Warning for pension plan sponsors: (Legal view)

Keep an eye on your providers
By Mark Newton
|Canadian HR Reporter|Last Updated: 04/09/2007

If you are involved in managing or overseeing a pension plan, the importance of closely supervising providers cannot be overestimated. The need for objectivity in the administration of a pension plan and in the monitoring of service providers, such as actuaries, is essential. Objectivity must be exercised by both the “administrator” (defined below) and its agents.

The Ontario Court of Justice released its decision in

Ontario (Superintendent of Financial Services) v. Norton