Category: Regulators
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Quebec Draft Regulation re Temporary Measures in Response to COVID-19
Quebec published a draft regulation, Measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on 13 March 2020 due to the COVID-19 pandemic, which provides a number of temporary relief measures for Quebec pension plans . . .
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Ontario FSRA Update re Assessments
The Financial Services Regulatory Authority of Ontario (FSRA) announced that this year's assessments (including for the pension sector) will be issued on July 23, 2020. In response to COVID-19, FSRA had announced the deferral of such fees on March 27th . . .
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Ontario FSRA Variable Benefit Forms
The Financial Services Regulatory Authority published a series of variable benefit (VB) forms to be used by plan administrators who offer variable benefits.FSRA also notes that new family law forms are being developed for pension division cases involving a VB account . . .
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Ontario FSRA Consultation re Guidance on Missing Plan Members
The Financial Services Regulatory Authority published two guidance documents for comment: Principles and Practices Regarding Missing Members, and Waiver of Biennial Statements for Missing Former and Retired Members . . .
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Alberta Update re Additional COVID-19 Relief
Alberta published EPPA Update 20-03, which sets out further relief for pension plan administrators. Two regulatory requirements have been temporarily modified: (i) the need for a witness signature on spousal waiver forms; and (ii) the notice to members of a reduction in member contribution rates . . .
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CAPSA Announcement re Multi-Jurisdictional Agreement
Further to several jurisdictions publishing regulations/orders approving the 2020 agreement regarding multi-jurisdictional pension plans (the 2020 Agreement), CAPSA has released its communications regarding the adoption of the 2020 Agreement . . .
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Ontario FSRA Announces New Measures to Support DB Plans
The Financial Services Regulatory Authority of Ontario announced new guidance on transferring commuted values and purchasing annuities when a plan’s transfer ratio has declined by 10% and is now below 0.9 . . .
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Retraite Quebec Qs & As re Temporary Easing Measures
Further to its earlier announcement, Retraite Québec published questions and answers regarding the temporary easing measures to assist pension plan administrators in response to COVID-19 . . .
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Federal Guidance re CERB Excludes SUB Plans
The federal government updated its Questions and Answers regarding the Canada Emergency Response Benefit (CERB) to specify that employers cannot use a supplemental unemployment benefit (SUB) plan to top up CERB payments to its employees . . .
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OSFI Amends Superintendent Directives & Updates FAQs
OSFI amended the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives) to facilitate portability transfers for members who are eligible for early retirement, provided that certain transfer criteria are met. In addition, OSFI updated its COVID-19 FAQs to provide additional information on the change to the Directives . . .
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