The Financial Services Regulatory Authority of Ontario has published proposed Supervisory Approach Guidance on how it will oversee and apply Ontario’s target benefit framework for multi-employer pension plans, which took effect on January 1, 2025. The proposed approach covers FSRA’s review and approval of applications to convert defined benefits to target benefits, its assessment of whether a plan’s Provision for Adverse Deviation aligns with the plan’s funding and benefits policy, and its ongoing supervision of target benefit plans through regular reviews, risk assessments, and engagement with plan administrators. Stakeholder feedback is invited until October 14, 2025.
Financial Services Regulatory Authority of Ontario 2025-08-14
Financial Services Regulatory Authority of Ontario consults on proposed supervisory guidance for target benefit multi-employer pension plans
The Financial Services Regulatory Authority of Ontario has released proposed Supervisory Approach Guidance for overseeing Ontario’s target benefit framework for multi-employer pension plans. The guidance details FSRA’s review and approval process for converting defined benefits to target benefits, assessment of plan provisions, and ongoing supervision through regular reviews and risk assessments.