The Financial Services Regulatory Authority of Ontario issued its latest pension sector update, led by the Q4 2024 Solvency Report for defined benefit pension plans and a call for applications to its Stakeholder Advisory Committee for Pensions. The report shows the median solvency ratio was 122%, up one percentage point from the previous quarter and remaining above 120% throughout 2024. FSRA noted 2024 funding levels as the highest since it began monitoring in 2009. The advisory committee intake is for a two- to three-year term starting in Summer 2025, with the committee advising FSRA’s Board on priorities, budget, principles-based regulation and other pension matters as requested. The update also reminds plan administrators that most applications, including amendments and filing extensions, must now be submitted through the Pension Services Portal, and that annual filings for the 2024 fiscal year are due 30 June 2025 and 30 September 2025 via the portal. For the Pension Benefits Guarantee Fund, plans may remit assessment payments electronically but must ensure the payment posting date is on or before the due date to avoid late charges, with late payments subject to a legislated 20% penalty and interest and unpaid balances potentially pursued through third-party collections; PBGF assessment certificates and other PBGF filings must be submitted via the portal. On contribution holidays, administrators must provide trustees with expected contributions at the start of each fiscal year using Form 7 and file a prescribed cost certificate within the first 90 days of the fiscal year demonstrating sufficient available actuarial surplus under section 7.1 of Regulation 909, with “excess surplus” under the Income Tax Act (Canada) not removing these filing requirements. Applications for the pensions advisory committee close 15 May 2025. FSRA also flagged forthcoming publications including the Q1 2025 Solvency Report and the Pension Benefits Guarantee Fund annual report.
Financial Services Regulatory Authority of Ontario 2025-04-17
Financial Services Regulatory Authority of Ontario reports defined benefit pension median solvency at 122% and recruits new Pensions Stakeholder Advisory Committee members
The Financial Services Regulatory Authority of Ontario's latest pension update shows a median solvency ratio of 122% for defined benefit plans in Q4 2024, the highest since 2009. It calls for Stakeholder Advisory Committee applications and reminds plan administrators of submission requirements via the Pension Services Portal. Upcoming publications include the Q1 2025 Solvency Report and the Pension Benefits Guarantee Fund annual report.