CANADA - Pressure has increased on the Office of the Superintendent of Financial Institutions (OSFI) staff due to the increased complexity of the Canadian pensions environment.
When outlining its plans and priorities for the coming year, OSFI revealed the changing external environment for pensions had demanded greater skill on part of its staff.
The increased complexity of the work and a litigious environment were identified as two of the aspects of the industry that have affected OSFI staff.
In addition, OSFI’s internal pensions information system is being upgraded and the office said: “certain elements such as the adequacy of controls may need to be reviewed”.
Together with this, the office vowed to continue to accelerate the pensions approval process and contribute to the policy analysis of the Pension Benefits Standards Act, 1985.
OSFI will also focus on monitoring, and determining the implications of, court decisions affecting private pension plans. These activities are an effort to enhance OSFI’s ability to perform as required in an increasingly complex environment.
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