Updated CAPSA Guideline No. 8

Updated CAPSA Guideline No. 8 provides best practices for variable benefits

Special Notice – February 20, 2019

The Canadian Association of Pension Supervisory Authorities (CAPSA) has released an updated version of Guideline No. 8: Defined Contribution Pension Plans Guideline (Guideline). This Guideline was first introduced in March 2014 to clarify the rights and responsibilities of defined contribution (DC) plan stakeholders – including administrators, service providers and members – and to provide guidance to administrators on the tools and information they should give members during the accumulation phase, when approaching the payout phase and during the payout phase.

As DC pension plans continue to mature and more members reach retirement age, the revised Guideline is a response to stakeholder requests for more detailed direction on best practices relating to the payout phase. It also provides some additional requirements concerning fee disclosure. This Special Notice provides an overview of the main changes introduced in the updated Guideline.