The Pension Benefits Standards Act requires B.C. registered pension plans to conduct triennial plan assessments which assess the administration of a pension plan with respect to compliance with the Act, governance, funding, investment, and the performance of trustees and administrators.
For most pension plans (those with a fiscal year of January to December), the next triennial assessment will need to be prepared as of December 31, 2022 (in respect of the three year period from January 1, 2019 to December 31, 2022), and be completed by December 31, 2023. As a reminder, the assessment needs to be complete and available to the BC Financial Services Authority upon request, but does not need to be filed with the regulator.
With the publication of the BC FSA's Information Security Guideline and Outsourcing Guideline in 2022, plan administrators are encouraged to review their assessment process to help ensure that they address information security and outsourcing risks. See our earlier blog post on the Information Security Guideline and the Outsourcing Guideline here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.