How Sun Life will support the recent Capital Accumulation Plan (CAP) Guideline Update
Following the newly added section 2.1.2 and 6.1 to Guideline No. 3 for Capital Accumulation Plans (CAPs) by the Canadian Association of Pension Supervisory Authorities (CAPSA), we’re pleased to share details on the specific area of impact.
What is the update?
The updated CAPSA Guideline 3 outlines the importance of establishing a comprehensive governance framework for Capital Accumulation Plans (CAPs) that is appropriate to the size and complexity of your plan.
The framework should address key areas such as defining roles and responsibilities, establishing communication processes, implementing a code of conduct, managing risks, evaluating service providers, and regularly reviewing the governance process itself.
In order to support you, Sun Life has proactively responded to this update by developing template governance framework documents for:
These fillable documents allow you to easily input your confirmations and customize the framework to your needs – simply leverage the template appropriate to your situation. Additionally, Sun Life has identified ways in which we support Clients in each of the specified categories, demonstrating our commitment to helping you meet these new governance requirements efficiently and effectively.
A reference document can also be found on the CLHIA public website which can be used as a resource for smaller non-pension plans in creating a governance framework appropriate for their plan should you choose to leverage this instead of the ones provided by Sun Life.
Questions? We’re here to help.
Please contact your Sun Life Group Retirement Services Representative.