OSFI Issues Final Instruction Guide on Authorization of Amendments Reducing Benefits in DB Pension Plans

The Office of the Superintendent of Financial Institutions (OSFI) issued the final version of the instruction guide for the Authorization of Amendments Reducing Benefits in Defined Benefit (DB) Pension Plans (the Instruction Guide). The Instruction Guide sets out the applicable filing requirements, as well as the principles and considerations that OSFI takes into account with respect to an application seeking authorization for an amendment with respect to paragraph 10.1(2)(a) of the PBSA.

OSFI issued a revised draft Instruction Guide and the accompanying Application form for consultation in 2019. OSFI reviewed all comments received and presented them in the annex which also includes how OSFI addressed them.