August 2020
Overview
The Schedule of Expected Pension Contributions confirms a pension plan’s funding requirements. It also reports an estimate of the member and employer contributions.
As the sponsor of a federally Registered Pension Plan, you must forecast the contributions you and your employees plan to make each year. You also need to tell us about any key changes immediately.
Your federal Pension regulator requires it. (The Office of the Superintendent of Financial Institutions [OSFI]).
Here’s what you need to do
You must send Manulife a completed Schedule of Expected Pension Contributions Form:
- within 90 days of establishing the plan’s first fiscal year
- within 60 days of the start of each fiscal year
- within 60 days of becoming aware of any change in the contribution summary
- within 60 days of any period when the plan required contributions after a wind-up date.
Changes you need to report
You must revise the Schedule if there’s a permanent change to the Schedule of Expected Pension Contributions. This includes any change to the pension plan’s information. Or a change that will affect those who’ll receive the pension.
You may need to revise the Schedule when:
The plan changes or circumstances change that materially affect the required contribution levels (the levels are described in the instructions attached to the form)
the required contributions deviate from the estimated amounts on the Schedule you gave to Manulife. For example, if there’s a change in the salary base or hours worked. (If the difference is more than 10%, we may need to ask you questions unless you explain the reason for the change.)
Need more information?
Need more information about the Schedule of Expected Pension Contributions Form?