Regulatory changes for defined contribution plans in Ontario

effective February 11, 2022

Regulatory changes for DC plans in Ontario

The Government of Ontario recently changed some regulatory requirements for Defined Contribution (DC) pension plans, designed to ease the administrative burden for these plans.

If you are the administrator of a DC pension plan in Ontario, as of February 11, 2022:

  • You no longer need an auditor’s report for your DC pension plan’s annual financial statements. You may file unaudited statements going forward. In some cases, the Financial Services Regulatory Authority of Ontario (FSRA) might still ask for audited statements.
  • For your member-directed DC pension plan, you no longer need to prepare a Statement of Investment Policies and Procedures (SIPP).

See the FSRA announcement for more details on these changes.