Positive Changes for Defined Contribution Pension Plans in Ontario
Effective Feb 11, 2022 reporting for DC pension plans just got easier for plan sponsors.
Audited financial statements are no longer required for any size plan. Plans will now need only file unaudited statements with their annual information return. FSRA reserves the right to request audited statements if the need arises. This change applies retroactively to any plan that would have been required to file their audited statements before Feb 11, 2022 (6 months after their plan year-end).
Statements of Investment Policies and Procedures (SIP&Ps) are no longer required to be filed with FSRA for plans where the plan member directs the investments. While filing this document is no longer a requirement, it may be prudent to maintain a similar policy from a plan governance perspective.
WAYNE FARROW
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, not the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: wayne@farrowpension.ca