The Office of the Superintendent of Financial Institutions is introducing some measures to help federally regulated private defined benefit pension plans get through the difficult times caused by the coronavirus.
Particularly, the regulator is temporarily freezing portability transfers and annuity purchases. In both cases, plan sponsors can write to the OSFI to for consent to a transfer or an annuity purchase based on individual circumstances. The regulator will be reviewing the temporary measure in the coming months.
