193. Subparagraph 28(1)(a)(i) of the Act is replaced by the following:

Marginal note:1998, c. 12, s. 18(1)(E)

• 194. (1) Subsection 29(4) of the Act is replaced by the following:

  • Marginal note:Adoption of new plan

    (4) If employer contributions to a negotiated contribution plan are suspended or cease as a result of the adoption of a new defined benefit plan, the original plan is deemed not to have been terminated, and the pension benefits and other benefits provided under the original plan are deemed to be benefits provided under the new plan in respect of any period of membership before the adoption of the new plan, whether or not the assets and liabilities of the original plan have been consolidated with those of the new plan.

• Marginal note:2010, c. 12, s. 1816(3)

  (2) Subsection 29(4.2) of the Act is replaced by the following:

  • Marginal note:Termination by administrator or employer

    (4.2) Subject to subsections (1), (2) and (2.1), the whole of a pension plan is terminated only if the administrator or employer notifies the Superintendent, in writing or in the form and manner, if any, that the Superintendent directs, of their decision to terminate the pension plan and the date of the termination.

• Marginal note:2010, c. 12, s. 1816(3)

  (3) Subsection 29(5) of the Act is replaced by the following:

  • Marginal note:Notice of voluntary termination or winding-up

    (5) An administrator or employer who terminates or winds up a pension plan shall notify the Superintendent, in writing or in the form and manner, if any, that the Superintendent directs, not less than 60 and not more than 180 days before the date of the termination or winding-up.

• (4) Subsection 29(9) of the Act is replaced by the following:

  • Marginal note:Report to Superintendent

    (9) On the termination of a pension plan or part of a plan, the administrator of the plan shall file with the Superintendent, in the form and manner, if any, that the Superintendent directs, a report, prepared by a person having the prescribed qualifications, setting out the nature of the pension benefits and other benefits to be provided under the plan and a description of the methods of allocating and distributing those benefits and deciding the priorities in respect of the payment of full or partial benefits to the members.

195. The Act is amended by adding the following after section 31:

Marginal note:2001, c. 34, s. 76

• 196. (1) Paragraph 39(c) of the Act is replaced by the following:

  • (b.1) respecting the implementation of a multilateral agreement;

  • (b.2) exempting a multilateral agreement or any provision of that agreement from the application of subsection 6.2(1);

  • (b.3) respecting transitional matters in the event that the Government of Canada ceases to be a party to a multilateral agreement;

  • (c) prescribing the conditions under which, on the cessation of a member’s membership in a pension plan or on the termination or winding-up of a pension plan, pension benefit credits may be held in trust by the administrator of the plan, or transferred to the administrator of another pension plan or to a registered retirement savings plan of the prescribed kind;

  • (c.1) respecting the transfer of pension benefit credit of any person who cannot be located, as well as the assets relating to that credit to the entity designated under section 10.3, including the circumstances and conditions under which that credit and those assets may be transferred to that entity;

  • (c.2) respecting the entity designated under section 10.3;

  • (c.3) respecting the holding of pension benefit credit of any person who cannot be located, as well as the assets relating to that credit by the entity designated under section 10.3, the making of claims for that credit and the disbursement of that credit;

  • (c.4) respecting the transfer to Her Majesty in right of Canada of assets held by the entity designated under section 10.3;

• (2) Section 39 of the Act is amended by adding the following after paragraph (i.1):

  • (i.2) respecting the establishment of a separate pension plan under section 10.4, the determination of assets to be transferred to that plan and the transfer of assets and liabilities to that plan;

• (3) Section 39 of the Act is amended by adding the following before paragraph (o):

  • (n.2) respecting the process by which investment options are offered by an administrator and choices among those options are made;

  • (n.3) respecting investment options offered by an administrator;

  • (n.4) prescribing any measure necessary for the purposes of sections 31.1 and 31.2, including the time when and circumstances under which an electronic document is to be considered to have been provided or received and the place where it is considered to have been provided or received;

  • (n.5) setting out the requirements under this Act to which subsections 31.1(1) and (2) do not apply;

