Ontario: FSRA introduces new website features
The Financial Services Regulatory Authority of Ontario (FSRA) has made updates to its Pension Services Portal to make more application submissions and other functionalities available online.
A number of additional applications can now be made through the FSRA portal, including the following:
- Annuity Discharge Application
- Biennial Member Waiver
- Commuted Value (under section 19 of the Pension Benefits Regulation)
- Defined Benefit (DB) Refund of Member Contributions
- DB Refund of Overpayment to Employer
- Defined Contribution (DC) Refund of Member Contributions
- DC Wind Up Report
- Letter of Credit
- Plan Viewing / Photocopy Request
- Refund of Excess Contribution – Revocation Exemption
- Refund Request PBGF
- Specified Ontario Multi-Employer Pension Plan (SOMEPP) – Election
- SOMEPP – Notice
- Undertaking in respect of 30% rule for plan investments
- Wind up interim payment (under section 70(3) of the Pension Benefits Act)
DC wind up application
FSRA indicates that submitting DC wind up applications through the portal offers certain advantages, including a faster approval process and the ability for administrators to check on the status of submissions. The portal will identify errors or omissions in DC wind up applications, such as if a required field or supporting document is omitted from the submission.
The portal will also acknowledge receipt of an application immediately. Once a wind up report has been reviewed, the administrator will also receive immediate notification of whether it has been approved or if additional information is required. Once approval has been given, administrators can download their wind up approval letter rather than waiting for an approval letter to be sent to them.
FSRA has also published a detailed guide to submitting a defined contribution wind up application on the portal.
PBGF e-payment option
Effective May 3, 2021, pension plans are able to remit Pension Benefit Guarantee Fund (PBGF) assessments electronically, using the same system that is used for paying FSRA assessments.