TORONTO, May 22, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members during this time of rapid change and disruption.
This new guidance outlines the application and review process and protects the stability of pension plans by minimizing unnecessary disruption of commuted value transfers and annuity purchases. The guidance seeks to protect the entitlements of all pension plan beneficiaries.
We have also updated the information on plausible adverse scenarios in actuarial valuation reports. Understanding the risks to a plan enables plan fiduciaries to properly manage those risks and make prudent decisions to deliver on pension promises made to plan beneficiaries. This is key to prudential supervision and improving outcomes for beneficiaries.
Plan administrators, sponsors, agents, advisors and plan members can email their FSRA Pension Officer for additional information. You can locate your Pension Plan Officer at: FSRA Pension Plan Information Access.