OSFI Issues Draft Instruction Guide on Buy-in Annuity Products; Comments Due October 14
Published August 31, 2022
The Office of the Superintendent of Financial Institutions (OSFI) issued a draft Instruction Guide on Buy-in Annuity Products (the Instruction Guide) to replace the Guidance on Buy-in Annuity Products (the Guidance). The Instruction Guide provides information to assist administrators of pension plans with defined benefit provisions registered or having filed an application for registration under the Pension Benefits Standards Act, 1985 (PBSA) with respect to the considerations and reporting requirements of buy-in annuities.
The Instruction Guide updates the current Guidance published in September 2012, to reflect:
- Updated requirements for the valuation of assets and liabilities;
- Additional considerations for the administration of pension plans and pension funds;
- Greater clarity on other expectations, including streamlining of information;
- Additional references to legislation and guidance material; and
- Changes to accepted actuarial practice and other issues that have emerged since then.
Comments are due October 14, 2022.