Retiree and Survivor Audits (November 2011)

OSFI has received questions from external stakeholders with respect to retiree and survivor audits, undertaken to ensure that pension benefits are not being paid after the death of a member or survivor. Performing these types of audits with the objective of updating plan records is a good governance practice. OSFI would like to remind plan administrators, however, that a pension benefit cannot cease to be paid without evidence that the retiree or survivor is deceased.