Letter to administrators of federally regulated pension plans regarding CAPSA’S risk management guideline

The Canadian Association of Pension Supervisory Authorities (CAPSA) is the national inter-jurisdictional association of pension regulators whose mission is to facilitate an efficient and effective pension regulatory system in Canada. CAPSA discusses regulatory issues of common interest and develops practical solutions to further the coordination and harmonization of pension regulation across Canada. OSFI is a member of CAPSA, along with all provincial pension regulators.

On September 9, 2024, CAPSA published Guideline No. 10: Guideline for Risk Management for Plan Administrators (CAPSA Risk Management Guideline), which sets out principles of risk management and outlines a risk management framework to assist pension plan administrators in fulfilling their fiduciary duties.

The Office of the Superintendent of Financial Institutions (OSFI) expects administrators of federally regulated pension plans subject to the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act to follow the CAPSA Risk Management Guideline as part of their efforts to meet their fiduciary duties in the administration of their pension plans and their pension funds or plan assets.

Questions concerning this letter may be sent to information@osfi-bsif.gc.ca.