Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
- HTMLFull Document: Jobs and Economic Growth Act (Accessibility Buttons available) |
- PDFFull Document: Jobs and Economic Growth Act [3109 KB]
Assented to 2010-07-12
PART 9R.S., c. 32 (2nd Supp.)PENSION BENEFITS STANDARDS ACT, 1985
Amendments to the Act
Marginal note:1998, c. 12, s. 9
1796. (1) The portion of subsection 9.2(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Refund of surplus to the employer
9.2 (1) If an actuarial report prepared by a designated actuary or filed under subsection 12(2) indicates that there is a surplus, no part of that surplus may be refunded to the employer unless
Marginal note:1998, c. 12, s. 9
(2) Paragraph 9.2(1)(b) of the Act is replaced by the following:
(b) the requirements of the regulations made under paragraph 39(1)(h.1) are met; and
Marginal note:1998, c. 12, s. 9; 2001, c. 34, ss. 67(1)(F) and (2)(F)
(3) Subsections 9.2(4) and (5) of the Act are replaced by the following:
Marginal note:Submission to arbitration
(4) Subject to subsection (5), if more than one half but fewer than two thirds of the persons in each of the categories referred to in subsection (3) consented to the proposal, the employer may, or if the whole of the pension plan is terminated shall, submit the proposal to arbitration. The employer shall notify the Superintendent and the persons in those categories if the proposal is to be submitted to arbitration.
Marginal note:Liquidation of employer
(5) The employer’s claim to the surplus, or part of it, shall be submitted to arbitration within 18 months after the termination of the whole of the pension plan, or any longer period specified by the Superintendent, if
(a) the employer has not established a claim to the surplus; and
(b) the employer is in the process of being liquidated.
The employer shall notify the Superintendent and the persons in the categories referred to in subsection (3) that the claim is to be submitted to arbitration.
Marginal note:1998, c. 12, s. 10
1797. Subsection 10.1(2) of the Act is replaced by the following:
Marginal note:Void amendments
(2) Unless the Superintendent authorizes the amendment, an amendment is void or, in Quebec, null if
(a) it would have the effect of reducing
(i) pension benefits accrued before the date of the amendment or pension benefit credits relating to pension benefits accrued before the date of the amendment, or
(ii) an immediate or deferred pension benefit to which a member, former member or any other person was entitled before the date of the amendment;
(b) the solvency ratio of the pension plan would fall below the prescribed solvency ratio level;
(c) the amendment would reduce the solvency ratio of the pension plan and the solvency ratio would be below the prescribed solvency ratio level once the amendment is made; or
(d) the solvency ratio of the pension plan is below the prescribed solvency ratio level and the amendment would increase pension benefits or pension benefit credits.
1798. The Act is amended by adding the following after section 10.1:
Marginal note:Multi-employer pension plans
10.11 The administrator of a multi-employer pension plan may, subject to section 10.1 and despite the terms of the pension plan, make an amendment to any document referred to in paragraph 10(1)(a) or (b) that would have the effect of reducing pension benefits or pension benefit credits.
Marginal note:1998, c. 12, s. 10
1799. Section 10.2 of the Act is replaced by the following:
Marginal note:No transfer without permission
10.2 Subject to section 26, the administrator may transfer or permit the transfer of any part of the assets of the pension plan that relate to defined benefit provisions to another pension plan, including a pension plan to which this Act does not apply, only with the Superintendent’s permission.
Marginal note:1998, c. 12, s. 10
1800. Subsection 11(4) of the Act is replaced by the following:
Marginal note:Temporary direction
(4) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (3) might be prejudicial to the interests of the members, former members or any other persons entitled to pension benefits under the pension plan, the Superintendent may make a direction with respect to the matters referred to in subsection (1) or (2) that has effect for a period of not more than 15 days.
1801. (1) Subsections 12(1) to (3) of the Act are replaced by the following:
Marginal note:Annual reporting requirements
12. (1) The administrator of a pension plan shall file with the Superintendent — annually or at any other intervals or times that the Superintendent directs — an information return relating to that pension plan, containing the prescribed information, in any form that the Superintendent directs.
