Pension industry unhappy with Ontario regulations

By David Brown
|Canadian HR Reporter|Last Updated: 07/21/2003

Pension experts in Ontario have been left shaking their heads in recent months after some highly surprising moves from the provincial government and the Financial Services Commission of Ontario, FSCO the body that regulates pensions in the province.

The most recent was a decision by FSCO to appeal a two-to-one decision by the Financial Services Tribunal that deals with, among other things, the issue of surplus distribution at the time of a partial pension wind up (see CHRR, May 22, 2000, page, 1).

“It is a very bad and a very serious situation,” said Priscilla Healy, a principal who specializes in pensions with Towers Perrin.