Plan Amendments

Section 10.1 of the Pension Benefits Standards Act, 1985 (PBSA) requires that when an amendment is made to any plan document, the plan administrator must file a signed declaration that the plan as amended complies with the PBSA and Regulations. OSFI does not register or approve these amendments; however, we will contact the plan administrator if our review indicates a problem with the amendment.  

Section 10.1 of the PBSA also provides that an amendment that reduces pension benefits accrued before the date of the amendment is void or, in Quebec, null unless authorized by the Superintendent.  OSFI considers the date of the amendment to be a date not before the date the amendment is properly adopted by the plan administrator in accordance with the appropriate governance procedures for that plan such as a board resolution agreeing to the amendment.

Plan administrators are reminded that an amendment must be filed with the Superintendent within 60 days after it is made. This includes amendments that are made to the plan text and any document that creates or supports the plan or the pension fund.