Acts and Regulations

91-195 - General

Full text
Governance policy of pension plan
2020-51
55.1(1)The administrator of a pension plan shall establish, adopt and follow a written governance policy for the plan, which shall, unless the Superintendent authorizes otherwise,
(a) set out the structures and processes for overseeing, managing and administering the plan;
(b) explain what those structures and processes are intended to achieve;
(c) identify all participants who have authority to make decisions in respect of those structures and processes, and describe the roles, responsibilities and accountabilities of those participants;
(d) set performance measures and establish a process for monitoring, against those performance measures, the performance of each of the participants identified in paragraph (c);
(e) establish procedures to ensure that the administrator and, if applicable, any other participants in those structures and processes have access to relevant, timely and accurate information;
(f) establish a code of conduct for the administrator and a procedure to disclose and address conflicts of interest of the administrator;
(g) establish an ongoing process to identify the educational requirements and skills necessary for the administrator to perform the administrator’s duties in relation to the plan;
(h) identify the material risks that apply to the plan and establish internal controls to manage those risks; and
(i) establish a process for the resolution of disputes involving members of the plan or other persons who are entitled to benefits under the plan.
55.1(2)The administrator shall ensure that the plan is administered in accordance with the governance policy established under subsection (1).
55.1(3)On request, the administrator shall submit the governance policy to the Superintendent.
2020-51