Internal research, responses to FSCO's Statement of Priorities, submissions to the Expert Commission on Pensions and the final report of the Expert Commission have identified a number of opportunities for improving FSCO's pension regulatory services.  These include better communication with stakeholders and greater involvement of stakeholders in pension initiatives and projects.

As a result of these findings staff from the Pension Division have met with stakeholders to exchange information on initiatives being undertaken by FSCO.

These include:

• Development of a framework for broader communication with pension stakeholders and enhanced stakeholder engagement in FSCO’s pension initiatives.

• The System Enhancement and Development Project – The goal of this initiative is to make FSCO a more effective and efficient regulator with enhanced data capabilities.

• A project to address current long standing defined benefit applications; to review the processes by which FSCO reviews these applications with the intent of streamlining them and to revise and publish the performance measures.

• An initiative to improve the tracking of complaints and inquiries.

• The Risk-Based Regulation Project - The goal of this initiative is to develop a comprehensive approach to risk-based regulation.

Consultations with Pension Stakeholders

FSCO appreciates the valuable contributions of our stakeholders in the pension community.  Our policies and operational initiatives are enriched by their input, advice, ideas and suggestions.

In recognition of the need to reach some stakeholders whose voices we do not always hear, FSCO is committed to expanding our consultation audience.

To meet these objectives, FSCO will be consulting with specialists in the pension community, as well as with the public, which would include pension plan members, on various initiatives that we will be undertaking in the administration of the Pension Benefits Act and the regulations. These specialists will include experts from FSCO’s professional advisory committees, pension associations and organizations, and groups and individuals who are vitally interested in the regulation and promotion of registered pension plans.

Consultation periods will typically range from 30 to 60 days, depending on the nature and complexity of the initiatives.  In order to ensure transparency and accountability, stakeholder submissions will be posted on FSCO’s website at the end of each consultation period.

Over the next year, FSCO will review our consultation process to ensure that these objectives are being met, that our stakeholders are fully engaged in our initiatives, and that their views and concerns are heard.