The Pension Benefits Standards Act requires B.C. registered pension plans to conduct triennial plan assessments which assess the administration of a pension plan with respect to compliance with the Act, governance, funding, investment, and the performance of trustees and administrators.
For most pension plans (those with a fiscal year of January to December), the next triennial assessment will need to be prepared as of December 31, 2022 (in respect of the three year period from January 1, 2019 to December 31, 2022), and be completed by December 31, 2023. As a reminder, the assessment needs to be complete and available to the BC Financial Services Authority upon request, but does not need to be filed with the regulator.
With the publication of the BC FSA’s Information Security Guideline and Outsourcing Guideline in 2022, plan administrators are encouraged to review their assessment process to help ensure that they address information security and outsourcing risks. See our earlier blog post on the Information Security Guideline and the Outsourcing Guideline here.
If you have any questions about preparing your plan’s triennial assessment or about addressing the new FSA guidelines in your plan’s assessment, please contact a member of our Pensions and Benefits Group for more information.
PartnerLisa is a partner in the firm’s Pensions and Employee Benefits Group and Protection of Privacy and Freedom of Information Group.
Pension and Employee Benefits
Lisa’s pension and employee benefits practice has a particular ...
PartnerMeghan is a partner in the firm’s Pension and Employee Benefits Group. She acts for boards of trustees and other sponsors of pension and benefit plans in the private and public sectors in British Columbia, Saskatchewan and Alberta.
AssociateJessica is an associate in the Pension and Employee Benefits Group of Lawson Lundell. She works with the group to advise plan sponsors, boards of trustees and plan administrators in Western and Northern Canada on pensions and ...
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Lawson Lundell's Pension and Employee Benefits Law Blog provides updates on the most recent legal developments impacting pension and employee benefit plans. We cover a range of topics, including recent case law and changes to relevant provincial and federal legislation.
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