Changes on horizon for pension plan records retention

Ontario’s Bill 236, new policy from FSCO wake-up calls for firms with poor policies
By Sheldon Wayne
|Canadian HR Reporter|Last Updated: 11/01/2010

Two recent developments are changing the landscape of pension records retention, especially in Ontario, making it imperative for pension plan administrators to develop thorough retention policies.

Bill 236 — Ontario’s Pension Benefits Amendment Act, 2010 — will require administrators to retain “prescribed records” for the “prescribed period of time.” Regulations with more details are expected next year. Nevertheless, even without the finer points, this legislation is a wake-up call for administrators that have erratic or no records retention policies in place.

Additionally, the Financial Services Commission of Ontario (FSCO) recently issued Policy A300-200, Management and Retention of Pension Plan Records by the Administrator. This policy is only supposed to provide guidance for prudent practices but it will likely set the standard for records retention and management should conflicts arise.