2014-15 Pension Plans Survey
Data Tables

1. Overall, how satisfied or dissatisfied are you with OSFI as a regulator and supervisor of private pension plans?

  Counts Percentage (%)
Total 193 100
Very Satisfied 65 34
Somewhat Satisfied 61 32
Neither Satisfied nor Dissatisfied 47 24
Somewhat Dissatisfied 15 8
Very Dissatisfied 5 3
Top 2 box 126 65
Bottom 2 box 20 10
Don't Know 10 5

1b. Please provide any comments on why you are satisfied/dissatisfied with OSFI as a regulator and supervisor of private pension plans.

Subsample: Positive comments

Unprompted Responses Counts Percentage (%)
Total 88 100
Good staff/service 22 25
Good communication/updates 13 15
Satisfied with OSFI/good regulation/supervision of private pension plans 11 13
Quick/efficient service/responsive 8 9
Knowledgeable/good source of information 7 8
Available/accessible 4 5
Good/effective websites/RRS 4 5
Provides safety/security/protection 3 3
Other 9 10

1c. Please provide any comments on why you are satisfied/dissatisfied with OSFI as a regulator and supervisor of private pension plans.

Subsample: Negative comments

Unprompted Responses Counts Percentage (%)
Total 88 100
Difficulty using RRS 11 13
Slow service/poor response time 10 11
Inflexible/Interpretation too rigid 7 8
Lack of contact/OSFI staff hard to reach 7 8
Demands unrealistic/too complex 5 6
Lack of support/information 4 5
Lack of clarity 2 2
Limited dealings/lack of experience with OSFI 4 5
Don't Know 1 1

2. How would you rate OSFI on the extent to which OSFI focuses on the appropriate areas of risk affecting pension plans?

  Counts Percentage (%)
Total 165 100
Very Good 45 27
Good 93 56
Fair 27 16
Poor 0 0
Very Poor 0 0
Top 2 box 138 84
Bottom 2 box 0 0
Don't Know 38 19

3. What one or two risk areas do you believe should be priorities for OSFI in the next couple of years pertaining to pension plans?

Unprompted Responses Counts Percentage (%)
Total 72 100
Monitoring investments for stability/security/sustainability/longevity 21 29
Funding/Solvency issues 21 29
Monitoring markets/Economy/Interest rates 8 11
Concerns related to defined benefit (DB) plans 7 10
Concerns related to defined contribution (DC) plans 2 3
Governance 2 3
Asset-liability matching 1 1
Stress testing 1 1
Other 27 38
Don't know/refused 35 33

4. From time to time, OSFI develops guidance (which includes guides, guidelines and instructions) for federally regulated private pension plans. How would you rate OSFI with respect to: Consulting with the pension plan industry when developing guidance?

  Counts Percentage (%)
Total 157 100
Very Good 33 21
Good 76 48
Fair 37 24
Poor 10 6
Very Poor 1 1
Top 2 box 109 69
Bottom 2 box 11 7
Don't Know 46 23

5. Thinking about OSFI's guidance, would you agree or disagree with the following: I am aware of the guidance material published by OSFI.

  Counts Percentage (%)
Total 189 100
Strongly Agree 36 19
Agree 109 58
Neither Agree nor Disagree 29 15
Disagree 14 7
Strongly Disagree 1 1
Top 2 box 145 77
Bottom 2 box 15 8
Don't Know 14 7

6. Thinking about OSFI's guidance, would you agree or disagree with the following: I know where to find OSFI guidance material.

  Counts Percentage (%)
Total 185 100
Strongly Agree 39 21
Agree 99 54
Neither Agree nor Disagree 26 14
Disagree 18 10
Strongly Disagree 3 2
Top 2 box 138 75
Bottom 2 box 21 11
Don't Know 18 9

7. Overall, how effective or ineffective do you think OSFI's guidance is in: Providing a clear indication of OSFI's expectations?

  Counts Percentage (%)
Total 188 100
Very Effective 56 30
Somewhat Effective 91 48
Neither Effective nor Ineffective 23 12
Somewhat Ineffective 13 7
Very Ineffective 5 3
Top 2 box 147 78
Bottom 2 box 18 10
Don't Know 15 7

8. Overall, how effective or ineffective do you think OSFI's guidance is in: Supporting you in your role to ensure that your plan is in compliance with federal pension requirements?

