FSRA's latest reports show Ontario's pension plans improving their solvency and maintaining stability
The Financial Services Regulatory Authority of Ontario (FSRA) has issued its Q2 2024 Solvency Report and the 2023 Report on the Funding of Defined Benefit (DB) Pension Plans.
These reports underscore the stability and resilience of Ontario's pension plans despite ongoing market challenges.
The Q2 2024 Solvency Report indicates that the median projected solvency ratio of Ontario's pension plans reached 123 percent as of June 30.
This marks a 1 percent increase from the previous quarter's ratio of 122 percent, highlighting a significant achievement in the financial stability of pension plans across Ontario.
The 2023 Report on the Funding of DB Pension Plans shows that the funded position of pension plans, on a going-concern basis, remained the same compared to the 2022 report. However, it improved significantly on a solvency basis, reflecting the overall enhancement of financial health.
Both reports showcase the continued strength of Ontario's pension plans. FSRA emphasizes its commitment to supporting the stability and security of these plans by advocating for effective governance.
FSRA encourages plan administrators to adopt a comprehensive risk management strategy, ensuring they can deliver promised benefits even amid rising funding costs and financial uncertainty.
