Ontario Adopts Regulations Regarding Defined Contribution Pension Plans
February 24, 2022
On February 11, 2022, the Government of Ontario filed Ontario Regulation 66/22 (the “Regulation”), which amends the General regulations under the Pension Benefits Act to exempt defined contribution pension plans from certain regulatory requirements. The Regulation specifically exempts such pension plans from 1) the requirement to file an auditor’s report with FSRA where the assets of the plan exceed $10,000,000.00; and 2) where the plan’s investments are member directed, the requirement to prepare a statement of investment policies and procedures (and to disclose details regarding same to plan members). The Regulation is effective as of the filing date (February 11, 2022).
Pension and Benefits