The British Columbia Pension Benefits Standard Act and the Alberta Employment Pension Plan Act stipulate that you must self-assess your plan every three years. The first deadline for your self-assessment is December 31, 2017.
At a minimum, the assessment should cover the following areas and policies:
- the plan's compliance with the applicable pension legislation
- the plan's governance
- the investments of the pension fund
- the funding of the plan
- the performance of the trustees, if any, and
- the performance of the administrative staff and any agents of the administrator
The assessment will not need to be filed with the regulators. However, it must be completed and be retained in written format. Upon request, you will need to make the assessment available to the relevant Superintendent of Pensions.
The questionnaire for CAPSA Guideline No.4 is available on the Plan Sponsor secure website in the Plan governance section for your use. You may also develop your own assessment framework.
For more information: