OSFI Releases New Supervisory Framework for Federally Regulated Pension Plans
Published October 05, 2023
The Office of the Superintendent of Financial Institutions (OSFI) has released its new supervisory framework. The framework describes the main elements in OSFI's supervisory process including:
- Identify risks affecting pension plans
- Assess risks
- Assign ratings
- Response to risks and the
- Monitor remediation activity
The framework describes tier ratings and overall risk rating (ORR) categories.
(Updated February 9, 2024)
The Office of the Superintendent of Financial Institutions (OSFI) has announced a supervisory framework update intended to better capture the impact of macro-centric risks on the risk profile of regulated financial institutions and pension plans and support taking early corrective action. This will be the first comprehensive update in almost 25 years. The supervisory framework guides oversight and provides a structure for risk assessment and response to those risks.
The framework will come into effect on April 1, 2024.
Additional Information
- OSFI will publish more information about the new framework in early 2024.
- OSFI will hold webinars for regulated financial institutions on November 2 and 9, 2023.
- OSFI will hold a webinar for pension plan stakeholders in spring 2024.