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ARTICLE · 15 DECEMBER 2014

New Ontario Requirements For SIPPs And Retiree Pension Statements

Osler, Hoskin & Harcourt LLP
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To date, FSCO has not provided any guidance on what sort of factors would be considered to be "environmental, social, and governance," nor are those terms defined in the PBA or the Regulations.

CanadaEmployment and HR
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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On November 27, 2014, new amendments to the Regulations under the Ontario Pension Benefits Act (PBA) came into force, revising the rules related to Statements of Investment Policies and Procedures (SIPPs), and adding a new requirement to send pension statements to deferred vested and retired pension plan members. Set out below is a summary of the changes, and some recommendations for pension plan administrators to take in order to prepare for the changes.

SIPPs

Effective January 1, 2016, plan administrators must file the pension plan's SIPP with the Financial Services Commission of Ontario (FSCO). Prior to these regulatory changes, while every pension plan registered in Ontario was required to have a SIPP, the SIPP did not have to be filed with the regulator. In addition, all SIPPs must now include information about whether environmental, social and governance (ESG) factors are incorporated into the SIPP and, if so, how the ESG factors are addressed in the

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