For Ontario regulated pension plans – Final Missing Members Guidance
The Financial Services Regulatory Authority (FSRA) has recently issued two new Guidance documents relating to missing members:
- Missing Members - Principles and Practices assists pension plan administrators in searching for missing members.
Plan administrators must take appropriate steps to help members stay connected with their pension plan, especially after terminating employment or membership. The Guidance aims to help administrators fulfil these fiduciary duties.
- Waiver of Biennial Statements for Missing Former and Retired Members outlines the FSRA’s process to apply for a waiver for the requirement to issue a biennial statement under the Pension Benefits Act.
For New Brunswick regulated pension plans – New governance policy requirement
Administrators of pension plans registered in New Brunswick are now required to establish, adopt and follow a written governance policy, and administer the plan in accordingly. More details are available in this Pension Advisory.
The governance policy doesn’t need to be filed with the Superintendent, but a copy may be requested upon demand. The Superintendent won’t start requesting copies before the end of this year.
Questions? Contact your Manulife representative.