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Benefits and Pensions MonitorDavid Gordon Deputy Superintendent, Pensions Financial Services Commission of Ontario David Gordon brings 28 years of experience in the pension sector to his role as deputy superintendent, pensions, with the Financial Services Commission of Ontario (FSCO). He has held progressive roles with FSCO (formerly the Pension Commission of Ontario) since 1983. As deputy superintendent, pensions, Gordon oversees approximately 6,200 pension plans in Ontario for regulatory activities from both a policy and operational side. David Gordon knows pensions. In 1975, Gordon’s first permanent job out of school was processing retirements for corporate clients with pension plans at Standard Life. He has been in roles of increasing responsibility ever since, now holding the position of deputy superintendent, pensions, with the Financial Services Commission of Ontario (FSCO). Gordon was with Standard Life for eight years, during which time he worked up to service representative with a group of approximately 35 clients with group life and group pension plans. He joined the (former) Pension Commission of Ontario as a pension officer in 1983. As pension officer, he was a frontline operational official responsible for discharging regulatory functions for an allocation of pension plans. The main focus of the commission was compliance with the Ontario Pensions Benefit Act (PBA). In 1998, the Ministry of Finance decided to merge the Pension Commission of Ontario, the Ontario Insurance Commission, and the Deposit Institutions Division of the ministry. Gordon carried on in the pension regulation field and helped keep that department running through the amalgamation. During that time, the Financial Services Tribunal (an independent, adjudicative body that hears appeals of regulatory decisions by the superintendent and reviews proposed orders of the superintendent) was also introduced. Senior Management Ranks Shortly after the merger, Gordon moved into the senior management ranks and became director of the pension plans branch. “At that point, I became more responsible for the whole operational area of the commission in charge of pension regulation,” says Gordon. Plans are registered and all the transactions and applications are processed at that branch. In 2001, the pensions branch was reorganized by changing the structure from one centralized branch to creating a pension division, which combined the former pension plans branch (the operational arm) and the pension policy portion (previously the corporate policy area). With the formation of the division came the creation of the position of deputy superintendent, pensions. Gordon was the successful candidate for the job. As deputy superintendent, pensions, Gordon’s responsibilities include all the pension regulatory activities in the commission both from a regulatory policy side and the operational side. “What I find exciting about the role I play here,” says Gordon, “is I oversee the entire pension industry in Ontario and see all the issues that arise. I see myself as having a role to ensure that members’ rights are protected to the full extent required by the legislation.” Treatment Of Surplus One of the issues currently on Gordon’s desk is the treatment of surplus on partial wind-ups. Not surprisingly, Gordon sees the treatment of surplus on partial wind-up as “a very major issue for the industry and has significant workload implications for us, depending on the outcome. We have quite a few partial wind-ups on hold right now awaiting that decision. It’s been a source of a lot of controversy within the industry. It is important to me to have confirmation and clarity of what the legislation requires.” Although the commission is not the pension policy arm of the government, part of its mandate is to make recommendations to the minister of finance. “We have a role and provide a lot of technical expertise and support but, the decision-making process, at least until now, has been somewhat independent from our involvement.” The proposed merger between FSCO and the Ontario Securities Commission (OSC) may give the pension commission rule-making authority to make changes without having to go back to the government in cabinet, “where it’s mainly very technical and administrative in nature. It would give a very open and transparent process to effect some changes in certain areas and allow us to do some harmonization initiatives as part of that rule-making authority.” Gordon believes the creation of the pension division was, in part, in anticipation of the merger to create a fully-contained business unit responsible for all the pension regulatory activities, policy and operational. “(The merger) won’t change how we conduct our business. However, having rule-making authority may create some opportunities to streamline and address some of the smaller issues. It’s certainly something I think would be beneficial for us.” |
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I was accountable to the Superintendent of Pensions for ensuring the commission met its responsibilities as far as administering the PBA.” 