CAPSA Guideline No. 8: Defined Contribution Pension Plans released

May 5, 2014

On March 28, 2014, the Canadian Association of Pension Supervisory Authorities (CAPSA) released Guideline No. 8: Defined Contribution Pension Plans (Guideline), which applies to defined contribution (DC) pension plans and to pension plans with DC components.  

This Guideline supplements existing CAPSA guidance related to DC plans (such as the Capital Accumulation Plan (CAP) Guidelines) and reflects the expectations of regulators regarding the operation of a DC plan, regardless of the regulatory regime applicable to the plan. CAPSA guidelines are voluntary in nature and are intended to support the continuous improvement and development of industry practices.

The Guideline:

  • Sets out guidance related to DC plans that has previously been released by CAPSA.
  • Outlines and clarifies the rights and responsibilities of plan administrators, employers, plan sponsors, service providers, fund holders and members with respect to DC pension plans.
  • Provides DC plan administrators with guidance regarding tools and information to provide to members while they are members of the plan and when they are choosing amongst retirement options. Sun Life Financial integrates print, digital, online and face-to-face communications through the my money@work program, driving plan members to act in their best financial interests.  
  • Clarifies what constitutes an adverse amendment for DC pension plans or plans with DC components.

Please take a moment to read this Guideline to familiarize yourself with your responsibilities, as well as the responsibility of your plan members under a DC pension plan.  

Questions?
If you have any questions or concerns about how Sun Life Assurance Company of Canada is helping you to meet these Guidelines, please contact your Sun Life Financial Group Retirement Services representative.