OSFI updates Instruction Guide for Preparation of Actuarial Reports for Defined Benefit Pension Plans
January 03, 2024
The Office of the Superintendent of Financial Institutions (OSFI) has updated the following instruction guide: “Preparation of Actuarial Reports for Defined Benefit Pension Plans”.
The instruction guide now reflects the updated requirements for the maximum going concern discount rate and incorporates updated references to the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans, OSFI instruction guides, and Canadian Institute of Actuaries (CIA) educational notes regarding pension plans.
OSFI clarified the guide does not touch upon all specific reporting requirements, such as those related to transactions like conversions, plan terminations, asset transfers or amendments reducing benefits, which may lead to additional disclosure or funding requirements in an actuarial report.
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