Responsibilities | Pension Plans
Overview - Pensions Department

The Financial Institutions Commission of British Columbia ("FICOM") administers and enforces the Pension Benefits Standards Act (the "PBSA"). The PBSA governs employment pension plans that have members in British Columbia. The chief administrative officer responsible for administration and enforcement of the PBSA is the Superintendent of Pensions.

The PBSA is designed to protect the interests of British Columbia pension plan members by setting minimum standards for British Columbia pension plans. The minimum standards apply in areas such as eligibility, vesting, portability, survivor benefits, employer contributions, and disclosure to members.

The PBSA is also designed to protect the financial health of pension plans through rules for investment of a plan's assets, and through funding and solvency standards. The PBSA requires the periodic review by an actuary for certain types of plans. The PBSA also has special rules that apply to wind-ups of pension plans. The PBSA protects terminating members who are transferring entitlements out of pension plans by requiring approval of vehicles for locked-in pension transfers.

Information describing the PBSA in plain language is available online in two documents: Pension Benefits Standards Act - Information for Pension Plan Members, and Pension Benefits Standards Act - Questions & Answers

The Financial Institutions Commission is not responsible for programs administered by the federal government such as the Canada Pension Plan ("CPP"), Old Age Security ("OAS"), or Guaranteed Income Supplement ("GIS"). For enquiries related to these programs contact the CPP or OAS (1 800 277-9914, or 1 800 343-8282 from outside Canada).

The Financial Institutions Commission does not administer the pension plans covering provincial public sector employees. Pension plans covering provincial government employees, municipal employees, teachers and colleges are administered by the British Columbia Pension Corporation.

The PBSA does not have jurisdiction over federal public sector employees, or private sector employees working in federally regulated industries. Federal public sector employees are covered by the federal act relevant to their particular pension plan. Private sector pension plan members under federal jurisdiction are covered by the Pension Benefits Standards Act, 1985, R.S.C. 1985 (2nd Supp.), c. 32, a federal statute administered by the Office of the Superintendent of Financial Institutions ("OSFI"). Some examples of industries whose pension plans are regulated by OSFI are aviation and airlines, banks, broadcasting and telecommunications, interprovincial transportation, marine navigation and shipping, and railways. Employees who work and reside in the Yukon, Northwest Territories or Nunavut are also covered by that statute. OSFI has published a Pension Guide for Members of Federally Regulated Private Pension Plans (PDF file).

For further information on the requirements of the Pension Benefits Standards Act, or about the policies and activities of the Pensions Department of FICOM, please contact:

Address and Contact Information

Deputy Superintendent, Pensions
Pensions Department
Financial Institutions Commission
Suite 1200 - 13450 102nd Avenue
Surrey, British Columbia, V3T 5X3

Telephone: 604 953-5200
Fax: 604 953-5301
Email: FICOM@ficombc.ca

Here is a map showing the location of the office.