Consultation re Guideline No. 9 – Searching for Un‐locatable Members of a Pension PlanRelease Date: 09/06/2018 Staff Reference: Ronald Sanderson
CLHIA response to recent CAPSA consultations
The Canadian Association of Pension Supervisory Authorities launched consultations on new guidance documents over the summer, dealing with their expectations re plan administrators' efforts to locate missing pension plan members and beneficiaries, and stakeholder obligations for defined contribution pension plans.
While the former did not suggest any material changes to insurer's practices, the latter focused on fee disclosure to consumers and provision of illustration tools for estimating future retirement income payments under multiple scenarios. CLHIA noted that conversion of existing fee reporting from one format (e.g., percentages) to another (e.g., dollar amounts) could be a significant challenge, particularly if "look-throughs" of tiered investment options are expected, and recommended against such conversions and look-throughs.