Revised Guidelines for Capital Accumulation Plans

On May 13, 2022, the Canadian Association of Pension Supervisory Authorities (“CAPSA”) released a consultation for a revised guideline (No. 3) for Capital Accumulation Plans (“CAP”).  The revised guideline seeks to implement six recommendations shared by the Office of the Superintendent of Financial Institutions (“OSFI”) and the Financial Services Regulatory Authority of Ontario (“FSRA”) late last year.  The recommended changes include:

  1. Outcome focused decision-making concepts, i.e. focus on retirement income rather than just savings,
  2. Enhancing member engagement
  3. Guidance for investment lineup design,
  4. Strengthening adherence to governance practices by plan sponsors
  5. Guidelines to help plan sponsors make informed decisions related to fees
  6. Encouraging guidance to support plan members during the decumulation phase.


Comments to the revisions are requested by Aug 15, 2022.