Pensions

Pensions

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CAPSA Consultations

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

  1. Guideline: Cyber Risk for Pension Plans
  2. Guideline: Environmental, Social and Governance Considerations in Pension Plan Management
  3. Guideline: Leverage and the Effective Management of Associated Risks
  4. 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. 

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
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.

 

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 


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 Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 


Pensions - The FCAA's 2021-2024 Strategic Plan

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

 


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:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 


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.  

 

 


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
601 - 1919 Saskatchewan Drive
Regina SK  S4P 4H2 

 

   


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.

 


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:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
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 of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
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 of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
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 of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
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.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-7650
Fax: (306) 798-4425
Email: pensions@gov.sk.ca

 


 

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Pensions Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Tel: (306)787-7650

Fax: (306)798-4425

Email: pensions@gov.sk.ca

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