this decision at least 60 days and not more than 180 days before the date of termination. If this notice is not provided, OSFI may require the Plan to amend their termination date and re-file their termination report.