  Counts Percentage (%)
Total 191 100
Very Effective 57 30
Somewhat Effective 83 43
Neither Effective nor Ineffective 30 16
Somewhat Ineffective 15 8
Very Ineffective 6 3
Top 2 box 140 73
Bottom 2 box 21 11
Don't Know 12 6

9. A. How effective or ineffective do you believe OSFI is in identifying potential problems in pension plans? (Revised wording)

Subsample: Split sample.

  Counts Percentage (%)
Total 79 100
Very Effective 19 24
Somewhat Effective 39 49
Neither Effective nor Ineffective 14 18
Somewhat Ineffective 6 8
Very Ineffective 1 1
Top 2 box 58 73
Bottom 2 box 7 9
Don't Know 19 19

9. B. How effective do you believe OSFI is in identifying actual and potential problems in pension plans? (Original wording)

Subsample: Split sample.

  Counts Percentage (%)
Total 79 100
Very Effective 27 34
Somewhat Effective 41 52
Neither Effective nor Ineffective 6 8
Somewhat Ineffective 4 5
Very Ineffective 1 1
Top 2 box 68 86
Bottom 2 box 5 6
Don't Know 26 25

10. Thinking back over the past year, how would you rate OSFI with respect to: Providing an opportunity for your plan(s) to discuss issues of concern with OSFI prior to OSFI coming to a conclusion?

  Counts Percentage (%)
Total 137 100
Very Good 37 27
Good 50 36
Fair 29 21
Poor 14 10
Very Poor 7 5
Not applicable 34 17
Top 2 box 87 64
Bottom 2 box 21 15
Don't Know 32 16

11. Thinking back over the past year, how would you rate OSFI with respect to: The clarity of OSFI's written correspondence outlining issues of concern?

  Counts Percentage (%)
Total 158 100
Very Good 37 23
Good 73 46
Fair 31 20
Poor 12 8
Very Poor 5 3
Not applicable 26 13
Top 2 box 110 70
Bottom 2 box 17 11
Don't Know 19 9

12. A. Overall, how effective or ineffective do you think OSFI is in supervising your plan(s) (e.g., ongoing monitoring, on-site examinations and specific interventions)? (Revised Wording)

Subsample: Split sample.

  Counts Percentage (%)
Total 80 100
Very Effective 25 31
Somewhat Effective 40 50
Neither Effective nor Ineffective 8 10
Somewhat Ineffective 5 6
Very Ineffective 2 2
Top 2 box 65 81
Bottom 2 box 7 9
Don't Know 18 18

12. B. Overall, how effective do you think OSFI is in monitoring and supervising your plan(s)? (Original wording)

Subsample: Split sample.

  Counts Percentage (%)
Total 92 100
Very Effective 44 48
Somewhat Effective 30 33
Neither Effective nor Ineffective 11 12
Somewhat Ineffective 6 7
Very Ineffective 1 1
Top 2 box 74 80
Bottom 2 box 7 8
Don't Know 13 12

13. Have you submitted an application for a regulatory approval in the past 3 years?

  Counts Percentage (%)
Total 201 100
Yes 62 31
No 139 69
Don't Know 2 1

14. What is your overall level of satisfaction with OSFI in processing applications from your plan(s)?

Subsample: Valid responses among those who have submitted an application for regulatory approval in the last 3 years.

  Counts Percentage (%)
Total 61 100
Very Satisfied 23 38
Somewhat Satisfied 23 38
Neither Satisfied nor Dissatisfied 7 11
Somewhat Dissatisfied 6 10
Very Dissatisfied 2 3
Top 2 box 46 75
Bottom 2 box 8 13
Don't Know 1 2

15. Thinking about application(s) for a regulatory approval your pension plan submitted in the past 3 years, how would you rate OSFI with respect to: Responding to requests for updates on the status of applications submitted by your pension plan(s)?

  Counts Percentage (%)
Total 56 100
Very Good 14 25
Good 29 52
Fair 9 16
Poor 2 4
Very Poor 2 4
Top 2 box 43 77
Bottom 2 box 4 7
Don't Know 6 10

16. Thinking about application(s) for a regulatory approval your pension plan submitted in the past 3 years, how would you rate OSFI with respect to: Providing an opportunity to discuss issues of concern with OSFI prior to OSFI coming to a conclusion?

  Counts Percentage (%)
Total 55 100
Very Good 12 22
Good 28 51
Fair 14 25
Poor 1 2
Very Poor 0 0
Top 2 box 40 73
Bottom 2 box 1 2
Don't Know 7 11

17. How satisfied or dissatisfied are you with the timeliness with which OSFI processes application(s) for approval from your plan(s)?

  Counts Percentage (%)
Total 59 100
Very Satisfied 16 27
Somewhat Satisfied 25 42
Neither Satisfied nor Dissatisfied 6 10
Somewhat Dissatisfied 5 8
Very Dissatisfied 7 12
Top 2 box 41 69
Bottom 2 box 12 20
Don't Know 3 5

18. When you have a question related to the plan(s) for which you play a role, who do you normally contact at OSFI?

  Counts Percentage (%)
Total 156 100
Relationship Manager/Plan Supervisor 67 43
OSFI toll free line (1-800 number) 36 23
OSFI general email (i.e. info@osfi-bsif.gc.ca) 20 13
Actuarial Consultant 10 6
Contact my insurance company directly (general) 8 5
Regulatory Data Management Division (formerly Regulatory Information Division-RID) 5 3
Approvals Officer/Manager 4 3
Policy Officer/Manager 2 1
Don't Know 47 23

19. Thinking about your interactions with OSFI staff on any pension supervisory or regulatory matter, overall how satisfied or dissatisfied are you with: the timeliness of OSFI's response to general and plan-specific related enquiries?

  Counts Percentage (%)
Total 173 100
Very Satisfied 55 32
Somewhat Satisfied 64 37
Neither Satisfied nor Dissatisfied 36 21
Somewhat Dissatisfied 16 9
Very Dissatisfied 2 1
Top 2 box 119 69
Bottom 2 box 18 10
Don't Know 30 15

20. Thinking about your interactions with OSFI staff on any pension supervisory or regulatory matter, overall how satisfied or dissatisfied are you with: OSFI's capacity to interact with you in the official language of your choice (i.e., English or French)?

  Counts Percentage (%)
Total 174 100
Very Satisfied 110 63
Somewhat Satisfied 38 22
Neither Satisfied nor Dissatisfied 22 13
Somewhat Dissatisfied 2 1
Very Dissatisfied 2 1
Top 2 box 148 85
Bottom 2 box 4 2
Don't Know 29 14

21. Which of the following are areas in which you are dissatisfied?

  Counts
Total 4
OSFI's capacity to speak to me in my official language of choice (e.g., in meetings, over the phone). 1
OSFI's capacity to write to me in my official language of choice (e.g., in emails, letters). 1
OSFI's capacity to read materials I send to them in my official language of choice (e.g., institution-specific documents, letters). 0
None of the above. 3

22. Now, thinking about your most recent interaction with OSFI, what was the main reason you contacted OSFI?

  Counts Percentage (%)
Total 167 100
Assistance filling out forms/returns/RRS 87 52
Plan-specific question(s) 25 15
Interpretation of legislation or regulations 17 10
Interpretation of guideline(s) 8 5
Submit application/report/changes 2 1
Other 6 4
I don't recall 21 13
Not applicable 32 16
Don't Know 4 2

23. In the end, did you get the information/assistance you needed?

Subsample: Valid responses among those who had a reason to contact OSFI.

  Counts Percentage (%)
Total 148 100
Yes 134 91
No 14 9

23b. Please tell us what information/assistance you did not receive.

Subsample: Valid responses among those who did not get the information/assistance they needed.

Unprompted Responses Counts
Total 13
Still in progress/awaiting a response from OSFI 5
Poor/unclear information/responses 2
Lack of knowledge/expertise 2
Other 4

24. Going forward, if OSFI holds the Pension Industry Forum via webinar only, would you plan to participate?

  Counts Percentage (%)
Total 203 100
Yes 105 52
No 34 17
Undecided 64 32

24b. Please select the main reason you would not plan to participate?

Subsample: All valid responses among those who would not plan to participate in the webinar.

  Counts Percentage (%)
Total 98 100
I am unsure if I will be available to participate in future Forums 50 51
I am not interested in participating in future Forums 21 21
I would prefer to participate in the Forum in person (in Toronto) 11 11
Someone else would be attending/not my area/responsibility 6 6
Other 10 10

25. In November 2014, the most recent edition of OSFI's electronic newsletter “InfoPensions” (Issue 12) was posted on its website. Thinking about this recent InfoPensions, were you:

  Counts Percentage (%)
Total 201 100
Aware of InfoPensions Issue 12, and read most/all of it 28 14
Aware of InfoPensions Issue 12, and read some of it 29 14
Aware of InfoPensions Issue 12, but did not read it 33 16
Not Aware of InfoPensions Issue 12 109 54
Other 2 1
Total Aware and Read 57 28
Don't Know 2 1

26. How would you rate the usefulness of the information provided in the November 2014 InfoPensions (Issue 12)?

Subsample: All valid responses among those who are aware of and read InfoPensions.

  Counts Percentage (%)
Total 56 100
Very Useful (5) 15 27
4 26 46
Neutral (3) 15 27
2 0 0
Not at all useful (1) 0 0
Top 2 box 41 73
Bottom 2 box 0 0
Don't Know 5 8

27. How often do you typically visit the Private Pension Plans area of OSFI's website?

  Counts Percentage (%)
Total 202 100
More than once a week 0 0
About once a week 0 0
About once every two to three weeks 10 5
About once a month 22 11
About once every 2 to 3 months 29 14
Less than once every 3 months 109 54
Never 32 16
Once a month or more 32 16
Don't Know 1 0

28. Overall, how would you rate the usefulness of the information provided in the Private Pension Plans area of OSFI's website?

Subsample: Valid responses among those who have visited the OSFI website.

  Counts Percentage (%)
Total 150 100
Very Useful (5) 31 21
4 54 36
Neutral (3) 60 40
2 5 3
Not at all useful (1) 0 0
Top 2 box 85 57
Bottom 2 box 5 3
Don't Know 19 11

29. Thinking about your visit(s) over the past year to the Private Pension Plans area of OSFI's website, please selectthe main purpose(s) of your visit?

Subsample: Valid responses among those who have visited the OSFI website.

  Counts Percentage (%)
Total 165 100
Access information related to reporting requirements 69 42
Obtain information on filing returns using the Regulatory Reporting System (RRS) 69 42
Obtain information/updates on OSFI guidance or policy statements 55 33
Research or look for information on a specific topic 54 33
View, print or download forms 39 24
Look for answers to specific questions (e.g. in the Frequently Asked Questions section) 32 19
Read the most recent edition of OSFI's electronic newsletter InfoPensions 19 12
Learn about OSFI (e.g. mandate, activities) 18 11
View and/or download documents (e.g. reports, newsletters, guides) 11 7
Access speeches/presentations 5 3
Search for specific pension plans 4 2
Other 1 1
Don't know 4 2

30A. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to access information related to reporting requirements.

  Counts
Total 68
All of what you were looking for 19
Most of what you were looking for 32
Some of what you were looking for 14
A little of what you were looking for 2
None 1
Don't Know 1

30B. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to obtain information on filing returns using the Regulatory Reporting System (RRS).

  Counts
Total 66
All of what you were looking for 18
Most of what you were looking for 23
Some of what you were looking for 14
A little of what you were looking for 9
None of what you were looking for 2
Don't Know 3

30C. Please provide ratings for the three main purposes selected at Q29.Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to obtain information/updates on OSFI guidance or policy statements.

  Counts
Total 53
All of what you were looking for 15
Most of what you were looking for 26
Some of what you were looking for 10
A little of what you were looking for 2
None of what you were looking for 0
Don't Know 1

30D. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to research or look for information on a specific topic.

  Counts
Total 50
All of what you were looking for 9
Most of what you were looking for 24
Some of what you were looking for 13
A little of what you were looking for 3
None of what you were looking for 1
Don't Know 0

30E. Please provide ratings for the three main purposes selected at Q29.Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to view, print or download forms.

  Counts
Total 39
All of what you were looking for 24
Most of what you were looking for 10
Some of what you were looking for 5
A little of what you were looking for 0
None of what you were looking for 0
Don't Know 0

30F. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to look for answers to specific questions (e.g. in the Frequently Asked Questions section)”.

  Counts
Total 31
All of what you were looking for 4
Most of what you were looking for 13
Some of what you were looking for 8
A little of what you were looking for 6
None of what you were looking for 0
Don't Know 1

30G. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to read the most recent edition of OSFI's electronic newsletter “InfoPensions”.

  Counts
Total 19
All of what you were looking for 10
Most of what you were looking for 6
Some of what you were looking for 3
A little of what you were looking for 0
None of what you were looking for 0
Don't Know 0

30H. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to learn about OSFI (e.g. mandate, activities).

  Counts
Total 18
All of what you were looking for 1
Most of what you were looking for 4
Some of what you were looking for 8
A little of what you were looking for 4
None of what you were looking for 1
Don't Know 0

30I. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to view and/or download documents (e.g. reports, newsletters, guides).

