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ARTICLE · 08 MAY 2020

OSFI Updates FAQs For Federally Regulated Private Pension Plans

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The Office of the Superintendent of Financial Institutions (OSFI or Superintendent) has updated its FAQs for Federally Regulated Private Pension Plans.

CanadaEmployment and HR
Blakes Pensions, Benefits & Executive Compensation Group
Blakes Pensions, Benefits & Executive Compensation Group
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The Office of the Superintendent of Financial Institutions (OSFI or Superintendent) has updated its FAQs for Federally Regulated Private Pension Plans, which adds to its previous guidance discussed in our April 2020 Blakes Bulletins – FAQs: Canadian Pension Plans and COVID-19 and Update: Considerations for Pensions and Benefits During COVID-19.

OSFI has provided new or updated guidance on several issues, as follows:

  1. The Department of Finance previously announced temporary relief for sponsors of federally regulated defined benefit pension plans in the form of a moratorium on solvency payment requirements through the remainder of 2020. OSFI has indicated that special regulations are required to implement this relief. Until these special regulations are in force, the normal solvency funding requirements under the Pension Benefits Standards Regulations, 1985 continue to apply.

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