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Blakes alerts pension plan administrators of new FSCO policy

By Workplace Staff
| www.cos-mag.com

On July 9, 2010, the Financial Services Commission of Ontario (FSCO) posted Policy A300-200 Management and Retention of Pension Records by the Administrator (Records Policy) on the FSCO website.

According to a recent Alert from Blake, Cassels & Graydon LLP, the records policy is of broad application, covering all Ontario-registered pension plans, regardless of size or type. It is primarily intended to provide plan administrators with information on their obligations and responsibilities related to the management and retention of pension plan records. The new policy also provides the administrator with practical guidelines and instructions on prudent record-keeping practices. The obligations of other pension stakeholders in the management and retention of records are also briefly addressed by the Records Policy.

While of primary interest to sponsors and administrators of plans registered with FSCO, the Ontario Records Policy may also provide useful guidance for sponsors and administrators of plans registered with other pension regulators that have not issued records retention policies.

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