BC FSA Issues Best Practices Guidance For Multi-Employer Pension Plans

BC FSA advised in its Advisory 23-025 that the MEPP Best Practices Guideline is aimed at informing administrators and stakeholders of best governance practices of MEPPs registered in B.C. It also sets out BC FSA's expectations for administrators to adopt risk management policies and procedures designed to manage the various risks faced by pension plans, and to protect the rights and benefits of their members.

The Guideline sets out the BC FSA's expectations for administrators of MEPPs in respect of:

• Reviewing the plan's governance policy to ensure compliance;
• Ensuring compliance with an administrator's fiduciary duty;
• Conducting performance evaluations of governance participants (including service providers);