Pension Assessment - Frequently Asked Questions

The following frequently asked questions will answer many of the questions that may arise when you review your pension assessment.

 



General Questions

  

Q1.  Where does the information on a pension plan’s membership come from?

 

A1.  Pension plan membership data is based on the most recent Annual Information Return (AIR) that the Financial Services Commission of Ontario (FSCO) has on file, as of December 31.  In the absence of an AIR, the plan’s membership data is based on the pension plan administrator’s application for registration of the pension plan. - 12/11

 

 

Q2.  What is FSCO’s fiscal year?

 

A2.  FSCO’s fiscal year starts on April 1 and ends on March 31. - 02/10

 

 

Q3.  My pension plan has wound up. Will I receive a pension assessment invoice?

 

A3.  If you filed a wind up report and windup Annual Information Return (under section 29.1 of the Regulations made under the Pension Benefits Act) before the beginning of the assessment period, you will not receive an invoice.  If the wind up report and Windup Annual Information Return were not filed before the start of the assessment period, you will receive an invoice.  –  12/11

 

 

Q4.  Do Annual Information Returns still need to be filed?

 

A4.  Yes, each pension plan must file an AIR.  However, AIR filing fees do not apply to any pension plan fiscal year that ends on or after April 1, 2007. - 02/10

 

Pension Assessments

 

Q5.  What is a pension assessment?

 

A5.  The pension assessment sets out the amount that must be paid by each pension plan to cover all expenses and expenditures that were incurred by FSCO for the pension sector.  The pension assessment replaces the prior fee that accompanied the AIR filing. - 02/10

 

 

Q6.  How is the pension assessment calculated?

 

A6.  Detailed information is available on the website related to:

 

Q7.  Is the pension assessment based on actual figures or estimates?

 

A7.  It is based on both.  The pension assessment for the current year is based on estimates of FSCO’s expenditures and fees.   When the pension assessment is calculated the following year, the invoice will show a debit or credit that is based on the actual expenditures and fees from the previous assessment period.  This amount will appear on the invoice under the item description “PY (Previous Year) Adjustment”. -02/11

 

 

Q8.  When will pension plans receive their pension assessments and how often will future pension assessments be sent?

 

A8.   Pension plan administrators should expect to receive their pension assessment invoices annually in January. -12/11

 

 

Q9. Who sends the invoice?

 

A9. A pension assessment invoice will be sent to each Pension Plan Administrator once a year by Ontario Shared Services (OSS) – a division of the Ministry of Government Services that is responsible for delivering services to ministries and agencies of the Government of Ontario.  OSS is responsible for issuing invoices and monthly statements, collecting payments, following up on any overdue payments and handling general inquiries on behalf of FSCO. - 02/10

 

 

Q10.  What period is covered by the pension assessment?

 

A10.  The pension assessment period runs from April 1 to March 31. - 12/11

 

 

Paying the Pension Assessment

 

Q11.  When is my pension assessment payment due?

 

A11.  The pension assessment payment is due within 30 days of the date on the pension assessment invoice. - 02/10

 

 

Q12.  Where should I send my payment?

 

A12.  The pension assessment payment should be sent to Ontario Shared Services (OSS) at the following address: - 02/11:
 

Ministry of Finance
Payment Processing Centre
33 King Street West
PO Box 647
Oshawa ON  L1H 8X3

 

 

Q13.  What payment methods are available?

 

A13.  The pension assessment payment can be made by cheque, money order or credit card using the “Remittance Advice” portion of your pension assessment invoice.  Please include the “Remittance Advice” portion of your invoice with your payment, to ensure that it is applied to the proper outstanding invoice. - 02/10

 

 

Q14.  Who should the cheque be made out to?

 

A14.  The cheque should be payable to the Minister of Finance. - 02/10

 

 

Q15.  Can I submit one bulk payment for several pension plans that I administer?

 

A15.  Yes. If you administer more than one pension plan, you may submit one bulk payment. To ensure the payment is applied correctly, include the “Remittance Advice” portion of each invoice that is covered by the bulk payment.

 

If any remittance slips are missing, the payment may not be applied correctly (e.g., one pension plan may have an overpayment while another may be charged interest for having no payment). - 02/10

 

 

Q16.  Who will be notified of any overdue payments?

 

A16.  The pension plan administrator will be notified if the pension assessment payments are overdue.  The administrator will receive statements that provide details of the current outstanding balance that is owed and the amount that is overdue at the end of each month. Follow-up letters will be issued on the 15th of each month for any overdue balances. If a pension assessment payment is more than 90 days past due, the services of a private collection agency will be used to facilitate payment. - 02/10

 

 

Q17.  What is a statement of account?

 

A17.  A statement of account is sent by Ontario Shared Services (OSS) on the 15th of each month and indicates overdue balances.  It is not an invoice.  Please read the statement of account carefully to be certain it wasn’t created by OSS while the payment was already en route to the Ministry of Finance.  This will help avoid duplicate payments. - 02/10

 

 

Q18.  If the pension plan is required to pay a Pension Benefits Guarantee Fund (PBGF) fee can it be included with the pension assessment?

 

A18.  No. The PBGF filing and fee must be sent in and paid separately from the pension assessment. The PBGF assets are held separate and apart from the province’s accounts.  As a result, there are different payees for PBGF fees and for pension assessments. - 02/10

 

Inquiries

 

Q19.  Who do I contact for more information?

 

A19.  If you have questions about the invoice, remitting the pension assessment, or a monthly statement of overdue invoices, please call Ontario Shared Services at: 1-877-535-0554 (toll-free).

 

If you have general questions about the pension assessment, please contact FSCO by telephone at: (416) 250-7250 or 1-800-668-0128 (toll-free), or send an email to: pensioninquiries@fsco.gov.on.ca. - 02/11

 

 

Q20. Who do I contact if the membership data on my pension assessment invoice is incorrect?

 

A20. To have the pension plan membership data updated, please contact FSCO by telephone at: (416) 250-7250 or 1-800-668-0128 (toll-free), or send an email to: pensioninquiries@fsco.gov.on.ca. - 02/11

 

 

Q21.  How do I update the contact information on the invoice?

 

A21. To have the contact information on the pension plan’s invoice updated, please contact FSCO by telephone at: (416) 250-7250 or 1-800-668-0128 (toll-free), or send an email to: pensioninquiries@fsco.gov.on.ca. - 02/11

 

 
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