Regulation - LGIC

Amendment to Regulation 909 under the Pension Benefits Act: Disclosure of Environmental, Social and Governance Factors in Statements of Investment Policies and Procedures

Regulation Number(s):
235/14
Bill or Act:
Pension Benefits Act
Summary of Decision:
Regulation 235/14 requires plan administrators to file Statements of Investment Policies and Procedures ("SIPPs") with the regulator; requires plan assets to be invested in accordance with the SIPP; require SIPPs to include information about whether, and if so, how, ESG factors are incorporated; and, requires annual statements to members to include information about the purpose of SIPPs. The regulation includes amendments that require plan administrators to provide written statements to former members and retired members, containing prescribed information about the pension plan and their benefits. The regulation also includes amendments to make it easier for individuals to transfer the commuted value of their pension benefits from an Ontario plan to a plan elsewhere in Canada when they change employment, allowing individuals to consolidate their pension benefits if the receiving plan so allows.
Further Information:
Proposal Number:
14-MOF022
Posting Date:
October 3, 2014
Summary of Proposal:
The proposed amendment to Regulation 909 incorporates feedback from the April 25, 2014 posting and the October 3, 2014 posting, and would:

o Require plan administrators to file Statements of Investment Policies and Procedures ("SIPPs") with the regulator;
o Require plan assets to be invested in accordance with the SIPP;
o Require SIPPs to include information about whether, and if so, how, ESG factors are incorporated; and,
o Require annual statements to members to include information about the purpose of SIPPs.
Contact Address:
Disclosure of Environmental, Social and Governance Factors
Pension Policy Branch
Ministry of Finance
Statements under subsection 27(2)
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
pensionfeedback@ontario.ca
Effective Date:
January 1, 2016
Decision:
Approved