The Financial Services Regulatory Authority of Ontario (FSRA) has released proposed guidance to clearly identify the documents, timeframes and information required under exemptions from the Pension Benefits Act to avoid a plan's deregistration under the Income Tax Act.
The guidance includes providing written notice to FSRA, pension plan member communication as well as other considerations, such as certification, exemptions and requests for more information.
Given the unique structure and special treatment that had once been provided to specified multi-employer pension plans under the Income Tax Act, FSRA will accept a special approach for multi-employer pension plans addressing overcontributions that would otherwise make the plan revocable under the Income Tax Act.
FSRA invites stakeholders and the public to submit feedback until September 15, 2022.
