Pensions

Pensions Division

4th Floor, 2365 Albert Street

Regina, SK, S4P 4K1

Tel: (306)787-7650

Fax: (306)787-5899

Pensions

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Pensions – Canadian Association of Pension Supervisory Authorities Publications

September 10, 2024 – The Canadian Association of Pension Supervisory Authorities has released two new guidelines:

Guideline for Capital Accumulation Plans
Guideline for Risk Management for Plan Administrators

These guidelines can be found at https://www.capsa-acor.org/GuidelinesforIndustry.

Commentary Guide for the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans as Amended by the 2023 Agreement Amending the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2020 Agreement)

October 24, 2023 - The Canadian Association of Pension Supervisory Authorities (CAPSA) has published the Commentary Guide for the 2020 Agreement, which can be found at the following website: Agreements Respecting Multi-jurisdictional Pension Plans (capsa-acor.org).

Any questions can be directed to the CAPSA Secretariat at capsa-acor@fsrao.ca.

CAPSA’s Stakeholder Information Session – Pension Plan Risk Management Guideline

August 17, 2023 - The Canadian Association of Pension Supervisory Authorities (CAPSA) is hosting a virtual information session for pension plan stakeholders.

CAPSA recently released for consultation a draft of the CAPSA Pension Plan Risk Management Guideline. The Guideline’s purpose is to support plan administrators in fulfilling their fiduciary obligations, including appropriate consideration of their applicable standard of care related to managing risks.

Please join CAPSA members and representatives for an opportunity to learn more information and to ask questions about the draft Guideline.

You will find additional information and can RSVP here.

Any questions can be directed to the CAPSA Secretariat at capsa-acor@fsrao.ca.

CAPSA Consultations

June 29, 2023 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has released the following items for stakeholder comments:

Guideline No. 3: Capital Accumulation Plans – comments are due by July 21, 2023
CAPSA Guideline: Pension Plan Risk Management – comments are due by September 30, 2023

The link to the consultations can be found at Stakeholder Consultation (capsa-acor.org)

Stakeholders are invited to provide comments to the CAPSA Secretariat at capsa-acor@fsrao.ca.

Any questions can be directed to the CAPSA Secretariat

The Pension Benefits Amendment Act, 2022

June 1, 2023 - Bill 108 received Royal Assent on May 17, 2023, and will come into force on proclamation. With respect to many provisions in the Bill, before the amendments to The Pension Benefits Act, 1992 can be proclaimed, associated Regulations need to be developed. We are currently working on the changes to the Regulations, and plan to consult on the changes in summer or early fall.

Consultation: Regulation of Individual Pension Plans and Designated Pension Plans for Connected Individuals

May 29, 2023 - The Financial and Consumer Affairs Authority has released a consultation paper with regards to exempting certain types of individual pension plans and designated pension plans from registration and regulation under The Pension Benefits Act, 1992.

Please provide your comments by July 15, 2023 by email to pensions@gov.sk.ca.

Alternatively, comments may be mailed to:
Pensions Division - IPP/DPP Consultation
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert St.
Regina SK S4P 4K1

Pensions – 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2020 Agreement)

May 16, 2023 - Manitoba and Newfoundland and Labrador have joined the original governments that are party to the 2020 Agreement, through an amendment to the 2020 Agreement.

The 2020 Agreement with the 2023 Amending Agreement is effective July 1, 2023 and will replace all prior agreements between individual governments. Information about the 2020 Agreement and its application to multi-jurisdictional pension plans in Canada can be found on the Canadian Association of Pension Supervisory Association website, found at this link: https://www.capsa-acor.org/

Province Introduces New Pension Legislation

The Pension Benefits Amendment Act, 2022 (the Act) was introduced on November 22, 2022.

