The Ontario government has recently amended the Pension Benefits Act (PBA), with a key change that employers of certain individual pension plans (IPPs) or designated plans (DPs) can elect to exempt their plans from the application of the PBA, its regulations and the rules of the Financial Services Regulatory Authority of Ontario (FSRA). 

Employers who wish to exempt their IPPs or DPs from the PBA must complete and submit a special form. 

New amendment gives FSRA discretion on communications 

In addition to the exemption for IPPs and DPs, the Better for People, Smarter for Business Act also introduces amendments that allow FSRA to use its discretion to waive or vary certain requirements to permit more effective, tailored member communications when there is a transfer of assets between pension plans. 

FSRA recently concluded its public consultation on revised guidance outlining its supervisory approach to asset transfers. This guidance is intended to provide a more efficient review process for asset transfer applications and ensure that members are well informed and understand the impact of the transfer on past and future benefits. The final guidance incorporating this change will be released in January.