In an effort to better harmonize the oversight of defined-contribution (DC) pension plans, the Financial Services Regulatory Authority of Ontario (FSRA) and the Office of the Superintendent of Financial Institutions (OSFI) are putting together a joint industry committee.
FSRA and OSFI announced the launch of a dedicated committee to review their respective approaches to overseeing DC plans, and to identify opportunities for greater harmonization.
“Through this collaboration, FSRA and OSFI will work toward improving outcomes for plan members,” the regulators said in a notice. “The committee will also focus on enhancing regulatory efficiency and effectiveness for DC plans.”
The regulators are planning to include 12 to 16 industry members on the committee, along with representatives from FSRA, OSFI, the federal and provincial finance departments, and the Canada Revenue Agency.
Committee members will be selected based on their experience — they require “deep expertise” on dealing with DC plans — along with the pension sector they represent, among other factors.
The deadline for applications is Nov. 4. The committee begins work on Dec. 11.