FSRA reports strong funding for Ontario pension plans, urging vigilance and proactive risk management
Ontario defined benefit pension plans show remarkable resilience, achieving positive financial outcomes amidst global economic uncertainty.
Ontario's financial services regulator (FSRA) reports that 90 percent of pension plans were fully funded in the first quarter of 2024, with a median solvency ratio of 122 percent.
Andrew Fung, executive vice-president of Pensions at FSRA, reassures Ontarians that their retirement savings are well protected as most pension plans perform well despite economic challenges.
However, he also warns that economic conditions can change quickly, urging plan sponsors and administrators to prepare for future challenges and risks to safeguard plan members' interests.
FSRA continues to encourage pension plans to stay prepared for future changes, particularly in long-term interest rates. Vigilance in risk management and reassessment of investment strategies are essential to protect plan members and their families.
FSRA's quarterly solvency report assesses the financial health of Ontario defined benefit pension plans. It provides plan members with timely information about their plan's performance and the broader economic context both nationally and internationally.
