The Financial Services Regulatory Authority of Ontario published its Q2 2025 pensions update, releasing its Q2 2025 Solvency Report for defined benefit pension plans and its 2024 report on the funding of defined benefit pension plans in Ontario, and opening a consultation on proposed supervisory guidance for target benefit multi-employer pension plans. The Solvency Report shows the median solvency ratio at 122% as at June 30, 2025, up from 119% as at March 31, 2025. The 2024 funding report finds that, compared with the 2023 report, plans’ funded positions (based on their last filed valuation dates) improved on both a going-concern and solvency basis, and includes investment and actuarial information and trend analysis. The proposed Target Benefit Supervisory Approach Guidance sets out how FSRA will oversee Ontario’s target benefit framework for MEPPs, including conversion applications from defined benefits to target benefits, assessment of whether a plan’s Provision for Adverse Deviation is aligned with its funding and benefits policy, and ongoing supervision through reviews, risk assessments and engagement with plan administrators. The update also flags that for Specified Ontario Multi-Employer Pension Plans, filing a section 3 or section 14 report with a valuation date after January 1, 2025 will result in the plan ceasing to be a SOMEPP under Ontario Regulation 909. The consultation on the proposed target benefit guidance closes on October 14, 2025. FSRA also announced six new Pensions Stakeholder Advisory Committee members for two-year terms beginning July 2025, noted preparations for Pension Awareness Day 2026 including a stakeholder meeting planned for the fall, and reminded plans that Pension Benefits Guarantee Fund assessment certificates and payments are due nine months after the plan fiscal year, with late payments subject to a 20% penalty and interest.

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