The Financial Services Regulatory Authority of Ontario (FSRA) published a pensions sector update alongside several new reports and process updates. Key releases include the Q1 2025 Solvency Report for defined benefit pension plans, sector-wide overview reporting, and the annual Pension Benefits Guarantee Fund (PBGF) report, as well as an anonymized summary of decisions on retroactive adverse amendments and the outcomes of its family law consultation. The Q1 2025 Solvency Report (January 1, 2025 to March 31, 2025) shows a median solvency ratio of 119 per cent, down three percentage points from the previous quarter. FSRA also released its 2024 Ontario Pension Sector Annual Overview and Activity Report and an annual PBGF Report setting out key information as at March 31, 2025, noting that it has established oversight and processes for monitoring the Investment Management Corporation of Ontario in line with its governance standards and PBGF investment objectives and risk tolerance. On plan amendments, FSRA published an anonymized rationale summary covering 17 reviews of “retroactive adverse amendments” applications as at March 31, 2025, reflecting its June 2024 guidance that such amendments are generally not registerable, with discretion where negative retroactive impacts are non-material and offset by transparency, reasonableness and equity. FSRA also posted feedback and consultation outcomes from its Family Law Consultation Paper and decided not to pursue developing a Family Law Rule at this time. FSRA indicated that a Q2 2025 Solvency Report and a 2024 report on the funding of defined benefit pension plans in Ontario are forthcoming, and it is seeking new members for its four standing Pensions Technical Advisory Committees.
Financial Services Regulatory Authority of Ontario 2025-06-12
Financial Services Regulatory Authority of Ontario reports 119% median solvency ratio and publishes retroactive adverse amendments decisions and family law consultation outcomes
The Financial Services Regulatory Authority of Ontario released a pensions sector update, including the Q1 2025 Solvency Report with a median solvency ratio of 119%, and the annual Pension Benefits Guarantee Fund report. It published an anonymized summary of decisions on retroactive adverse amendments and outcomes from its family law consultation, deciding against developing a Family Law Rule. FSRA announced forthcoming reports and is seeking new members for its Pensions Technical Advisory Committees.