FSRA revises guidance for Ontario pension plan administrators, adding three key areas of focus
The Financial Services Regulatory Authority of Ontario (FSRA) has reviewed and updated its guidance on the roles and responsibilities of pension plan administrators.
This update aims to promote the good administration of Ontario pension plans and safeguard pension benefits and the rights of pension plan beneficiaries.
Administrators are responsible for managing risks in their pension plans prudently, making decisions in the best interest of pension plan beneficiaries, and administering the plan according to the filed plan documents and all applicable laws.
The updated guidance includes three additional areas for administrators to focus on:
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Managing and retaining records
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Responding to complaints and inquiries
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Communicating information to plan members accurately and in a timely manner
