FSRA/OSFI Defined Contribution (DC) Pension Plans Technical Advisory Committee - Meeting Summary, May 7, 2021

Meeting Summary

Date: Friday, May 7, 2021
Time: 10:00 a.m. to 12:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the May 7, 2021 meeting.

Presentation from the Canadian Association of Pension Supervisory Authorities (CAPSA)

The Committee welcomed the Chair of the CAPSA Capital Accumulation Plans Guideline Committee tasked to review and update CAPSA Guideline No. 3 – Guidelines for Capital Accumulation Plans (CAP Guideline). The Chair presented CAPSA’s experience since the last full review of the CAP Guideline in 2009, and their latest initiative to review and update the CAP Guideline, which they expect to be completed in the spring of 2022. A key lesson learned from their experience was the importance of industry and public consultation to create a guideline that was well supported by stakeholders. Areas of focus in their current consultations include more effective communication to plan members, decumulation, fees, and bringing consistency across the industry involved in CAPs.

In the spirit of harmonization and improving regulatory effectiveness and efficiency, the Committee expressed a preference to put forward to CAPSA the opportunities identified during the Committee’s work as part of the review of the CAP Guidelines with the Industry Working Group.

Review of Working Group Findings

The Committee reviewed the findings of the Filings and Metrics working group, who provided a summary of their work to the Committee for discussion. Key areas for consideration identified by the working group include streamlining requirements around certain forms and a review of the information required on annual filings for DC plans.

Next Meeting

The next meeting of the Committee will be on Tuesday, June 15, 2021.

Attendance Record