Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)

• 152 (1) Paragraphs 18(1)(a) and (b) of the Act are replaced by the following:

  • (a) that no benefit provided under the plan is capable of being assigned, charged, anticipated or given as security or confers on a member or former member, that person’s personal representative or dependant or any other person any right or interest in the benefit that is capable of being assigned, charged, anticipated or given as security;

  • (b) that, except in the case of the unexpired period of a guaranteed annuity, no benefit described in section 16 or 17 is capable of being surrendered or commuted during the lifetime of the member or former member or that person’s spouse or common-law partner or confers on a member or former member, on that person’s personal representative or dependant or on any other person any right or interest in the benefit that is capable of being surrendered or commuted during the lifetime of the member or former member or that person’s spouse or common-law partner; and

• (2) Paragraphs 18(1)(b) and (c) of the Act are replaced by the following:

  • (b) that, except in the case of the unexpired period of a guaranteed annuity or as provided in section 16.4 or 16.91 or subsection 29(12), no benefit described in section 16 or 17 is capable of being surrendered or commuted during the lifetime of the member or former member or that person’s spouse or common-law partner or confers on a member or former member, on that person’s personal representative or dependant or on any other person any right or interest in the benefit that is capable of being surrendered or commuted during the lifetime of the member or former member or that person’s spouse or common-law partner; and

  • (c) with respect to a person who has been a member for a continuous period of at least two years, that, except as provided in section 16.4, 16.91 or 26 or subsection 29(12), that person — if they are entitled to a benefit described in section 16 or 17 or would be entitled to the benefit if they retired or ceased membership in the plan — is not permitted to withdraw any part of their contributions to the plan, other than additional voluntary contributions, in respect of any period of membership in the plan on or after October 1, 1967 for which they are entitled to the benefit, and that any pension fund moneys attributable to those contributions shall be applied under the terms of the plan toward the payment of the benefit.

• 153 (1) The portion of subsection 26(1) of the French version of the Act before paragraph (a) is replaced by the following:

  Marginal note:Transfert avant l’admissibilité à la retraite

  • 26 (1) Le participant dont la participation a pris fin avant qu’il n’ait droit à la prestation visée au paragraphe 16(2), ou son survivant, dans le cas où le participant meurt avant d’y avoir droit, peut, s’il informe l’administrateur de son intention, en la forme réglementaire, dans les quatre-vingt-dix jours suivant l’événement en cause, ou si le surintendant accorde un délai supplémentaire au titre de l’alinéa 28(1)d), dans les soixante jours suivant la remise du relevé visé par cet alinéa ou, si sa participation prend fin en raison de la cessation totale du régime de pension, dans les soixante jours suivant la remise du relevé visé à l’alinéa 28(2.1)b) :

• (2) The portion of subsection 26(1) of the English version of the Act after paragraph (c) is replaced by the following:

  if the member or the survivor notifies the administrator of that desire, in the prescribed form and within 90 days after the cessation of membership or the 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) — or, if the member ceases to be a member because the whole of the pension plan is terminated, within 60 days after the administrator has given the written statement under paragraph 28(2.1)(b) — and the administrator shall without delay take any necessary action to give effect to the notification.

154 Section 27 of the Act is amended by adding the following after subsection (3):

• 155 (1) The portion of paragraph 28(1)(b.1) of the Act before subparagraph (i) is replaced by the following:

  • (b.1) that each former member of the plan and the former member’s spouse or common-law partner, as well as each survivor who is entitled to pension benefits under the plan, will be given, in the prescribed circumstances and manner and within six months — or any longer period permitted by the Superintendent — after the end of each year of operation of the plan, a written statement showing

• (2) The portion of paragraph 28(1)(b.1) of the Act before subparagraph (i) is replaced by the following:

  • (b.1) that, other than with respect to variable life benefits, each former member of the plan and the former member’s spouse or common-law partner, as well as each survivor who is entitled to pension benefits under the plan, will be given, in the prescribed circumstances and manner and within six months — or any longer period permitted by the Superintendent — after the end of each year of operation of the plan, a written statement showing

• (3) Section 28 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Variable life benefit fund

    (2.01) A pension plan with a variable life benefit fund shall provide that each former member and survivor who is receiving a variable life benefit from the fund, as well the spouse or common-law partner of each such former member, will be given the prescribed information in the prescribed circumstances and manner and within the prescribed period or within any longer period permitted by the Superintendent.

• (4) Subsection 28(2.1) of the Act is replaced by the following:

  • Marginal note:Information on plan termination

    (2.1) A pension plan shall provide that if the whole of the plan is terminated, the administrator shall give to each member and former member and to the spouse or common-law partner of each member and former member, as well as to each survivor who is entitled to pension benefits under the plan, a written statement, in the prescribed form, informing them of

    • (a) the termination of the plan, within 30 days after the termination or any longer period permitted by the Superintendent; and

    • (b) the member’s, former member’s or survivor’s pension benefits and other benefits payable under the plan, within 120 days after the termination or any longer period that the Superintendent may allow.

