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Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

Pensions

  • Pensions

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    Pensions – Freeze on transfer or payments out of Defined Benefit plans

    October 5, 2020 – Updated the notice regarding Freeze on transfers or payments out of Defined Benefit plans.

    For more information, please contact:

    Pensions Division
    Financial and Consumer Affairs Authority of Saskatchewan
    Suite 601, 1919 Saskatchewan Drive
    Regina, Saskatchewan S4P 4H2
    Phone: (306) 787-7650
    Fax: (306) 798-4425
    Email: pensions@gov.sk.ca

     


    Pensions – 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2020 Agreement)

    June 5, 2020 – The Government of Saskatchewan has signed the 2020 Agreement, along with the governments of Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Quebec and Canada. The 2020 Agreement comes into effect on July 1, 2020 and provides a clear legal framework for the administration and regulation of multi-jurisdictional pension plans.

    The 2020 Agreement and additional information provided by the Canadian Association of Pension Supervisory Association can be found at this link: https://www.capsa-acor.org/
     

     


     

    Pensions – Suspension of Contributions in a Defined Contribution Pension Plan

    May 6, 2020 - Employers and plan members are required to make contributions in accordance with The Pension Benefits Act, 1992 (the Act) and the plan text that governs their pension plan.

    To the extent that member contributions are optional, members may choose to reduce or eliminate those optional contributions in accordance with plan rules and any matching employer contributions would then be reduced accordingly.
    The Superintendent would allow a plan amendment to suspend employer contributions under the following circumstances:

    • An amendment must be filed which provides that both employer and member contributions are suspended. Our office will not register an amendment that only suspends employer contributions.
    • The amendment must be on a go-forward basis only.
    • The amendment must set out the time period for the suspension. Our office expects that this is a temporary measure. The Act provides the Superintendent with the authority to terminate a plan where an employer fails to make contributions to a plan. However, given the current COVID-19 disruption, the Superintendent will not terminate a plan solely because the plan has been amended to temporarily suspend employer and member contributions for a period that lasts no longer than December 31, 2020, subject always to the Superintendent’s ability to act upon the facts of any particular case.

    The ability to amend the plan would be subject to a number of considerations, such as, but not limited to, the plan specific amendment provision, any collective bargaining agreements, and any requirements of the Canada Revenue Agency.

    Once the amendment is registered by our office, there must be disclosure to members within 90 days of the registration date pursuant to subsection 11(2) of The Pension Benefits Regulations, 1993.

    If there are any questions or concerns please contact FCAA - Pensions Division at pensions@gov.sk.ca.

     


     

    Pensions – Freeze on transfer or payments out of Defined Benefit plans

    April 16, 2020 - The Pension Benefits Regulations, 1993 were amended such that administrators must obtain the prior written consent of the Superintendent of Pensions (the Superintendent) to transfer monies or make payments out of defined benefit plans, with very few exceptions, if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund.

     

    For more information, please contact:

    Pensions Division
    Financial and Consumer Affairs Authority of Saskatchewan
    Suite 601, 1919 Saskatchewan Drive
    Regina, Saskatchewan S4P 4H2
    Phone: (306) 787-7650
    Fax: (306) 798-4425
    Email: pensions@gov.sk.ca

     


     

    Pensions – Extension of deadlines

    April 2, 2020  – In response to the COVID-19 pandemic, the FCAA is announcing extensions for certain filing and disclosure deadlines for pension plans registered in Saskatchewan. Read the Deadline Extension memo for a complete list of extensions. 

     


     

    Pensions – Amendments made to The Pension Benefits Regulations, 1993

    March 27, 2020 - On March 25, 2020 the government amended The Pension Benefits Regulations, 1993 (the Regulations) to update one of the methods for calculating interest on member contributions to a defined benefit plan.

    Due to the discontinuation of CANSIM series V122515 by the Bank of Canada, clause 27(3)(b) of the Regulations has been amended to reference data contained in a replacement interest rate table, being the last weekly rate of each month as published in CANSIM series V80691336.

    Plan administrators may administer their pension plan in accordance with the change and are also expected to update any references to the CANSIM series V122515 in their plan text the next time an amendment is filed.

    For more information, please contact:

    Pensions Division
    Financial and Consumer Affairs Authority of Saskatchewan
    Suite 601, 1919 Saskatchewan Drive
    Regina, Saskatchewan S4P 4H2
    Phone: (306) 787-7650
    Fax: (306) 798-4425
    Email: pensions@gov.sk.ca

     



    Pensions – Canadian Association of Pension Supervisory Authorities Publications

    February 21, 2019 – The Canadian Association of Pension Supervisory Authorities (CAPSA) has recently published the following guidelines:

    • Guideline No. 8 - Defined Contribution Pension Plans (Updated)
    • Guideline No. 9 - Searching for Un-locatable Members of a Pension Plan (New)

    In addition, CAPSA has published the following information:

    • Recommendation Paper - Funding of Benefits of Plans Other than Defined Contribution Plans
    • Communique - Review of Leverage Use within Pension Plans

    These publications can be found on this webpage:  https://www.capsa-acor.org/CAPSAGuidelines.

    For more information, please contact:

    Pensions Division
    Financial and Consumer Affairs Authority of Saskatchewan
    Suite 601, 1919 Saskatchewan Drive
    Regina, Saskatchewan S4P 4H2
    Phone: (306) 787-7650
    Fax: (306) 798-4425
    Email: pensions@gov.sk.ca

     


     

    Pensions – Revised Policy Bulletin:  Unlocking Pension Money

    January 1, 2019 – The Unlocking Pension Money bulletin has been revised.  The purpose of the revision is to report the new unlocking limits based on the 2019 year maximum pensionable earnings.

    For more information, please contact:

    Pensions Division
    Financial and Consumer Affairs Authority of Saskatchewan
    Suite 601, 1919 Saskatchewan Drive
    Regina, Saskatchewan S4P 4H2
    Phone: (306) 787-7650
    Fax: (306) 798-4425
    Email: pensions@gov.sk.ca

     


     

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    Pensions Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-7650

    Fax: (306)798-4425

    Email: pensions@gov.sk.ca

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