9.2 A Crown corporation may reduce solvency special payments for a plan year under section 9.16 of the Act if
(a) it is an agent of Her Majesty in right of Canada;
(b) it has notified the Minister and the appropriate Minister, as defined in subsection 83(1) of the Financial Administration Act, of the decision to reduce its solvency special payments;
(c) it obtains from the Minister and the appropriate Minister, as defined in subsection 83(1) of the Financial Administration Act, letters acknowledging that they have been informed that it intends to reduce its solvency special payments and that they do not object to the reduction; and
(d) it files the information and documentation described in paragraphs (b) and (c) with the Superintendent within 60 days after the reduction is made.
- SOR/2011-85, s. 4.
VOID AMENDMENT — SOLVENCY RATIO
9.3 (1) For the purposes of paragraph 10.1(2)(c) of the Act, the prescribed solvency ratio level is 0.85.
(2) For the purposes of paragraph 10.1(2)(c) of the Act, the solvency ratio following the amendment is the solvency ratio set out in the most recent actuarial report adjusted to reflect
(a) the effect on the solvency ratio of the increase in solvency liabilities as a result of the amendment, determined in accordance with subsection 9(13); and
(b) the effect of any lump sum payment to the pension fund made before the later of
(i) the effective date of the amendment; and
(ii) the date when the actuarial report prepared in respect of the amendment was filed with the Superintendent.
(3) For the purposes of paragraph 10.1(2)(d) of the Act, the prescribed solvency ratio level is 1.0
(a) during a negotiation period referred to in subsection 29.04(1) of the Act; and
(b) while a funding schedule approved by the Minister under section 29.3 of the Act is in effect.
- SOR/2011-85, s. 4.
10. (1) An administrator who fails to pay into the fund any amount remitted to the administrator under subsection 9(14) is liable to the plan for the outstanding payment and interest on it.
(2) If an employer fails to make payments to the plan at the times set out in subsection 9(14) or fails to make payments in accordance with subsection 29(6) of the Act or if the administrator is liable under subsection (1), the interest rate shall be
(a) in respect of a going concern special payment, the one used to determine the going concern liabilities;
(b) in respect of a solvency special payment, the one used to determine the solvency liabilities;
(c) in respect of a normal cost, the one applicable in paragraph (a);
(d) in respect of any other payments, the one applicable in paragraph (b); and
(e) in respect of an amount required to be paid under a defined contribution provision, the greater of the rate of return of the fund as at the date that the amount was required to be paid and 0%.
- SOR/2002-78, s. 8;
- SOR/2010-149, s. 3;
- SOR/2011-85, s. 5.
- Date modified: