E-Blast to Plan Administrators Re: AMP Guideline

The Financial Services Commission of Ontario has issued an Administrative Penalties Guideline [PDF Document] Size: ## kb relating to contraventions under the Pension Benefits Act (PBA) and regulations made under the PBA.

 

Those who are responsible for the administration of the pension plan and pension fund should familiarize themselves with this guideline, and with the provisions that may be subject to administrative penalties.

 

Please note the following:

 

  • An administrative penalty cannot be paid from the pension fund.
  • There is a 15 day time limit to request a hearing before the Financial Services Tribunal upon receipt of a notice of intended decision (NOID) for a general administrative penalty (contraventions or failure to comply with various provisions listed under Schedule 1 of Regulation 365/17). A general administrative penalty can also apply to a failure to comply with a requirement imposed by order or an obligation assumed by way of undertaking.
  • There is a 15 day time limit to make a written submission to the Superintendent of Financial Services (Superintendent) as to why a summary administrative penalty (contraventions or failure to comply with specified filings listed under Schedule 2 of Regulation 365/17) should not be imposed.
  • If the Superintendent issues an order to impose a summary administrative penalty, there is 15 day time limit to appeal the Superintendent’s order before the Financial Services Tribunal.
  • Details of administrative penalties that are imposed will be publically reported on FSCO’s website.

Should you have any questions you may contact us at pensioninquiries@fsco.gov.on.ca for assistance.

 
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