News & Updates
FSRA releases final guidance on the implementation of the Target Benefit MEPP framework
February 25, 2026
The Financial Services Regulatory Authority of Ontario (“FSRA”) has released its final Supervisory Approach Guidance to Implementation of the Target Benefit Multi-Employer Pension Plan (“MEPP”) Framework (the “Guidance”), which came into effect on February 2, 2026.
The Guidance outlines how FSRA will assess, engage with, and supervise MEPPs providing target benefits under the permanent legislative framework, including:
- FSRA’s supervisory approach to consenting to target benefit conversions, assessing provisions for adverse deviation (“PfAD”), and engaging with target benefit MEPPs and their administrators regarding target benefits.
- How conversion timing interacts with valuation dates and funding requirements under the Pension Benefits Act.
- How FSRA will assess whether a plan’s PfAD is reasonable and appropriate in the circumstances and is aligned with the plan’s funding and benefits policy.
Click on ‘More information’ below to view the Guideline:
