2018-2019 Pension Assessments - Notice to Plan Administrators

February 8, 2019

 

The Financial Services Commission of Ontario (FSCO) has issued pension assessment invoices for all pension plans. This page provides background information on:

 

Pension Assessment Invoice

The pension assessment invoice includes the preliminary pension assessment for the current fiscal year, based on FSCO’s estimated pension expenses, plus an adjustment based on the difference between FSCO’s estimated pension expenses and FSCO’s actual pension expenses for previous fiscal year. FSCO is required to recover these costs prior to the end of the fiscal year.  

 

Prior Year Adjustment

The preliminary pension assessment for the entire pension sector was $17,557,665.82 for the previous fiscal year. A prior year  credit adjustment of $1,491,842.06 is required to reflect the actual costs incurred for the previous year.

 

Preliminary Pension Assessment 

For the current fiscal year, the preliminary pension assessment for the entire pension sector is $17,965,402.73.

 

This pension assessment is based on the figures below and the following formula: (A-B) = (C+D)

 

 

A. Estimated Sector Cost $ 18,004,493.87 C. Preliminary Calculation $ 12,039,164.85
B. Estimated Fees $       39,091.14 D. Estimated Portion $   5,926,237.881
Total $17,965,402.73 Pension Assessment $17,965,402.73

 

1Note: as per Ontario Regulation 11/01[New Window] (Assessment of Expenses and Expenditure) section 11. (1), an adjustment of $5,926,237.88 is required to cover the pension sector costs.

 

The Invoice

The total on the invoice is the portion of the preliminary pension assessment for the current fiscal year attributable to the assessed pension plan, plus the adjustment for the previous fiscal year (as described above under Prior Year Adjustment).

 

The pension assessment invoice is billed annually.  To avoid late fees, the required invoice payment must be made within 30 days of the invoice date.  Overdue balances appear on the statement of account and are issued by Ontario Shared Services (OSS) on the 15th of each month.    

 

Please note that the statement of account is not an invoice.  The statement of account may show an outstanding balance while the payment is en route to the Ministry of Finance.  To avoid duplicate payments in this situation, contact OSS to confirm the status of your payment. If you have any questions regarding your statement of account, please call OSS at: 1-877-535-0554.

 

How to Submit Payment

Please ensure the pension assessment invoice is paid within 30 days of the date on the invoice. Payment details are included on the invoice. Late assessment payments will be charged interest under the authority of the Financial Administration Act, R.S.O. 1990, Chapter F.12 [New Window].

 

How to Make Inquiries

For general inquiries about the pension assessment, please contact:

 

          Financial Services Commission of Ontario
          Pension Division
          5160 Yonge Street, 4th Floor, Box 85
          Toronto ON  M2N 6L9

          Telephone: 416-250-7250 
          Toll-free: 1-800-668-0128  
          E-mail: pensioninquiries@fsco.gov.on.ca

 

Please Remember:

  • Do not combine your Pension Benefits Guarantee Fund (PBGF) assessments (if applicable) with the pension assessment.
  • Do not pay your pension assessment twice – OSS issues monthly statements to indicate account balances.  If you have recently mailed your cheque for the invoiced amount the statement may still indicate an amount owing.  Do not submit a second payment if you have already paid in full.  Contact OSS (1-877-535-0554) to confirm receipt of your payment prior to re-issuing any subsequent payment.

 

 

 

 
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