Highlights:

The Act allows the development of regulations that will give new abilities to employers offering defined contribution plans.
- These include the ability to set up and offer variable payment life annuity (VPLA) funds.
- VPLAs are voluntary retirement income vehicles for people with defined contribution plans. VPLAs allow retirees to collectively pool investment and longevity risks, which reduces the threat of individuals outliving their retirement savings.
The Act gives employers the ability to establish solvency reserve accounts and to use letters of credit in lieu of solvency deficiency contributions.
The Act removes liability for plan administrators who enter into an annuity buyout contract with an insurance company, provided certain conditions are met.
The Act updates and clarifies the powers of the Superintendent of Pensions and enhances the Superintendent’s ability to enforce compliance with The Pension Benefits Act, 1992.

The Act will come into force by order of the Lieutenant Governor in Council.

Consultation: Enforcement Tools and Other Potential Amendments under The Pension Benefits Act, 1992

September 22, 2022 - The Financial and Consumer Affairs Authority has released a consultation paper with regards to potential amendments to The Pension Benefits Act, 1992 to promote efficient and effective regulation and harmonization with other Canadian jurisdictions.

Key topics in the consultation paper are:

Imposition of terms and conditions on approvals, consents and permissions;
Severance of parts of plan amendments for registration purposes;
Cancellation of the registration of a plan amendment or parts of plan amendments;
Reversal of transactions in certain circumstances;
Additional enforcement tools; and
Costs orders.

Written comments must be submitted by October 21, 2022 to pensions@gov.sk.ca.

CAPSA Consultations

June 9, 2022 - The Canadian Association of Pension Supervisory Authorities (CAPSA) has released the following items for stakeholder comments:

Guideline: Cyber Risk for Pension Plans
Guideline: Environmental, Social and Governance Considerations in Pension Plan Management
Guideline: Leverage and the Effective Management of Associated Risks
Consultation on proposed approach to Risk Management Guideline

The link to the consultations can be found at https://www.capsa-acor.org/StakeholderConsultation

Stakeholders are invited to provide comments to the CAPSA Secretariat at capsa-acor@fsrao.ca.

Comments are due by September 15, 2022.

Any questions can be directed to the CAPSA Secretariat.

CAPSA Consultation: Draft of Revisions to CAPSA Guideline No. 3 Capital Accumulation Plans

May 17, 2022 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has released a consultation draft of revisions to CAPSA Guideline No. 3 Capital Accumulation Plans. The link to the consultation can be found at https://www.capsa-acor.org/StakeholderConsultation

Stakeholders are invited to provide comments to the CAPSA Secretariat at capsa-acor@fsrao.ca.

Comments are due by August 15, 2022.

Any questions can be directed to the CAPSA Secretariat.

Pensions - The Pension Benefits Regulations, 1993 Amendments

November 24, 2021 – On November 18, 2021, the Government of Saskatchewan amended The Pension Benefits Regulations, 1993 to allow for financial hardship unlocking from a Locked-In Retirement Account (LIRA) if the contract owner experiences financial hardship under the following circumstances:

Have low expected income in the upcoming year
Have incurred or expect to incur medical expenses
Are in arrears on rent payments and could be evicted if the rent arrears remain unpaid
Are in arrears on mortgage payments and the residence could be foreclosed if the mortgage arrears remain unpaid
Require funds to secure a new principal rental residence

The amendments will come into effect on March 18, 2022.

The LIRA contract owner is required to submit the relevant Financial Hardship Unlocking Application Form, which will be available in March 2022, and Form 6: Spouse’s Consent to Withdrawal and Waiver of Entitlements Pursuant to a LIRA Contract for Financial Hardship where applicable to the financial institution who issued the LIRA.

Further information regarding financial hardship unlocking can be found in the Unlocking Pension Money Bulletin.

The Pension Benefits (Financial Hardship Unlocking) Amendment Regulations, 2021

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

Pensions - Canadian Association of Pension Supervisory Authorities Publications

October 27, 2021 - The Canadian Association of Pension Supervisory Authorities has published a Member Guide for DC Pension Plans to help current and prospective members make decisions about their pension plan and help improve financial literacy.

