Defined Contribution Decumulation Framework
The Financial and Consumer Services Commission of New Brunswick (the Commission) has brought together a group of industry stakeholders to serve as part of a technical working group on a proposed defined contribution decumulation framework.
New Brunswick defined contribution (DC) pension plan members have few options for the decumulation phase of their retirement journey. Industry stakeholders are asking for policy changes that support additional decumulation options.
The Commission has performed a preliminary analysis and developed a discussion paper. Technical working group members will provide comments to this paper based on their experience, identify issues and assist the Commission in developing a proposed decumulation framework for DC plan members.
Technical Working Group Members
- Maryse Gagnon-Ouellette (Chair), Financial and Consumer Services Commission of New Brunswick
- Tarun Goolcharan, TELUS Health
- Janice Holman, Eckler Ltd.
- Dante Manna, Stewart McKelvey
- Guillaume Richard, McCain Foods Limited
- Kevin Ring, Interpro Pipe & Steel Canada Inc.
- Eric Robert, Vestcor
- Barbara Sanders, Simon Fraser University
- Dave Whyte, Canada Life and Health Insurance Association
Terms of Reference
View the technical working group terms of reference, which set out the role, membership and operations for members.
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.
For more information, please contact:
Pensions Division
Financial and Consumer Services Commission of New Brunswick
225 King Steet, Suite 200
Fredericton, NB E3B 1E1
Toll-Free: 1-866-933-2222
Email: pensions-retraite@fcnb.ca