TORONTO, Sept. 11, 2020 /CNW/ - The Financial Services Regulatory Authority (FSRA) is seeking input on new Guidance that sets out how FSRA will exercise its discretion and may provide its consent for the purposes of an asset transfer transaction under the Pension Benefits Act (PBA).
The draft Guidance which aims to be principles-based and outcomes-focused, is in response to the sector's request that FSRA focuses on asset transfers as a key priority to improve regulatory efficiency and effectiveness.
This Guidance is intended to protect plan member and beneficiary entitlements. It is also intended to provide a more expeditious review process that will ensure that original and successor plans continue to be able to deliver on pension promises over the long-term; members are well informed and understand the impact of the asset transfer on their past and future benefits; and the management of plans is more efficient for plan sponsors and administrators.
FSRA would like to thank its Ad-Hoc Technical Advisory Committee for Asset Transfers for their input in developing the draft Guidance. The consultation period is open from September 11 until November 30, 2020. Learn more at: FSRA Consulting on New Proposed Approach to Pension Asset Transfers.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at: www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario
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