CAPSA DC Member Guide

For more information, please contact:

Pensions - Canadian Association of Pension Supervisory Authorities Publications

May 10, 2021 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has recently published the revised Guideline No. 7 – Pension Plan Funding Policy. This publication can be found at https://www.capsa-acor.org/CAPSAGuidelines.

For more information, please contact:

Pensions - The FCAA's 2021-2024 Strategic Plan

April 13, 2021 - The FCAA has released its 2021-2014 Strategic Plan.

Strategic Plan 2021 - 2024

Pensions – Freeze on transfer or payments out of Defined Benefit plans

March 24, 2021 – Updated the notice regarding Freeze on transfers or payments out of Defined Benefit plans.

For more information, please contact:

Consultation: A Review of the Pension Funding Framework for Single Employer Defined Benefit Plans in the Private Sector and Other Complementary Reform Measures Applicable to All Defined Benefit Plans

March 23, 2021 – The Financial and Consumer Affairs Authority has released a consultation paper regarding a review of the pension funding framework for single employer defined benefit plans in the private sector and other complementary reform measures applicable to all defined benefit plans.

Comments must be submitted by June 11 2021.

Comments can be submitted by email to pensions@gov.sk.ca.

Solvency Funding Consultation

Consultation: Financial Hardship Unlocking from a Locked In Retirement Account

March 11, 2021 – The Financial and Consumer Affairs Authority has released a consultation paper with regards to establishing a new unlocking rule for all new and existing locked-in retirement account (LIRA) contracts which hold locked-in pension monies pursuant to The Pension Benefits Act, 1992. Under the new rule, LIRA holders would be able to apply to the financial institution which issued the LIRA, for withdrawal of an amount which is within a prescribed limit, if they are experiencing financial hardship.

Comments must be submitted by April 16, 2021.

Comments can be submitted by email to pensions@gov.sk.ca.

Alternatively, comments may be mailed to:
Pensions Division – Financial Hardship unlocking
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1

Financial Hardship Unlocking Consultation

Pensions – Revised Policy Bulletin: Unlocking Pension Money

January 6, 2021 – The Unlocking Pension Money bulletin has been revised. The purpose of the revision is to report the new unlocking limits based on the year’s maximum pensionable earnings for 2021.

Revised Policy Bulletin: Unlocking Pension Money

Pensions – CAPSA Consultation: Draft of Revisions to CAPSA Guideline No. 7 Pension Plan Funding Policy

November 26, 2020 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has released a consultation draft of revisions to CAPSA Guideline No. 7 Pension Plan Funding Policy. The link to the consultation can be found at https://www.capsa-acor.org/Consultation.

Stakeholders are invited to provide comments to the CAPSA Secretariat at capsa-acor@fsrao.ca.

Comments are due by January 11, 2021.

Any questions can be directed to the CAPSA Secretariat.

Pensions – Amendments made to The Pension Benefits Regulations, 1993

November 25, 2020 – On November 24, 2020, the government amended The Pension Benefits Regulations, 1993 (the Regulations) to implement changes for the Saskatchewan Teachers’ Retirement Plan, the Target Retirement Income Plan for the Regina Police Service, the Saskatoon Fire Fighters’ Pension Plan and the Saskatoon Police Pension Plan. The amended Regulations exempt these plans from the holdback requirement on commuted value transfers and requires the plan administrator to provide additional communication to plan members on their statements indicating that benefits may be reduced to meet the prescribed tests for the solvency of the plan.

For more information, please contact:

Financial and Consumer Affairs Authority of Saskatchewan
Pensions Division
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

Pensions – 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2020 Agreement)

June 5, 2020 – The Government of Saskatchewan has signed the 2020 Agreement, along with the governments of Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Quebec and Canada. The 2020 Agreement comes into effect on July 1, 2020 and provides a clear legal framework for the administration and regulation of multi-jurisdictional pension plans.

