Surplus Policies

​​​FSCO’s surplus policies set out FSCO's expectations with respect to applications for the payment of surplus to employers, plan members, former members, retired members and other beneficiaries entitled to surplus, under the Pension Benefits Act (PBA) and Regulation 909 (Regulation) under the PBA.

 

FSCO is in the process of updating these policies. The updated policies will be posted for public consultation as they become available, before they are finalized and published. See below for a list of open consultations.

 

How to Provide Comments:

 

There are three ways to submit your comments:

 

  1. Email: pensionconsultation@fsco.gov.on.ca
  2. Mail: Pension Policy Unit
    Financial Services Commission of Ontario
    5160 Yonge Street
    Toronto ON M2N 6L9
  3. Fax: 416-226-7787

If you have questions about the consultation process before submitting your response, please email FSCO.

 

This is a public consultation process. All submissions received by FSCO may be posted on FSCO’s website at the end of the consultation period. Submissions received by FSCO are also subject to disclosure under the Freedom of Information and Protection of Privacy Act.

 

If you intend to provide information that is confidential, such as personal information (this includes an individual’s home address and telephone number) or third-party information, please do not include it as part of your submission. Instead, include it in a separate letter that is clearly marked “confidential.” FSCO will not post the letter to the website and will treat it as confidential information, unless FSCO is required by law to disclose it.

 

Open Consultations:

 

Policy Index No.:

S900-512

​Consultation Reference:

Application by Employer for Payment of Surplus on Wind Up of a Pension Plan[PDF Document] Size: ## kb

Summary:

The policy sets out the process when applying to the Superintendent of Financial Services (the Superintendent) for consent to the payment of surplus to an employer on a pension plan wind up pursuant to section 78(1) of the PBA. The policy applies to applications for surplus upon the full wind up of a pension plan and, subject to necessary modifications, to partial wind ups with an effective date prior to July 1, 2012.

 

Schedule 1 to the policy also include a recommended template for use in preparing the surplus application.

​Posting Date:

October 15​, 2018

​Deadline for Submissions:

November 12, 2018​

Other instructions:

​Please include a subject line in your letter referencing 'S900-512'.

 

Policy Index No.:

S900-514

​Consultation Reference:

Surplus Distribution by Written Agreement – The Role of Legal Counsel[PDF Document] Size: ## kb

Summary:

The policy provides guidance about the role of legal counsel in representing some or all of the members, former members, retired members or other persons entitled to payments from a pension fund (Affected Persons) where the employer intends to submit an application to the Superintendent of Financial Services (the Superintendent) for consent to the payment of surplus  to the employer based on a written agreement between the employer and Affected Persons pursuant to section 77.11(7) of the PBA.

The policy also provides guidance about the documentation that legal counsel must provide to the Superintendent to demonstrate that legal counsel has authority to act on behalf of Affected Persons. This policy is not meant to establish guidelines respecting the scope of legal counsel’s authority to act on behalf of Affected Persons. 

​Posting Date:

October 15​, 2018​

​Deadline for Submissions:

November 12, 2018​

Other instructions:

​Please include a subject line in your letter referencing 'S900-514'.

 
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