Revisions to the Directives and related FAQs

On February 25, 2021, OSFI revised the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives of the Superintendent). The revisions include

• the removal of the requirement to use a projected solvency ratio as of March 31, 2020 or later for portability transfers;
• the reinstatement of the pre-pandemic filing deadline for regulatory returns; and
• additions to recognize the revised commuted value standards issued by the Canadian Institute of Actuaries as they affect transfers from negotiated contribution plans.

New FAQs for the Directives of the Superintendent contain further information on the conditions currently applicable to portability transfers and annuity purchases.

OSFI also revised the Directives of the Superintendent pursuant to the Pooled Registered Pension Plans Act to reinstate the pre-pandemic filing deadline for regulatory returns.

OSFI has communicated changes to its expectations throughout the COVID-19 pandemic and has revised its FAQs to those that remain relevant. If you have a question that is not addressed in these (or other) FAQs, please send your question to information@osfi-bsif.gc.ca.