News & Updates
BCFSA publishes Regulatory Statement concerning CIA Standards of Practice Section 3500
June 06, 2023
The British Columbia Financial Services Authority (BCFSA) has recently published a Regulatory Statement concerning CIA Standards of Practice Section 3500 — Revised Commuted Values (CVs).
Here’s what you should know:
- The statement underscores the Superintendent of Pensions’ position on CV calculations for people employed in B.C. who participate in multi-jurisdictional pension plans registered outside of B.C.
- With respect to such plans, CV calculations for B.C. members will be subject to the funding rules of the jurisdiction where the plan is registered (the major authority). The CV for B.C. members may be calculated according to the new subsection 3570 of the Revised CV Standards if the major authority’s legislation contemplates reduction to accrued pensions as one of the available options for maintaining the ongoing plan’s funded status, and if the plan is exempt from solvency funding.
- The Regulatory Statement applies to B.C. members with a termination date on and after March 31, 2023.
Click on more information below to read the complete Regulatory Statement:
