TORONTO, Aug. 15, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is committed to promoting the good administration of pension plans and protecting the rights and benefits of all plan beneficiaries.
FSRA is supporting pension plan administrators, sponsors and members by releasing proposed guidance that clearly identifies the documents, timeframes and information that are required under exemptions from the Pension Benefits Act to avoid a plan's deregistration under the Income Tax Act, including:
- Providing written notice to FSRA
- Pension plan member communication
- Other considerations, such as certification, exemptions and requests for more information.
Given the unique structure and special treatment previously (but no longer) provided to specified multi-employer pension plans under the Income Tax Act, FSRA will accept a special approach for multi-employer pension plans addressing overcontributions that would otherwise make the plan revocable under the Income Tax Act.
FSRA is now consulting on its proposed Guidance on Actions to Avoid Deregistration of a Pension Plan Under the Federal Income Tax Act.
FSRA invites stakeholders and the public to submit feedback until September 15, 2022.
FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca
For further information:
Alex Kvaskov, Communications Officer
Financial Services Regulatory Authority (FSRA)
SOURCE Financial Services Regulatory Authority of Ontario