OSFI Updates FAQS on Private Pension Plans

​The Office of the Superintendent of Financial Institutions (OSFI) updated its frequently asked questions (FAQs) that relate to private pension plans under federal jurisdiction. The revisions clarify the information and include changes that reflect recent amendments to the Pension Benefits Standards Regulations, 1985. The revisions also include a more user-friendly presentation of the unlocking options available from a pension plan or from a locked-in retirement savings plan.

The updated FAQs relate to the following topics:

  • International Financial Reporting Standards
  • Letters of Credit
  • Solvency Funding Relief Regulations, 2009
  • Void Amendments
  • Life Income Funds, Restricted Life Income Funds, and Variable Benefits
  • Locked-in pension funds - loans and debts, accumulated interest
  • Phased Retirement – Defined Benefit Pension Plans
  • Surplus
  • Underfunded Defined Benefit Pension Plans
  • Unlocking funds from a pension plan or from a locked-in retirement savings plan
  • Locked-in accounts contracts and addendums
  • Unlocking from restricted life income funds
  • Financial hardship unlocking
  • Unlocking forms