FSRA Seeks Public Feedback on its Proposed Guidance that Clarifies Requirements for Pension Plan Amendments to Protect Plan Members

TORONTO, Aug. 15, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is committed to promoting the good administration of pension plans and protecting the rights and benefits of all plan beneficiaries. 

To help ensure pension plan administrators are following the provisions of the Pension Benefits Act, FSRA is releasing its proposed Plan Amendments Guidance for consultation. 

This Guidance informs plan administrators of the requirements of the Pension Benefits Act applicable to:

• The effective date of amendments
• Restrictions on replacing a variable indexation formula with a fixed indexation rate for benefits already earned
• Notice requirements and notice waivers for adverse amendments

FSRA invites stakeholders and the public to submit feedback until September 15, 2022.

• Consultation on Proposed Guidance on Pension Plan Amendments

FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca

For further information:
Alex Kvaskov, Communications Officer
Public Affairs
Financial Services Regulatory Authority (FSRA)
E: [email protected]
www.fsrao.ca    

SOURCE Financial Services Regulatory Authority of Ontario