Delay of the Effective Date of the Changes to the Standards of Practice Regarding Commuted Values
On January 12, 2020, the Actuarial Standards Board (ASB) of the Canadian Institute of Actuaries approved an amendment to Section 3500 of the Standards of Practice, in addition, a new subsection applicable exclusively to target pension arrangements.
The amended Section 3500 was schedule to come into effect on August 1, 2020. Early adoption of these modifications was also permitted under certain conditions for the target pension arrangements.
For more information pertaining to the changes to Section 3500 of the Standard of Practice please consult our issue 20-02.
Delay of the effective date
On April 6, 2020, the ASB decided to delay the effective date of the revised Standards of Practice to a date no earlier than December 1, 2020. This new anticipated effective date may be revised due to the circumstances and implications of the COVID-19.
Early adoption of these modifications is still permitted for target pension arrangements but is prohibited for other types of pension plans.