OSFI Issues Proposed Instruction Guide on Asset Transfers Related to DC Provisions of Pension Plans; Comments Due November 29

The Office of the Superintendent of Financial Institutions (OSFI) issued draft instruction guides for plan administrators to submit applications requiring the Superintendent’s approval through the Regulatory Reporting System (RRS). The instruction guides contain proposed revisions to the Guidance Note for Asset Transfers related to Defined Contribution Provisions of Pension Plans and a draft standardized Asset Transfer Request form Approval Request Form for Asset Transfers related to Defined Contribution Provisions of Pension Plans that should be submitted when permission to transfer assets is required.

The Guidance Note, last issued in March 2018, has been converted to an instruction guide to better reflect its purpose. Revisions reflect the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans and include other updates to clarify OSFI’s expectations and filing requirements. If there is a discrepancy between the Instruction Guide and the Pension Benefits Standards Act, 1985 (PBSA) or the Pension Benefits Standards Regulations, 1985 (PBSR), the legislation prevails.

Comments are due November 29, 2022, and can be emailed to [email protected].