Air Canada Pension Plan Funding Regulations, 2014 (SOR/2013-244)

Regulations are current to 2017-11-20 and last amended on 2014-01-01. Previous Versions

Solvency Ratio Level

Marginal note:Non-application

 Section 9.3 of the Pension Benefits Standards Regulations, 1985, with the exception of subsection 9.3(2), does not apply in respect of an Air Canada pension plan.

Marginal note:Void amendment

 For the purposes of paragraphs 10.1(2)(c) and (d) of the Act, the prescribed solvency ratio level is 1.0.

Plan Termination

Marginal note:Special payment — plan termination
  •  (1) If the whole of an Air Canada pension plan is terminated, the special payment referred to in paragraph 29(6)(b) of the Act that is due on termination is equal to the sum of, in the absence of termination, the amount that would have been required to be paid to the plan in accordance with paragraph 5(1)(b) for the period beginning on the day on which the plan is terminated and ending on the last day of the plan year in which it is terminated and the amount that would have been determined in accordance with subsection 5(4).

  • Marginal note:Solvency deficiency and solvency liabilities to be used

    (2) The amount of the solvency deficiency and solvency liabilities of the plan and the aggregate amount of the solvency deficiencies and solvency liabilities of all plans that are to be used to determine the amount referred to in subsection (1) are the last amounts determined before the termination.

Rights to Information

Marginal note:Information — subparagraph 28(1)(b)(iv) of Act

 The following information is prescribed for the purposes of subparagraph 28(1)(b)(iv) of the Act, in addition to the information referred to in section 23 of the Pension Benefits Standards Regulations, 1985:

  • (a) the amount of the plan’s solvency deficiency as shown in the last actuarial report filed with the Superintendent;

  • (b) the fact that the plan is being funded in accordance with these Regulations;

  • (c) the amount of payments, other than the normal cost, that were required to be paid to the plan during the plan year covered by the statement; and

  • (d) the amount of special payments that would have been paid to the plan for the plan year covered by the statement if the plan had been funded in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 during that plan year.

Marginal note:Recipients
  •  (1) The statement referred to in paragraph 28(1)(b.1) of the Act must be mailed to the former member of the plan and either to that former member’s spouse, or if the former member is cohabiting with a common-law partner, to that common-law partner rather than the former member’s spouse, whose names and addresses are shown on the records of the administrator.

  • Marginal note:Information — subparagraph 28(1)(b.1)(ii) of Act

    (2) The information referred to in paragraphs 10(a) to (d) is prescribed for the purposes of subparagraph 28(1)(b.1)(ii) of the Act.

Transitional Provision

Marginal note:Outstanding amounts

 For greater certainty, any amounts that were required to be paid under the Air Canada Pension Plan Funding Regulations, 2009 and have not yet been paid continue to be required until they are paid and subsections 9(14) and 10(2) of the Pension Benefits Standards Regulations, 1985 continue to apply in respect of those amounts.

Consequential Amendment to the Pension Benefits Standards Regulations, 1985

 [Amendment]

Cease To Be in Force

Marginal note:December 31, 2020

 These Regulations, other than subsections 1(1), 3(3) and (4), cease to be in force on December 31, 2020.

Repeal

 [Repeal]

Coming into Force

Marginal note:January 1, 2014

 These Regulations come into force on January 1, 2014.

 
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