FSRA Releases Pension Sector Emergency Management Response

The Financial Services Regulatory Authority of Ontario (FSRA) has released new guidance for pension sector stakeholders and plan members during the COVID-19 pandemic, which adds to previous guidance from FSRA as discussed in our March 2020 Blakes Bulletin: Considerations for Pensions and Benefits During COVID-19 and April 2020 FAQs: Canadian Pension Plans and COVID-19.

FSRA has provided new guidance on a number of its responses to questions received from pension stakeholders, and in particular, has indicated that:

1. It is FSRA's understanding that the Ontario government's March 20, 2020, order under the Emergency Management and Civil Protection Act (Ontario) suspending statutory time periods within which steps must be taken in a proceeding or intended proceeding impacts matters before the courts or the Financial Services Tribunal and matters that are subject to a "notice of intended decision" (NOID). NOIDs under the under the Pension Benefits Act (Ontario) (PBA)