  • (n.6) authorizing the Superintendent to specify the form of any information — including information in a document — required to be provided to him or her under the regulations, as well as the manner of providing that information;

  • (n.7) respecting the composition of a board of trustees or other similar body referred to in paragraph 7(1)(a);

Transitional Provision

Marginal note:Adoption of new plan

197. If, as a result of the adoption of a new plan, employer contributions to a pension plan are suspended or cease before the day on which subsection 29(4) of the Pension Benefits Standards Act, 1985, as enacted by subsection 194(1), comes into force, the original plan is deemed not to have been terminated, and the pension benefits and other benefits provided under the original plan are deemed to be benefits provided under the new plan in respect of any period of membership before the adoption of the new plan, regardless of whether the assets and liabilities of the original plan have been consolidated with those of the new plan.

Coordinating Amendments

Marginal note:2010, c. 12

• 198. (1) In this section, “other Act” means the Jobs and Economic Growth Act.

• (2) On the first day on which both section 1804 of the other Act and this section are in force, the Pension Benefits Standards Act, 1985 is amended by adding the following before the heading before section 17:

  Marginal note:Cessation

  16.5 Before a pension plan ceases to provide for the payment of a variable benefit referred to in subsection 16.2(1), an administrator must offer a former member or survivor who receives that variable benefit the options referred to in subsection 16.4(1).

• (3) If subsection 194(1) of this Act comes into force before subsection 1816(2) of the other Act, then subsection 1816(2) and section 1826 of the other Act are repealed.

• (4) If subsection 1816(2) of the other Act comes into force before subsection 194(1) of this Act, then section 197 of this Act is replaced by the following:

  Marginal note:Adoption of new plan

  197. If, as a result of the adoption of a new defined benefit plan, employer contributions to a multi-employer pension plan that is a defined benefit plan are suspended or cease before the day on which subsection 29(4) of the Pension Benefits Standards Act, 1985, as enacted by subsection 194(1), comes into force, the original plan is deemed not to have been terminated, and the pension benefits and other benefits provided under the original plan are deemed to be benefits provided under the new plan in respect of any period of membership before the adoption of the new plan, regardless of whether the assets and liabilities of the original plan have been consolidated with those of the new plan.

• (5) If subsection 194(1) of this Act and subsection 1816(2) of the other Act come into force on the same day, then that subsection 194(1) is deemed to have come into force before that subsection 1816(2) and subsection (3) applies as a consequence.

• (6) On the first day on which both subsection 1816(5) of the other Act and this section are in force, the Pension Benefits Standards Act, 1985 is amended by replacing subsection 29(6.1) with the following:

  • Marginal note:Payment by employer of pension benefits

    (6.1) If the whole of a pension plan that is not a negotiated contribution plan is terminated, the employer shall pay into the pension fund, in accordance with the regulations, the amount — calculated periodically in accordance with the regulations — that is required to ensure that any obligation of the plan with respect to pension benefits, as they are determined on the date of the termination, is satisfied.

• (7) On the first day on which both subsection 1816(7) of the other Act and subsection 194(4) of this Act are in force, the Pension Benefits Standards Act, 1985 is amended by replacing subsection 29(9) with the following:

  • Marginal note:Actuarial termination report

    (9) On the termination of the whole or part of a pension plan, the administrator of the plan shall file with the Superintendent, in the form and manner, if any, that the Superintendent directs, a termination report prepared by a person having the prescribed qualifications, setting out the nature of the pension benefits and other benefits to be provided under the plan and a description of the methods of allocating and distributing those benefits and deciding the priorities in respect of the payment of full or partial benefits to the members. The report must also give the amount referred to in subsection (6.1) — calculated as at the date of termination — and contain any prescribed information.

• (8) If subsection 1820(12) of the other Act comes into force before this section, then the references to “39(c)” and “Section 39” in section 196 of this Act are replaced by “39(1)(c)” and “Subsection 39(1)”, respectively.

• (9) If subsection 1820(12) of the other Act comes into force after this section comes into force but before subsection 196(3) of this Act comes into force, then, on the coming into force of that subsection 1820(12), that subsection 196(3) is amended by replacing “Section 39” with “Subsection 39(1)”.