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Administrator’s Guide to BC Defined Contribution Registered Pension Plans
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I have just taken over the responsibilities for our employer-sponsored pension plan. What steps should I take?
Please contact BCFSA at pensions@bcfsa.ca to update the pension plan’s contact details.
Plan Administrator Responsibilities
Below is a non-exhaustive list of responsibilities you have as a Plan Administrator. While some activities may be delegated to a service provider, the Plan Administrator, as the fiduciary, remains legally responsible for ensuring these activities are completed competently and on time. The Plan Administrator must follow the prudent person rule, and act in the best interests of the plan members and their beneficiaries.
Submit required documents and registration fee within 60 days after the plan’s establishment. For more information, please review Pension Plans Registration Requirements and Checklist
Change of Fundholder: If the Plan Fundholder changes, the plan administrator must file Application of Amendment to a Supporting Plan Document and all the supporting documents. Assets cannot be transferred to the new Fundholder until the required documents have been filed with BCFSA. For more information, please review Registration of Amendments as Required Under the Pension Benefits Standards Act.
Change of plan terms/provisions: When pension plan terms or provisions are changed, the plan administrator must file an Application for Registration of an Amendment to a Pension Plan. An amendment, along with all supporting documents, must be submitted to BCFSA prior to the implementation of the changes and no later than 60 days after the amendment document is finalized and authorized by the plan administrator. For more information, please review Registration of Amendments as Required Under the Pension Benefits Standards Act.
Evaluate the plan’s adherence to the requirements outlined in Section 41 of the BC Pension Benefits Standards Act.
When do I need to file the AIR? File within 180 days of the end of the plan fiscal year-end. You can file the Annual Information Return at efile-pensions.bcfsa.ca/
Where do I get the information needed for the plan’s AIR? Your service provider(s), such as your Fundholder, can provide the information needed to complete annual filings
What do I need to log in and file the AIR?
- 1) Update Account Holder: Ensure the E-filing Account Holder is current (either “Employer” or “Day-to-day Administrator”).
- 2) Login Credentials: The Account Holder has unique login credentials for the e-filing portal, which can be shared with someone assisting with APR filing.
- 3) Username: Remains the same as initially assigned.
- 4) Password Reset: E-filing passwords automatically reset every six months. You can reset your password yourself if you know the answer to your security question. Otherwise, contact BCFSA at pensions@bcfsa.ca for assistance.
Does BCFSA have any resources to assist with filing my plan’s AIR?
How much will I need to pay for the filing fee, and how is this payment made? After submitting your AIR, download the PDF summary with the remittance form. Print and use it for fee payment as it includes all relevant plan and transaction details. You can also contact our office to confirm this information.
Do I need to file Audited Financial Statements for my plan? For defined contribution plans, Audited Financial Statements are required to be filed only if the plan is a collectively bargained multi-employer plan. If that criterion is met, the E-filing system will prompt the Account User to upload the statements. Statements must be filed within 180 days of the plan’s fiscal year end. Please see the Audited Financial Statements Information Bulletin for more details.
Are there other documents that need to be submitted at the time I file the AIR? If you have amended your Statement of Investment Policies & Procedures, upload it on the “Certify” page.
To update the contact information for the Employer, Day-to-Day Administrator, and Consultant, e-mail pensions@BCFSA.ca
If your plan is terminating, notify BCFSA and file the required documents. This must be done immediately after the election/decision to terminate or 60 days before the intended effective date of the termination. For more information, please review the Plan Termination Requirements and Checklist.
Submit the form during the first 30 days of each plan fiscal year, and whenever a significant change in the contribution amounts occurs. Required form can be found on our website under Fillable Forms.
Remit within 30 days after the end of the month they relate to.
Ensure easy access to and submission of all forms (enrollment, investment options, beneficiary designation, Family Law Act forms for marital breakdown etc.), and regularly update them to comply with regulations.
Regularly audit plan members’ records for accuracy and completeness.
See our Disclosure Requirements: For All Plans Registered in B.C. advisory for more details.
- Plan Summary/Booklets: Provide up to date plan booklets/summaries when new members join the plan and upon request.
- Annual Active and Retired Member Statements: Ensure these statements are distributed within legislated timelines.
- Plan Amendments: Notify members within the legislated timeline with clear explanations of the changes and their impact.
- Termination Statements: Provide within 60 days of membership termination (unless in a multi-employer plan).
- Death Benefits: Distribute statements within 60 days after proof of death.
Address all inquiries and complaints.
Protect the privacy and confidentiality of plan and member data from unauthorized access.
Monitor service provider’s performance on the activities that were delegated.