The Financial Services Commission of Ontario has issued a new policy laying out the procedure for pension wind-ups.

This policy identifies the filing requirements and procedure to be followed on the full or partial wind-up of a pension plan. FSCO notes that the purpose of the administrative and actuarial guidelines set out in this policy is to assist administrators and their agents in the preparation of required wind up filings and FSCO staff in the review of the filings.

These guidelines do not preclude the use of other bases if deemed appropriate in the circumstances, it says. It is the responsibility of the administrators and/or their agents to demonstrate that the bases chosen are in compliance with the legislation and regulations.

This policy does not address multi-employer pension plans, defined benefit pension plans where the obligation of an employer to contribute is limited to a fixed amount set out in a collective agreement or situations involving a claim against the Pension Benefits Guarantee Fund.

http://www.fsco.gov.on.ca/FSCO_UW_MainEngine.nsf/docuniqueid/91B8C6674D3B5D0985256F66005F34A6?opendocument