Meeting Summaries

Technical Working Group – Working Session #1

On January 15, 2026, the Commission held the first meeting of its Technical Working Group. At this working session, the group discussed Variable Payment Life Annuities (VPLAs) and how VPLAs could support retirement income for defined contribution plan members in New Brunswick.

Participants discussed the Canadian regulatory context for VPLAs and shared perspectives on key design and oversight considerations, including the treatment of reference rates, investment and mortality adjustments, reporting and actuarial requirements, and implementation timing.

Technical Working Group – Working Session #2

On February 12, 2026, the Commission held the second meeting of its Technical Working Group. The group continued its discussion on Variable Payment Life Annuities (VPLAs). This session focused on disclosure, plan termination, and survivor-related considerations for VPLAs, including the scope and timing of member disclosures, the structure of benefit estimates, wind-up reporting approaches, portability options on plan termination, spousal protections as well as fees and expenses.

Technical Working Group – Working Session #3

On February 23, 2026, the Commission held the third meeting of its Technical Working Group, shifting the discussion from Variable Payment Life Annuities (VPLAs) to Variable Benefits (VBs) as a potential decumulation option within pension plans.

Participants discussed the role and design of VBs, including their interaction with existing decumulation options, unlocking and portability considerations, fiduciary and disclosure implications, spousal protections and broader questions of practicality, scale, and member experience.

Technical Working Group – Working Session #4

The Commission held the final working session of its Technical Working Group on March 16, 2026. At this working session, the group discussed Advanced Life Deferred Annuities (ALDAs), including their potential role as a retirement income option, regulatory and market alignment issues, communication and education needs. 

An open discussion at the end of the session allowed participants to revisit related issues, including fees and expenses, fiduciary responsibilities, mortality assumptions, access to VPLAs across different retirement savings arrangements, and the importance of strong consumer protection and clear communication. Overall, the discussion emphasized balancing flexibility, clarity, and member protection when considering a revised decumulation framework.