The 2020 Agreement and additional information provided by the Canadian Association of Pension Supervisory Association can be found at this link: https://www.capsa-acor.org/

Pensions – Suspension of Contributions in a Defined Contribution Pension Plan

May 6, 2020 - Employers and plan members are required to make contributions in accordance with The Pension Benefits Act, 1992 (the Act) and the plan text that governs their pension plan.

To the extent that member contributions are optional, members may choose to reduce or eliminate those optional contributions in accordance with plan rules and any matching employer contributions would then be reduced accordingly.
The Superintendent would allow a plan amendment to suspend employer contributions under the following circumstances:

An amendment must be filed which provides that both employer and member contributions are suspended. Our office will not register an amendment that only suspends employer contributions.
The amendment must be on a go-forward basis only.
The amendment must set out the time period for the suspension. Our office expects that this is a temporary measure. The Act provides the Superintendent with the authority to terminate a plan where an employer fails to make contributions to a plan. However, given the current COVID-19 disruption, the Superintendent will not terminate a plan solely because the plan has been amended to temporarily suspend employer and member contributions for a period that lasts no longer than December 31, 2020, subject always to the Superintendent’s ability to act upon the facts of any particular case.

The ability to amend the plan would be subject to a number of considerations, such as, but not limited to, the plan specific amendment provision, any collective bargaining agreements, and any requirements of the Canada Revenue Agency.

Once the amendment is registered by our office, there must be disclosure to members within 90 days of the registration date pursuant to subsection 11(2) of The Pension Benefits Regulations, 1993.

If there are any questions or concerns please contact FCAA - Pensions Division at pensions@gov.sk.ca.

Pensions – Freeze on transfer or payments out of Defined Benefit plans

April 16, 2020 - The Pension Benefits Regulations, 1993 were amended such that administrators must obtain the prior written consent of the Superintendent of Pensions (the Superintendent) to transfer monies or make payments out of defined benefit plans, with very few exceptions, if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

Pensions – Extension of deadlines

April 2, 2020 – In response to the COVID-19 pandemic, the FCAA is announcing extensions for certain filing and disclosure deadlines for pension plans registered in Saskatchewan. Read the Deadline Extension memo for a complete list of extensions.

Pensions – Amendments made to The Pension Benefits Regulations, 1993

March 27, 2020 - On March 25, 2020 the government amended The Pension Benefits Regulations, 1993 (the Regulations) to update one of the methods for calculating interest on member contributions to a defined benefit plan.

Due to the discontinuation of CANSIM series V122515 by the Bank of Canada, clause 27(3)(b) of the Regulations has been amended to reference data contained in a replacement interest rate table, being the last weekly rate of each month as published in CANSIM series V80691336.

Plan administrators may administer their pension plan in accordance with the change and are also expected to update any references to the CANSIM series V122515 in their plan text the next time an amendment is filed.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

Pensions – Canadian Association of Pension Supervisory Authorities Publications

February 21, 2019 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has recently published the following guidelines:

Guideline No. 8 - Defined Contribution Pension Plans (Updated)
Guideline No. 9 - Searching for Un-locatable Members of a Pension Plan (New)

In addition, CAPSA has published the following information:

Recommendation Paper - Funding of Benefits of Plans Other than Defined Contribution Plans
Communique - Review of Leverage Use within Pension Plans

These publications can be found on this webpage: https://www.capsa-acor.org/CAPSAGuidelines.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

Pensions – Revised Policy Bulletin: Unlocking Pension Money

January 1, 2019 – The Unlocking Pension Money bulletin has been revised. The purpose of the revision is to report the new unlocking limits based on the 2019 year maximum pensionable earnings.

Policy Bulletin: Unlocking Pension Money

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority
4th Floor, 2365 Albert Street
REGINA SK S4P 4K1
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

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Pensions Division

4th Floor, 2365 Albert Street

Regina, SK, S4P 4K1

Tel: (306)787-7650

Fax: (306)787-5899

Email: pensions@gov.sk.ca