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Yesterday, more than 200 people attended BCFSA’s 2022 Pensions Forum to discuss the changing world of pensions and potential impacts for British Columbians.
Plan administrators, service providers, and industry experts engaged with BCFSA’s Pensions Team Members and heard Blair Morrison, BCFSA’s CEO and Superintendent of Pensions, speak about the changing retirement landscape and what impacts this might have for retirement outcomes in B.C.
“In the last few years, we have seen unprecedented events – from the global pandemic to conflict in Europe, shifts in societal interactions, manufacturing disruptions, and major climatic events,” said Morrison. “All of these major events have brought a spotlight on the need for responsible investment of Canadian pension funds.”
There are 636 registered pension plans in B.C. covering 1.2 million people. Total assets held by these plans increased from $148.7 billion in 2017 to $212.2 billion in 2021. BCFSA’s 2022 Annual Pension Report indicated that asset investments in infrastructure, real estate, hedge funds, and equities continue to grow as pension plan administrators seek opportunities to improve investment returns for their members.
“Pension plans registered with BCFSA are a key part of our province’s financial services sector and we are committed to effective and efficient oversight,” said BCFSA’s Senior Vice-President of Supervision Chris Elgar. “We are continuously monitoring the landscape in B.C. and nationally to effectively respond to changes and trends in the pension sector.”
Guests at the forum heard from expert speakers discussing key challenges faced by defined contribution plans and how to improve outcomes for British Columbians through effective administration and investment, member education, and plan designs that suit the targeted membership.
Events like yesterday’s forum are an example of how BCFSA continues to collaborate with industry stakeholders to understand how to best manage emerging risks.
BC Financial Services Authority is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia.
Sarah Lusk, Director, Communications
Ph: (604) 306-2066
Email: [email protected]