OSFI Issues Instruction Guide for Refund of Surplus from Defined Benefit Plans

The Office of the Superintendent of Financial Institutions (OSFI) has issued an instruction guide to explain the requirements of the Pension Benefits Standards Act, 1985 (PBSA), the Pension Benefits Standards Regulations, 1985 (PBSR) and OSFI’s policies and procedures for a refund of surplus to the employer from a defined benefit plan. The August 2018 version replaces the September 2011 version. In addition, there are no major legislative or policy related changes and the revisions mainly clarify OSFI’s expectations for the process involved in making an application for the consent of the Superintendent for a refund of surplus.