News & Updates
FSRA releases final revised guidance on pension plan amendments
July 04, 2024
The Financial Services Regulatory Authority of Ontario (FSRA) has released its final Pension Plan Amendments Guidance aiming to inform stakeholders of how FSRA interprets and administers Pension Benefits Act (PBA) provisions related to certain pension plan amendments.
Following two public consultations, the final guidance remains relatively unchanged since its release in draft form in 2022. The final guidance includes the following notable enhancements:
- Added a clear purpose statement emphasizing the guidance's goals to protect plan beneficiaries, encourage timely filing of amendments, and promote good plan administration.
- Clarified that the application of the guidance to multi-employer pension plans (MEPPs) will be modified as necessary, noting that MEPPs have broad authority to amend their plans.
- Advised administrators to be prepared to make submissions to FSRA addressing competing arguments on the registrability of an amendment with retroactive negative effects and to support their ultimate stance on registrability with a legal opinion.
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