The Financial Services Commission of Ontario (FSCO) is responsible for the administration and enforcement of the Ontario Pension Benefits Act (PBA) and its supporting regulations. The PBA sets minimum legal standards for registered pension plans in Ontario.
Generally, members of registered pension plans who work in Ontario are covered by the PBA and regulations, unless they work in federally regulated industries such as banking, telecommunications, or airline transportation. Pension plans in those industries are covered by federal law and regulated by the Office of the Superintendent of Financial Institutions.
FSCO's responsibilities relating to pension plans include:
- Responding to inquiries and complaints from pension plan members.
- Investigating alleged breaches of the PBA and taking enforcement action when required.
- Administering the Pension Benefits Guarantee Fund (PBGF) and collecting PBGF assessments.
- Monitoring pension plans and pension funds to ensure they are being administered, invested and funded in compliance with legislated requirements.
- Registering new pension plans and pension plan amendments.
- Processing required filings and applications from plan administrators.
- Regulating certain multi-jurisdictional pension plans (plans that provide benefits for active, former or retired plan members in two or more Canadian jurisdictions in accordance with the applicable governmental agreements).
FSCO works with national and international pension regulators and associations to conduct research and share information and data.
FSCO is a member of the Canadian Association of Pension Supervisory Authorities (CAPSA) – a national inter-jurisdictional association of pension regulators that develops practical solutions to help coordinate and harmonize the work of pension regulators across Canada.
As a member of CAPSA, FSCO is able to participate in other regulatory forums, such as:
- The National Pension Compliance Officers Association, which works to harmonize policies and processes related to the registration and monitoring of pension plans.
- The Joint Forum of Financial Market Regulators, where pension, securities and insurance regulators coordinate, harmonize and streamline Canadian financial products and services regulation.
- The International Organisation of Pension Supervisors, an independent international body that works to improve the quality and effectiveness of private pension system supervision.