OSFI Revises Guidance on Asset Transfers Related to Pension Plans

​The Office of the Superintendent of Financial Institutions (OSFI) has issued a revised guidance note for Asset Transfers related to Defined Contribution Provisions of Pension Plans and accompanying Standardized Asset Transfer Request Form, replacing the June 2011 versions. The revisions include clearer information for multi-jurisdictional plans and clarifications regarding the scenarios under which the Superintendent’s permission to transfer assets is or is not required. The revisions to the form include enhanced reporting regarding the transferring individuals.


OSFI has issued a revised instruction guide for Asset Transfers related to Defined Benefit Provisions of Pension Plans and accompanying Approval Request Form, replacing the November 2010 versions. The revisions include clearer information for multi-jurisdictional plans, clarifications regarding the remittance of normal cost and special payments after the effective date of the transfer, and additional information on what is meant by a material negative impact on the receiving plan. The revisions to the form include enhanced reporting regarding the transferring individuals.