  Counts
Total 11
All of what you were looking for 6
Most of what you were looking for 3
Some of what you were looking for 2
A little of what you were looking for 0
None of what you were looking for 0
Don't Know 0

30J. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to access speeches/presentations.

  Counts
Total 5
All of what you were looking for 3
Most of what you were looking for 2
Some of what you were looking for 0
A little of what you were looking for 0
None of what you were looking for 0
Don't Know 0

30K. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website to search for specific pension plans.

  Counts
Total 4
All of what you were looking for 0
Most of what you were looking for 0
Some of what you were looking for 3
A little of what you were looking for 1
None of what you were looking for 0
Don't Know 0

30L. Please provide ratings for the three main purposes selected at Q29. Would you say you found…?

Subsample: Valid responses among those who have visited the OSFI website for something else.

  Counts
Total 9
All of what you were looking for 4
Most of what you were looking for 2
Some of what you were looking for 1
A little of what you were looking for 0
None of what you were looking for 2
Don't Know 2

31b. Please describe what you did not find on the OSFI website.

Subsample: Valid responses among Plan Administrators who were not able to find all or most of what they needed on OSFI's website.

Unprompted Responses Counts
Total 24
RRS information/guidance/troubleshooting 9
Clear instructions/directions on filing/completing forms/submitting reports 4
Pension information/guides 4
Difficulty finding/locating forms (unspecified) 1
Interpretation/more complete/expanded interpretive bulletins 1
Answers to specific questions (unspecified) 0
Other 5
Don't Know 7

32. Are you a user of the Regulatory Reporting System (RRS)?

  Counts Percentage (%)
Total 203 100
Yes 157 77
No 46 23

33. Have you used the training materials for RRS users (e.g. web tutorials, user guides, quick reference guides)?

Subsample: Valid responses among RRS users.

  Counts Percentage (%)
Total 156 100
Yes 117 75
No 39 25
Don't Know 1 1

33b. Please tell us why you have not used the RRS training materials?

Subsample: Valid responses among RRS users who have not used RRS training materials.

Unprompted Responses Counts
Total 39
I was not aware that RRS training materials were available 16
I do not need training 8
I could not find the training materials on the OSFI website 0
Someone else prepares/inputs data/I play a limited role 7
Busy/no time 5
Other 3
Don't Know 1

34. Do you agree or disagree that the training materials for RRS users are easy to use (e.g., web tutorials, user guides, quick reference guides)?

Subsample: Valid responses among RRS users who have used RRS training materials.

  Counts Percentage (%)
Total 116 100
Strongly Agree 11 9
Agree 43 37
Neither Agree nor Disagree 26 22
Disagree 24 21
Strongly Disagree 12 10
Top 2 box 54 47
Bottom 2 box 36 31
Don't Know 1 1

34b. Please explain why you did not find the RRS training materials easy to use.

Subsample: Valid responses among RRS users who have used RRS training materials, but did not find them easy to use.

Unprompted Responses Counts
Total 30
Hard to understand/too technical/confusing 13
Did not provide sufficient information/did not address issues faced 9
Hard to use/not user friendly 7
Documentation/manual too lengthy 6
Lack of help resources 2
Hard to navigate/poor layout/information was hard to find 2
Other 5

35. How would you rate OSFI with respect to how proactive it is in dealing with emerging issues pertaining to pension plans?

  Counts Percentage (%)
Total 152 100
Very Good 29 19
Good 78 51
Fair 37 24
Poor 7 5
Very Poor 1 1
Top 2 box 107 70
Bottom 2 box 8 5
Don't Know 51 25

36. Are there any other comments you would like to make concerning the issues raised in this questionnaire, or about other issues you believe are relevant at this time?

Unprompted Responses Counts
Total 52
Difficulty using RRS/website - too cumbersome/time-consuming 17
OSFI needs to provide better support/information 3
Good staff/service/helpful/accommodating 3
Lack of contact/OSFI staff hard to reach/ poor communication 3
Slow service/poor response time 3
Demands unrealistic/too complex/OSFI too inflexible 2
Concerns related to defined benefit (DB) plans 2
Satisfied with OSFI/good regulation/ supervision of private pension plans 2
Limited dealings/experience with OSFI 2
Inflexible/Interpretation too rigid 1
Other 6
None/no comments 16
Don't know/refused 22