OSFI Input in Correcting Administrative Errors

Occasionally OSFI is requested to approve or provide input on an action to correct an administrative error that had occurred in a pension fund. OSFI expects the plan administrator and the custodian to have the proper governance structure in place to deal with such matters. OSFI does not play a role in correcting or authorizing the correction of such administrative errors. OSFI does, however, expect custodians or administrators to inform OSFI in writing of the actions taken to rectify the error.