OSFI discussion paper looks at climate-related risks for pension plans

Morneau Shepell released the February 2021 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:

• OSFI discussion paper looks at climate-related risks for pension plans – The Office of the Superintendent of Financial Institutions (OSFI) has published a discussion paper on climate-related risks for federally regulated pension plans. OSFI confirms that it is reviewing its guidance, supervisory processes and reporting requirements to determine whether they sufficiently account for climate-related risks.
• Federally regulated employers to face new pay equity requirements – The federal government has published proposed regulations to support the implementation of the Pay Equity Act, which is designed to help ensure that women and men employed in federally regulated public and private sector workplaces receive equal pay for work of equal value.
• Update: Quebec adopts bill permitting target benefit pension plans – Quebec has passed Bill 68, An Act mainly to allow the establishment of target benefit pension plans, which allows for the establishment of target benefit pension plans.
• Newfoundland introduces financial hardship and non-residency unlocking – Newfoundland and Labrador has amended its pension legislation and regulation to provide for the unlocking of benefits held in locked-in retirement savings arrangements for reasons of financial hardship and non-residency in Canada.
• Accounting assumptions survey for Ontario hospital post-retirement benefits – Morneau Shepell has released the results of its survey of the accounting assumptions used by Ontario hospitals in their post-retirement medical and dental benefit provisions. The survey will allow hospitals in Ontario to benchmark their post-retirement benefit accounting assumptions in comparison to their industry.

About Morneau Shepell
Morneau Shepell is a leading provider of technology-enabled HR services that deliver an integrated approach to employee wellbeing through our cloud-based platform. Our focus is providing world-class solutions to our clients to support the mental, physical, social and financial wellbeing of their people. By improving lives, we improve business. Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, actuarial and investment services. Morneau Shepell employs approximately 6,000 employees who work with some 24,000 client organizations that use our services in 162 countries. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

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