Enhancing Protection and Stability for Pension Plan Beneficiaries

FSRA Releases Final Guidance on the Roles and Responsibilities of Pension Plan Administrators

TORONTO, June 5, 2024 /CNW/ - To promote the good administration of Ontario pension plans, and to protect and safeguard pension benefits and the rights of pension plan beneficiaries, Ontario's financial services regulator, FSRA, has reviewed and updated its guidance which sets out the roles and responsibilities of pension plan administrators.

Administrators are responsible for prudently managing risks in their pension plans, making decisions in the best interest of pension plan beneficiaries, and administering the plan in accordance with the filed plan documents and all applicable laws.

This updated guidance is expanded to include three additional areas administrators must pay attention to:

• managing and retaining records;
• responding to complaints and inquiries; and
• communicating information to plan members accurately and in a timely manner.

FSRA would like to thank its stakeholders who provided feedback during the consultation period. The summary of feedback is now available for review and you'll soon receive an invitation to our upcoming webinar.

• Final Pension Plan Administrator Roles and Responsibilities Guidance
• FSRA's Summary of Stakeholder Comments and FSRA Responses from Public Consultation

FSRA continues to work on behalf of all stakeholders, including consumers and pension plan beneficiaries, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario