Category: Ontario

  • FSCO Pension Assessments 2015-16

    In conjunction with issuing pension assessment invoices for all pension plans, FSCO has posted the following background information for plan administrators on its website:

    • an explanation of a pension assessment invoice;
    • the prior year adjustment and preliminary pension assessment for the entire pension sector;
    • how to submit payment; and
    • how to make inquiries.
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  • Stephens v. Stephens, 2016 ONSC 367 – Interpretation of PBA Pension Division

    In this marriage breakdown case, one of the assets at issue was the husband's pension plan (the Plan).  In 2013, the Plan administrator provided a valuation of the husband's pension of $445,681.68, based on a transfer ratio of 73.1%.  The parties subsequently entered into a settlement agreement based on the foregoing valuation.

    About two years later, the plan administrator advised the parties that it had mistakenly applied the discounted transfer ratio to the valuation of the husband's pension and in fact, the husband's  pension should have been fully valued at $609,687.67.  The wife brought a motion to  amend the pension provision in the settlement and to be paid an additional sum based on the  increased value of her former husband's pension.

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  • Carey v. Ontario (Superintendent Financial Services), 2016 ONFST 2 -Tribunal Rejects Request for Hearing in Long Running Surplus Sharing Case

    This case is the latest (seemingly final) decision in the long running surplus case involving Canada Life Assurance Company (Canada Life).  In this latest go round, a group of applicants (a mix of members represented by counsel and self-represented) argued that that the underlying commuted value of their pension benefits should be calculated on a different basis than that approved under the plan's partial wind up report.

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  • Ontario Draft Regulations re Asset Transfers

    The Ontario government has posted draft amendments to Reg. 310/13 Asset Transfers under Sections 80 and 81 of the Pension Benefits Act (PBA).

    The proposed amendments will allow the existing rules for asset transfers to apply to mergers involving two or more . . .

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  • FSCO Policy re Administrator Role and Responsibilities

    While not new, FSCO has posted a helpful policy regarding Administrator Roles and Responsibilities, which consolidates and replaces two older FSCO policies on the topic.  The policy provides an overview of the key responsibilities of a pension plan administrator, including:

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