Legislative updates for Ontario and New Brunswick regulated pension plans

For Ontario regulated pension plans – Final Missing Members Guidance

The Financial Services Regulatory Authority (FSRA) has recently issued two new Guidance documents relating to missing members:

Plan administrators must take appropriate steps to help members stay connected with their pension plan, especially after terminating employment or membership. The Guidance aims to help administrators fulfil these fiduciary duties.

For New Brunswick regulated pension plans – New governance policy requirement

Administrators of pension plans registered in New Brunswick are now required to establish, adopt and follow a written governance policy, and administer the plan in accordingly. More details are available in this Pension Advisory.

The governance policy doesn’t need to be filed with the Superintendent, but a copy may be requested upon demand. The Superintendent won’t start requesting copies before the end of this year.

Questions? Contact your Manulife representative.