The Financial Services Regulatory Authority of Ontario (FSRA) has issued guidance on pension plan administrator roles and responsibilities, following a consultation.
The guidance, effective Wednesday, is a “refresh” and consolidates inherited documents, the regulator said in a release.
As fiduciaries, administrators are “responsible for prudently managing risks in their pension plans, making decisions in the best interest of pension plan beneficiaries, and administering the plan in accordance with the filed plan documents and all applicable laws,” the guidance says.
Among other things, it details administrators’ fiduciary duties, including addressing conflicts.
The regulator noted that the guidance isn’t comprehensive, and administrators “have a duty to educate themselves with respect to their responsibilities.”