No change to basic rate for assessment of pension plans

The Assessment of Pension Plans Regulations require the Superintendent to publish annually in the Canada Gazette, Part I, a notice setting out the basic rate that will be applied to the assessment of pension plans in the upcoming fiscal year.

A notice was published in Part I of the Canada Gazette on September 26, 2020, setting out that the basic rate in effect for assessments that are invoiced by OSFI for plan years ending between October 1, 2020 and September 30, 2021 is $10. This basic rate is the same as last year's rate and applies to all pension plans registered under the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act.

OSFI will determine a pension plan's assessment after the plan has filed its Application for Registration or its Annual Information Return (AIR). OSFI expects to prepare the invoice approximately 45 days after the due date of the AIR. For example, if a plan's AIR is due by June 30, 2021, the plan administrator can expect to receive an invoice in August 2021 even if they have filed the AIR before its due date. For more information, please refer to our notice on Regulations Amending the Assessment of Pension Plan Regulations.

Please refer to the Pension Plan Assessment Rate schedule on our website for more information on the applicable rate.