The Financial Services Regulatory Authority of Ontario (FSRA) has introduced a new webpage outlining the updated examination process for single and multi-employer pension plans. The updated program, builds on FSRA’s risk-based, outcomes-focused supervisory approach to safeguarding pension benefits and promoting effective plan administration.

The examination process includes the following steps:

1. Pension plans will be selected for examination on a quarterly basis. Administrators will be notified of their selection via phone call, during which the reason for selection will be provided.
2. The plan administrator will receive a Preliminary Examination Tool, which must be completed and submitted along with the required documents within 2-3 weeks.
3. FSRA will review the completed Preliminary Examination Tool and supporting documents. They may engage with the administrator for clarifications, request additional documents, and communicate any findings.
4. After completing the examination, FSRA will send a draft report to the administrator and schedule a call to discuss it.
5. Following the discussion, a final letter will be issued, requesting a 60-day response with an action plan to address any identified risks or non-compliance.

The new examination format is expected to be completed within four to eight weeks.

For further details, click here.