OSFI removes temporary COVID-19 related measures from pension directives

TORONTO--(BUSINESS WIRE)-- Morneau Shepell released the March 2021 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:

• OSFI revises pension directives to remove temporary COVID-19 related measures – The Office of the Superintendent of Financial Institutions (OSFI) has revised its directives for federally regulated pension plans to reverse certain temporary measures that had been introduced in light of the COVID-19 pandemic crisis. The changes include the cancellation of deadline extensions for annual regulatory filings, and revisions to guidance on portability transfers and annuity purchases.
• BCFSA releases draft information security guideline – The British Columbia Financial Services Authority (BCFSA) has released a draft Information Security Guideline, which sets out principles and best practices that provincially regulated financial institutions are expected to follow in order to mitigate risks related to information security posed by digital and online services.
• Recent cases discuss factors for determining spousal status – Three recent court cases illustrate some of the complexities that can affect the determination of spousal status, including under pension and benefit plans. The cases Climans v. Latner and Turner v. Stabeck Estate discuss factors for determining spousal status for common-law couples, particularly when couples live together intermittently. A third case, Canada (Attorney General) v. Redman, concerns eligibility for a Canada Pension Plan survivor benefit when a common law relationship had separated prior to reuniting shortly before death.

About Morneau Shepell
Morneau Shepell is a leading provider of technology-enabled HR services that deliver an integrated approach to employee wellbeing through our cloud-based platform. Our focus is providing world-class solutions to our clients to support the mental, physical, social and financial wellbeing of their people. By improving lives, we improve business. Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, actuarial and investment services. Morneau Shepell employs approximately 6,000 employees who work with some 24,000 client organizations that use our services in more than 160 countries. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

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