DB plans reducing benefits

Three federally regulated plans get green light from pensions regulator
By Uyen Vu
|Canadian HR Reporter|Last Updated: 07/12/2007

Funding difficulties for private pension plans continue to rise, with the number of troubled federally regulated plans jumping from 75 to 84 in the last three months of 2005 alone.

That’s according to records obtained from, and confirmed by, the Office of the Superintendent of Financial Institutions (OSFI), the regulator of about 1,280 private pension plans in the federally regulated sector.

As a result, for the first time, the office has given permission to three plans to reduce benefits, said OSFI spokesperson Julie Corbett. Seven other such requests are still being processed.