The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to comment on the proposed regulatory amendments to the Pensions Benefits Standards Act, 1985 (PBSR), and more specifically, to the modernization of the investment rules (the “Proposed Amendments“).
PMAC is supportive of modernizing and strengthening the framework governing federally regulated private pension plans. Collectively, our member firms manage investment portfolios for most of Canada’s pension plans and, as such, have special experience with the issues faced by pension plans, their administrators, advisers and portfolio managers with regard to the investment of pension plan assets. We support a regulatory framework for pension plan investment managers that provides greater flexibility to pursue investment strategies that mitigate risk, optimize return and allow appropriate diversification to meet plan liabilities. In this regard, we support the objective of modernizing the investment rules and our comments will be focused on this part of the Proposed Amendments.