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Designated Plans Exempt From IIS Filing

Financial Services Commission of Ontario's (FSCO) risk-based monitoring of pension investments is a useful program. Exempting designated plans from the annual Investment Information Summary (IIS) filing streamlines the pension investment monitoring process and makes the risk-based monitoring program more effective and efficient.
 
To improve the effectiveness and efficiency of the risk-based monitoring of pension investments, FSCO has exempted designated plans from the annual IIS filing. For any fiscal year ending on or after December 31, 2007, designated plans are no longer required to file the IIS form with FSCO. Notwithstanding this exemption, designated plans registered with FSCO must comply with all the requirements set out in the Pension Benefits Act and Regulation 909, including the federal investment regulations and the filing of financial statements.
 
Designated pension plans, as defined under section 8515 of the Regulations under the Income Tax Act (Canada), are a special subset of defined benefit pension plans that are normally set up for connected persons and/or other highly compensated employees.
 
Designated plans may wish to continue their use of the IIS form as a tool to help ensure compliance.

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