On March 29th, representative groups from the CFP met with the senior executives and managers from Ontario’s Financial Services Commission of Ontario, the regulatory body that oversees various portions of the financial sectors in Ontario, including pensions.
Annually, FSCO invites representatives from various pension groups and pensioner organizations to meet to discuss the status of pension plans in Ontario.
This year, the pensioner organizations were given the opportunity to discuss their issues first, to allow sufficient time to review our comments and inputs.
Of particular interest were FSCO’s comments and an overview of Ontario’s new Pensioner Advisory Committees (PAC). PACs are a vehicle to allow pensioners and active members to become more informed on the status of their plans as well as ongoing activities.
The regulations that formed the PAC that have been proclaimed, meaning that pensioners can now request the formation of a PAC for their pension plan, within certain guidelines and be able to keep tabs on the state of their pension plans directly.
Many CFP groups have attended the sessions over the years. This years attendees were GenMo, Yellow Pages Pensioners’ Group, Sears Canada Retiree Group and the NRPC.
(as a matter of interest, if you are aware of any PACs being formed, please drop us a note at email@example.com)