New Pension Plan Information & Records Guidelines Come Into Effect September 30th

As noted previously on this blog, pension regulators have been working towards increasing guidance for pension plan administrators in relation to protecting pension plan information and records. The BC Financial Services Authority (FSA) issued drafts of its Information Security Guideline and its Outsourcing Guideline, invited consultation, and in October 2021, issued final versions of those guidelines, which can be found here and here. It has advised that the guidelines are considered to be in effect on September 30, 2022.

The guidelines provide direction for pension plan administrators on the standards that the FSA will expect in relation to the protection of pension plan information and the outsourcing of activities or functions. Each plan's approach to the guidelines will depend on a number of factors including the structure of its record management, the degree to which activities or functions are outsourced to external service providers and the steps