Copyright 2010, Blake, Cassels & Graydon LLP
Originally published in Blakes Bulletin on Pension & Employee Benefits, January 2010
The Financial Services Commission of Ontario (FSCO) has issued a draft Management and Retention of Pension Plan Records by the Administrator (http://www.fsco.gov.on.ca/english/pensions/CP-recordsretention.pdf) policy which has been made public to permit comments to be made until February 26, 2010.
Administrators may wish to review the Draft Policy and consider making comments as the Draft Policy requires, among other things, that:
- the administrator establish a written records management and
retention policy "that is both formal and comprehensive. Such
a policy should set out the appropriate practices that address, for
instance, how plan records are to be managed, how long records are
to be retained and the individuals who are to be responsible for
those records."
- the "administrator will generally be responsible for records as long as there is the potential for claims related to pension entitlement by members, former members, any other persons who have an entitlement under the plan and their estates (plan beneficiaries)."
The Draft Policy goes on at some length to describe in various circumstances the requirement for the retention of records. It will be important for administrators to consider the practical and financial implications of this Draft Policy, and where any concerns exist, to make them known to FSCO.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.