OSFI – Benefits Canada.com

ACPM calling on OSFI to address funding asymmetry in DB pension regulation

Gideon Scanlon — Tue, 21 Sep 2021 13:00:39 +0000

The Association of Canadian Pension Management is calling on the Office of the Superintendent of Financial Institutions to address funding asymmetry in its approach to regulating defined benefit pension plans using a portfolio replicating approach. In an open letter to the OSFI, Ric Marrero, the ACPM’s chief executive officer, raised concerns related to planned revisions […]

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OSFI launching consultation on climate change risks to pensions, financial institutions

mschmit — Tue, 12 Jan 2021 11:00:31 +0000

The Office of the Superintendent of Financial Institutions is launching a three-month consultation on risks arising from climate change that can affect the safety and soundness of federally-regulated pension plans and financial institutions. Along with a discussion paper, the consultation’s objective is to understand how plans and institutions identify, measure and build resilience to climate […]

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OSFI, FSRA name members of new DC plan committee

mschmit — Fri, 20 Nov 2020 12:00:54 +0000

The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Association of Ontario have selected members for their new joint advisory committee on defined contribution pension plans. The committee will review the regulators’ approaches to supervising DC plans and, where possible, enhance regulatory efficiency and effectiveness by finding opportunities for harmonization. Read: […]

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Bank of Canada governor says country needs to pick up pace on tackling climate change

mschmit — Wed, 18 Nov 2020 05:49:48 +0000

Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech Tuesday that Canada’s financial system needs to become as resilient to climate change as it has been […]

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OSFI, FSRA forming committee to collaborate on DC pension plans

mschmit — Wed, 14 Oct 2020 11:15:59 +0000

The Office of the Superintendent of Financial Institutions and the Financial Services Regulatory Authority of Ontario are establishing a new committee to review both regulators’ approaches to supervising defined contribution pension plans. Through the collaboration, the OSFI and the FSRA is aiming to work toward improving outcomes for DC plan members and, where possible, enhance regulatory […]

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OSFI launches discussion on tech risks to pensions, other federal financial institutions

mschmit — Mon, 21 Sep 2020 05:20:32 +0000

The Office of the Superintendent of Financial Institutions is launching a three-month consultation on risks and other considerations regarding technological advancements impacting Canada’s financial sector. Along with a discussion paper, the consultation’s objective is to ensure federally regulated financial institutions and pension plans have solid strategies to manage non-financial risks. According to the agency, while rapidly […]

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OSFI lifting freeze on DB pension portability transfers, annuity purchases

mschmit — Tue, 01 Sep 2020 05:00:42 +0000

The Office of the Superintendent of Financial Institutions is lifting the temporary freeze on portability transfers for private pension plans. The move reverses the OSFI’s response in March to market volatility caused by the coronavirus pandemic, which froze portability transfers and annuity purchases from defined benefit pension plans. The restrictions are no longer needed, it noted in a […]

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OSFI to resume policy development work in fall

mschmit — Thu, 16 Jul 2020 03:45:22 +0000

The Office of the Superintendent of Financial Institutions is set to restart its policy development work this fall. The OSFI suspended consultations and policy development as part of its measures to reduce operational stress on institutions during the pandemic. As Canada begins to take steps towards reopening and recovery, the OSFI plans to ramp up […]

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OSFI easing restrictions on pension portability transfers

mschmit — Tue, 12 May 2020 04:45:39 +0000

The Office of the Superintendent of Financial Institutions is relaxing its freeze on portability transfers to automatically permit pension plan members who are eligible for early retirement to transfer their commuted values to locked-in savings vehicles, subject to certain conditions. At the end of March, the OSFI introduced a temporary freeze on portability transfers, meaning […]

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Are pension funds considering filing early valuations to lock in pre-coronavirus funded ratios?

mschmit — Mon, 13 Apr 2020 08:39:00 +0000

With coronavirus causing market volatility and an increase in the size of solvency liabilities, pension plans are feeling the impact. One potential way for plan sponsors to ease the pain is by performing an early actuarial valuation to capture year-end 2019 numbers. Most Canadian jurisdictions require plans to file valuations every three years, however a […]

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