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FSCO

By Occasional Contributors | 7 Minutes Read August 1, 2014

The prodigal pension plan member

It’s one of those pension administration nightmares – someone of pensionable age shows up at your door claiming he was an employee 20 years ago and asks for his pension. There is some evidence of employment, but no record of a pension entitlement. As a fiduciary you cannot pay out benefits unless someone is clearly entitled, so you ask the person for some proof of the pension entitlement. At this point the person may give up; but your sense of relief is overshadowed by concerns that your record keeping did not allow you to be as certain as you might have been in disposing of the claim. On the other hand, if he doesn't give up, it will likely be an even more costly, time-consuming and frustrating exercise.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / burden of proof, Crown Life pension plan, deferred pension, document retention and destruction policy, evidence of employment, fiduciary duty, Financial Services Commission of Ontario, FSCO, Management and Retention of Pension Plan Records, no record of a pension entitlement, now administered by Canada Life, obligation of loyalty to the beneficiaries, Ontario Superior Court, pay out benefits, pension administration, pension plan, pension plan member, pensionable age, plan membership, proof of the pension entitlement, record keeping, robust record retention policy, Superintendent of Financial Services, what records an administrator should keep

By Adam Gorley | < 1 Minutes Read March 19, 2012

Risk-based pension regulation: fancy name, but what does it mean?

The Financial Services Commission of Ontario (FSCO) is proposing a risk-based system of regulating pension plans. Essentially, this means improving risk assessment and monitoring, following five principles...

Article by Adam Gorley / Finance and Accounting / compliance, Financial Services Commission of Ontario, FSCO, pension reform, pension regulation, pensions, regulatory response, risk impact, risk management, risk-based, Risk-Based Regulation Framework

By Adam Gorley | < 1 Minutes Read March 19, 2012

Pension proposals and programs in Ontario

Among the day-to-day political crises that come and go in the news, pension reform has persisted for years now. Is the current system sustainable? Are Canadians saving enough? How can the government make citizens pay more attention to pensions? What role do employers play in engaging workers?

Article by Adam Gorley / Finance and Accounting / engaging workers, Financial Services Commission of Ontario, FSCO, pension reform, pensions, savings

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