BCFSA Publishes Triennial Plan Assessments Guideline
July 28, 2026
The BC Financial Services Authority (“BCFSA”) has published its Triennial Plan Assessments Guideline (the “Guideline”), which outlines expectations and best practices for pension plan administrators in the preparation and documentation of triennial plan assessments.
Pension plan administrators are required to self-assess the effectiveness, quality and performance of plan administration at least every three years, including the elements required under section 41(1) of the BC Pension Benefits Standards Act (the “PBSA”). The written documentation of the assessment must be provided to the BCFSA upon request.
The Guideline sets out that the assessment should address PBSA and regulatory compliance, governance, funding, investments, and the performance of employees and service providers, as applicable. It should be substantive and outcome-oriented and clearly document how issues and opportunities identified in previous assessments have been addressed, and what progress has been achieved.
Additionally, the Guideline notes that the triennial assessment should be proportionate to the plan’s size, complexity and risk profile, and explicitly consider all plan years within the assessment period, not only the most recent year. It should incorporate the key findings, conclusions, and outcomes of any significant reviews, evaluations, audits, or analyses conducted since the previous assessment. The Guideline is intended to support the assessment process and to promote effective pension plan governance.
Click on ‘More information’ below to read the Guideline:
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