OSFI Releases Revised Instruction Guide for the Preparation of Actuarial Reports
Published November 30, 2022
The Office of the Superintendent of Financial Institutions (OSFI) has issued a revised Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans.
The guide updates the previous one published in November 2021 to reflect:
- Changes to Part 3000 of the Canadian Institute of Actuaries Standards of Practice.
- Updated requirements regarding the maximum going concern discount rate.
- Greater clarity on disclosure requirements for plans using a replicating portfolio approach and on other expectations.
The November 2022 guide applies to actuarial reports with a valuation date on and after December 31, 2022. Early adoption is permitted.
(Updated November 30, 2022)
The November 2021 instruction guide revisions are largely with respect to provisions for plans using a replicating portfolio approach. Minor changes, which do not affect funding requirements, were also made elsewhere in the guide for clarity and consistency. The guide sets out the reporting requirements of actuarial reports filed with OSFI for defined benefit pension plans, including those with defined contribution provisions.
The letter to stakeholders includes a summary of the comments received on a draft guide during the July 2021 consultation process and OSFI response.