Continuing to advocate for you and your plan members
In May 2004, the Joint Forum of Financial Market Regulators released
Guidelines for Capital Accumulation Plans (CAP Guidelines) to reflect regulators’ expectations about the operation of a workplace CAP, regardless of the applicable regulatory regime. Desjardins Insurance was part of the industry task force that helped define these guidelines, which were in turn adopted by the Canadian Association of Pension Supervisory Authorities (CAPSA) as
Guideline No. 3 External link. Opens in a new window..
Close to 20 years later, CAPSA has invited stakeholders to weigh in on proposed changes to these guidelines. As stated by CAPSA, their intent is to:
- outline and clarify the regulators’ views on:
- the responsibilities of CAP sponsors, administrators, service providers and CAP members, and
- industry best practices in the maintenance and administration of a CAP; and
- detail the information that regulators recommend should be provided to CAP members.
As a leading Canadian group retirement savings service provider, Desjardins Insurance has once again participated in CAPSA’s consultation process—advocating for a practical approach to plan governance that helps plan sponsors and members achieve their goals.
We’re pleased that the scope of these guidelines has been broadened to reflect, amongst other things, additional plan types—including decumulation plans. They also expand on the CAP sponsor’s fiduciary role, recommend greater plan member disclosure and suggest features to improve member outcomes, such as advice services beyond investments.
As we evolve our service offer to reflect an ever-changing retirement and savings landscape, we’ll keep best practices top of mind. Our annual compliance certificate attests to our commitment to support you throughout the life of your group savings program, by complying with CAP guidelines as well as legislative requirements. As such, we’ll be updating it to keep in step with CAPSA’s revised guidelines.
Stay tuned for further developments and news on other CAPSA-related topics, as we continue to work in your best interests.
David Charbonneau
Senior Vice-President,
Group retirement savings
Desjardins Insurance