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OSFI Provides Guidance to Administrators of Federally Regulated Pension Plans Amidst the COVID-19 Pandemic

March 30, 2020

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Written By Jordan Fremont and Jaspreet Kaur

On March 27, 2020, the Office of the Superintendent of Financial Institutions (OSFI) announced a series of regulatory adjustments designed to help reduce some of the operational stress on federally regulated institutions, including federally regulated pension plans.

The key measures announced for federally regulated private pension plans include:

In these uncertain times, OSFI has advised that pension plan administrators should be proactive in informing their OSFI Relationship Manager of any financial or operational challenges they encounter. 

OSFI's March 27, 2020, update and guidance is in addition to announcements made by other pension regulators across Canada. For a summary of announcements and measures introduced by pension regulators in Ontario, British Columbia, New Brunswick, Québec and Saskatchewan to address issues arising due to the COVID-19 situation, please refer to our earlier blog, What Pension Plan Administrators Need to Know Amidst the COVID-19 Pandemic.

We will continue to monitor and update you on regulatory and other developments of interest to pension plan sponsors and administrators. If your business or organization has questions in respect COVID-19 implications to your pension plan or other employment-related matters, please contact a member of the Bennett Jones Employment Services group. In addition, please visit our COVID-19 Resource Centre for other COVID-19-related materials.

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