• (5) Section 28 of the Act is amended by adding the following after subsection (2.1):

  • Marginal note:Information — termination of variable life benefit fund

    (2.2) A pension plan with a variable life benefit fund shall provide that, if the fund is terminated under section 16.9, the administrator shall give to each former member and survivor who is receiving a variable life benefit from the fund, as well as to the spouse or common-law partner of each such former member, a written statement, in the prescribed form, that

    • (a) informs them of the termination of the fund, within 30 days after the termination or any longer period permitted by the Superintendent; and

    • (b) provides them with the prescribed information, within 120 days after the termination or any longer period permitted by the Superintendent.

• 156 (1) Subsection 29(6.1) of the French version of the Act is replaced by the following:

  • Marginal note:Obligation de l’employeur

    (6.1) S’il y a cessation totale d’un régime de pension autre qu’un régime à cotisations négociées, l’employeur est tenu de verser au fonds de pension, conformément aux règlements, la somme, calculée périodiquement conformément aux règlements, qui est nécessaire pour que soient acquittées toutes les obligations du régime à l’égard des prestations de pension déterminées à la date de la cessation.

• (2) Subsections 29(6.3) and (6.4) of the French version of the Act are replaced by the following:

  • Marginal note:Paiement en trop

    (6.3) À la liquidation du régime de pension, s’il reste dans le fonds de pension un solde qui excède la somme nécessaire pour permettre au régime de s’acquitter de toutes ses obligations à l’égard des prestations de pension déterminées à la date de la cessation, la partie du solde qui est, selon les règlements, attribuable aux paiements effectués par l’employeur sous le régime du paragraphe (6.1) ne constitue pas un excédent et, sous réserve du paragraphe (7), ce dernier a droit de la recouvrer.

  • Marginal note:Liquidation ou faillite

    (6.4) En cas de liquidation du régime de pension ou de liquidation, de cession de biens ou de faillite de l’employeur, est immédiatement exigible la somme nécessaire pour permettre au régime de s’acquitter de toutes ses obligations à l’égard des prestations de pension déterminées à la date de la cessation.

• (3) Section 29 of the Act is amended by adding the following after subsection (11):

  • Marginal note:Variable life benefits — transfer or purchase

    (12) If a variable life benefit fund has been terminated as part of a termination under this section, a former member or survivor who was receiving a variable life benefit from the fund is entitled to

    • (a) transfer the amount of the aggregate value of their variable life benefits at termination, calculated in the prescribed manner, to another pension plan, including one referred to in any of paragraphs 26(5)(a) to (c), if that other plan permits;

    • (b) transfer that amount to a retirement savings plan of the prescribed kind for the former member or survivor, as the case may be; or

    • (c) use that amount to purchase an immediate or deferred life annuity of the prescribed kind for the former member or survivor, as the case may be.

• 157 (1) Paragraph 36(2)(b) of the Act is replaced by the following:

  • (b) any money withdrawn from a pension fund under section 16.4, 16.91 or 26 or subsection 29(12)

• (2) The portion of subsection 36(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception

    (3) Subsection (2) does not apply to prevent the assignment of a right or interest in a pension benefit, or in a life annuity of the prescribed kind resulting from a transfer or purchase under section 26, if the assignment

• (3) The portion of subsection 36(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception

    (3) Subsection (2) does not apply to prevent the assignment of a right or interest in a pension benefit, or in a life annuity of the prescribed kind resulting from a transfer or purchase under section 16.4, 16.91 or 26 or subsection 29(12), if the assignment

• (4) Paragraphs 36(4)(a) and (b) of the Act are replaced by the following:

  • (a) to surrender or commute a benefit, or any right or interest in the benefit, or

  • (b) to surrender or commute benefits payable as a result of a transfer or purchase under section 26

• (5) Paragraph 36(4)(b) of the Act is replaced by the following:

  • (b) to surrender or commute benefits payable as a result of a transfer or purchase under section 16.4, 16.91 or 26 or subsection 29(12)

158 Subsection 39(1) of the Act is amended by adding the following after paragraph (k.2):

2012, c. 16Pooled Registered Pension Plans Act

• 159 (1) The definition member in subsection 2(1) of the Pooled Registered Pension Plans Act is replaced by the following:

  member

  member means a person who holds an account with, or who is entitled to receive a variable life payment under, a pooled registered pension plan. (participant)

• (2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

  variable life payment

  variable life payment means a periodic amount that a member is entitled to receive under a pooled registered pension plan and that varies as a function of factors that include

  • (a) the amount or rate of return attributable to the investment of the assets of the fund from which the payment is made; and

  • (b) the rate of mortality of the pool of persons who are entitled to receive payments from that fund. (paiement viager variable)

  variable life payment credit

  variable life payment credit, in relation to a member, means the aggregate value at a particular time of the variable life payments that the member is entitled to receive under a pooled registered pension plan, calculated in the prescribed manner. (somme des paiements viagers variables)