The Superintendent of Pensions has further extended the deadline for having a governance policy to December 31, 2017 in order to have the governance and associated polices better align with the triennial plan assessment review.
In addition, the Superintendent of Pension’s Office will be making substantive changes to Interpretive Guideline 12. The revised Guideline will be released by March 31, 2017 and will contain more information on how the governance policy will need to be constructed and processes that can be used to make the triennial plan assessment review more effective and efficient for plan administrators.
(Updated December 21, 2016)
The Superintendent of Pensions has extended the deadline for pension plan administrators to have a governance policy from December 31, 2015 to December 31, 2016. The extension will provide plan administrators with more time to develop a governance policy and have it better aligned with the plan assessment process.
Pension plans administrators are required to complete a plan assessment within one year after the end of the second fiscal year of the plan following the effective date of the new legislation which was September 1, 2014. In recognition that Alberta and British Columbia have a highly harmonized pension regulatory environment and to align with British Columbia’s completion dates, the Superintendent of Pensions has extended the timeline for the completion of the first plan assessment by one year.
For example, for plans with a December 31 fiscal year end, the first assessment must be completed by December 31, 2017. Subsequent assessments are to be done every three years. In the example, the next triennial assessment must be completed by December 31, 2020.
Neither the governance policy nor the plan assessment is to be filed with the Superintendent.
The following Interpretive Guidelines have been updated to reflect the above changes:
- IG-1 - The Plan Administrator
- IG-12 - Governance, Investment and Funding Policies
(Posted August 1, 2016)