Determining a Member’s Transfer Value – DB

OSFI has recently received a question regarding subsection 9(1) of the Directives of the Superintendent (determining transfer values) and delayed transfer dates. We would like to confirm that if there is a delay in the transfer of a member’s pension benefit credit and a new actuarial report has been filed with OSFI prior to the actual transfer date, the solvency ratio of the plan on the actual transfer date should be used to determine the transfer value of the pension benefit credit rather than the solvency ratio of the plan on the member’s termination date.