The Office of the Superintendent of Financial Institutions is warning administrators of federally regulated defined benefit pension plans to file their valuation reports on time, or face regulatory action.

A letter from Karen Badgerow-Croteau, managing director of the OSFI’s private pension plans division was sent to plan administrators of Friday.

In the letter, Badgerow-Croteau said that OSFI views the valuation report as “a key component in the supervision of private pension plans and places significant importance on their timely filing”.

She said that OSFI has noted a number of cases where valuation reports have not been filed on time, and reminded administrators that valuation reports must be filed within six months after the end of the plan’s year.

“Late filing of a valuation report can influence the pension plan’s risk profile and our intervention level,” she warned. “Consequently, plan administrators should be aware that OSFI may take intervention measures if a valuation report is not filed with OSFI on time. “

In cases where a valuation report has not been filed on time, OSFI will contact the plan administrator, and will generally require the plan administrator to inform plan members of the late filing.

The administrator must provide OSFI with reasons for the delay and an action plan that addresses the issues that led to the late filing. Additional measures may be taken, depending on the circumstances and the timing of the initial external reviews will be phased in.