Office of the Superintendent of Financial Institutions

Office of the Superintendent of Financial Institutions

March 01, 2007 11:14 ET

OSFI Releases Updated Pension Members' Guide

OTTAWA, ONTARIO--(CCNMatthews - March 1, 2007) - The Office of the Superintendent of Financial Institutions (OSFI) has released its updated Pension Members' Guide detailing the latest information relating to federally regulated private pension plans. The guide explains in general terms some of the minimum applicable standards for private pension plans regulated by OSFI.

"In a dynamic regulatory environment, such as the pension sector, plan members and administrators need the right tools and the latest information to make educated decisions," says Julie Dickson, Acting Superintendent. "Our 2007 Pension Members' Guide reflects the latest legislative and regulatory provisions while offering useful information to members, administrators and sponsors."

Notable changes and additions to the guide include information on member investment choices in defined contribution plans, the impact of plan deficits on member benefits, and updated non-resident unlocking and Life Income Fund (LIF) rules to name a few. A copy of the Guide, as well as an updated and easy to navigate list of frequently asked questions (FAQ), are available online at:
http://www.osfi-bsif.gc.ca/app/DocRepository/1/eng/pension/guides/mem_guide_e.pdf (Guide) and http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=1550 (FAQ).

Created in 1987 by an Act of Parliament, the Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator and supervisor of federally registered deposit-taking institutions, insurance companies, and federally registered private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.

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