The Financial Services Regulatory Authority of Ontario has issued a pensions update centred on its Q1 2026 Solvency Report for Defined Benefit Pension Plans, which put the median solvency ratio at 122 percent as at March 31, 2026, down from 124 percent at December 31, 2025. The update also asks pension plan administrators to review key Pension Services Portal profile data ahead of the next Annual Information Return cycle and to correct recurring errors in jurisdictional membership reporting, including incorrect entries in the federal membership column and the failure to report members in the Territories as federal members. As part of a PSP data clean-up initiative, administrators are asked to verify sponsor, plan and contact details before the June 2026 AIR filing cycle for defined contribution plans and the September 2026 cycle for defined benefit plans. Administrators are also expected to review AIRs filed in 2024 onward and amend misclassified federal membership data where needed. FSRA separately updated its anonymized summary of retroactive adverse amendments, covering 33 cases reviewed from April 1 to December 31, 2025, and said its actuarial valuation report reviews most often found incorrect reporting of Incremental Cost in the Actuarial Information Summary, while sampled plans were generally well funded on going concern, solvency and windup bases. The update also notes that the Government of Ontario has increased the Pension Benefits Guarantee Fund monthly guarantee limit from CAD 1,500 to CAD 3,000 for PBGF-eligible plans, effective March 26, 2026 for wind-ups on and after that date. Proposed Regulation 909 reporting changes are targeted to come into force on July 1, 2026, and actuarial valuation reports with effective dates on and after that point are expected to reflect the higher limit if the regulations take effect as proposed. No changes are required to the existing PBGF Assessment Certificate Form or Actuarial Information Summary form, and CAPTCHA login controls will be added to the PSP in June 2026.
Financial Services Regulatory Authority of Ontario 2026-05-14
Financial Services Regulatory Authority of Ontario reports 122 percent median defined benefit solvency ratio and issues pension filing updates
The Financial Services Regulatory Authority of Ontario reported a median solvency ratio of 122 percent for defined benefit pension plans as at 31 March 2026, down from 124 percent at year-end 2025, and asked administrators to correct Pension Services Portal profile and jurisdictional membership data. It updated its anonymized summary of retroactive adverse amendments, highlighted recurring actuarial reporting errors on Incremental Cost, and noted that sampled plans remained generally well funded. The Government of Ontario doubled the Pension Benefits Guarantee Fund monthly guarantee limit to CAD 3,000 for eligible plans effective 26 March 2026, with related reporting changes expected from 1 July 2026 and no form changes required.