OSFI Issues Final Instruction Guide on Buy-in Annuity Products
Published March 28, 2023
The Office of the Superintendent of Financial Institutions (OSFI) has issued the final Instruction Guide
on Buy-In Annuity products. The guide provides information to assist
pension plan administrators with defined benefit provisions that are
registered, or have 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 Guidance published in September 2012, and includes:
- New requirements for the valuation of assets and liabilities.
- additional considerations for the administration of pension plans and pension funds.
- Clarifications on other expectations.
- Additional references to legislation and guidance material.
- Changes to accepted actuarial practice and other issues that have emerged since then.