Marginal note:Actuarial reports, financial statements and other information
(2) The administrator of a pension plan shall file with the Superintendent actuarial reports, financial statements, and any other information required by or under the regulations at any intervals or times that the Superintendent directs.
Marginal note:Employer
(3) The employer shall file with the Superintendent any information required by or under the regulations at any intervals or times that the Superintendent directs.
(2) Subsection 12(4) of the French version of the Act is replaced by the following:
Marginal note:Délai pour le dépôt
(4) Sauf directives contraires du surintendant, les documents visés au présent article doivent être déposés dans les six mois suivant la fin de l’exercice du régime auquel ils se rapportent.
Marginal note:1998, c. 12, s. 13
1802. Section 13 of the Act is replaced by the following:
Marginal note:Information to members
13. The administrator of a pension plan must provide the members, former members and any other persons entitled to pension benefits under the plan with any information that the Superintendent specifies, at the time and in the manner specified by the Superintendent.
Marginal note:2007, c. 35, s. 141
1803. (1) Paragraph 16.1(3)(b) of the Act is replaced by the following:
(b) in the case of a person who was receiving a joint and survivor pension benefit prior to the phased retirement period, the person’s spouse or common-law partner who would receive that joint and survivor pension benefit on the death of the person consents in the prescribed form to the cessation of the payment of the joint and survivor pension benefit;
Marginal note:2007, c. 35, s. 141
(2) Paragraph 16.1(3)(e) of the Act is replaced by the following:
(e) the whole of the pension plan from which the phased retirement benefit is to be paid has not been terminated.
1804. The Act is amended by adding the following after section 16.1:
Variable Benefit
Marginal note:Variable benefit
16.2 (1) Subject to the regulations, a pension plan may provide that a member or former member who is entitled to an immediate pension benefit under subsection 16(1) or eligible to receive an immediate pension benefit under subsection 16(2) may elect to receive a variable benefit payable under a defined contribution provision.
Marginal note:Conditions
(2) A member or former member may make the election only if
(a) their spouse or common-law partner notifies the administrator of their consent, in the prescribed form; and
(b) the whole of the pension plan has not been terminated at the time the election is made.
Marginal note:Non-application
(3) Section 22 does not apply to a variable benefit.
Marginal note:Entitlement of survivor
16.3 (1) In the case of the death of a former member who had a spouse or common-law partner at the time payment of a variable benefit referred to in subsection 16.2(1) commenced, the survivor is entitled to receive, subject to the regulations and the regulations made under the Income Tax Act, a variable benefit payable under a defined contribution provision based on the amount remaining in the former member’s account maintained in respect of the defined contribution provision.
Marginal note:Designated beneficiary or estate or succession
(2) If a former member dies without leaving a survivor, the amount remaining in the former member’s account maintained in respect of a defined contribution provision is to be paid, subject to the regulations made under the Income Tax Act, to the former member’s designated beneficiary or, if there is none, to the former member’s estate or succession.
Marginal note:Transfer
16.4 (1) At least once every year, or more frequently if the pension plan permits, a former member or their survivor may elect
(a) to transfer the amount remaining to another pension plan, including a plan referred to in paragraph 26(5)(a) or (b), if that other plan permits;
(b) to transfer the amount remaining to a retirement savings plan of the prescribed kind for the former member or survivor, as the case may be; or
(c) to use the amount remaining to purchase an immediate or deferred life annuity of the prescribed kind for the former member or survivor, as the case may be.
The former member or survivor must notify the administrator of their intention to make such an election in the prescribed form and the administrator must, without delay, take the necessary action to give effect to the notification.
Marginal note:Transfer in case of death
(2) If the survivor notifies the administrator of their intention to do so, in the prescribed form, within 90 days after the former member’s death or, if the Superintendent allows a longer period under paragraph 28(1)(d), within 60 days after the administrator has given the written statement under that paragraph, the survivor may also
(a) transfer the amount remaining to another pension plan, including a plan referred to in paragraph 26(5)(a) or (b), if that other plan permits;
(b) transfer the amount remaining to a retirement savings plan of the prescribed kind for the survivor; or
(c) use the amount remaining to purchase an immediate or deferred life annuity of the prescribed kind for the survivor.
The administrator must, without delay, take the necessary action to give effect to the notification.
- Date modified: