Pension Benefits Standards Act, 1985

Marginal note:Deemed registration under new Act

• 43 (1) Subject to this section, a pension plan that was, immediately before January 1, 1987, registered under the Pension Benefits Standards Act shall be deemed to be registered under this Act for the period commencing on January 1, 1987 and ending

  • (a) on December 31, 1988, where subsection (2) is not complied with, or

  • (b) where subsection (2) is complied with, on the day on which the plan is registered under paragraph (3)(a) or is refused registration under paragraph (3)(b)

  if, before January 1, 1987 or such later date as the Superintendent may allow, the administrator has filed an undertaking that the plan will, as of January 1, 1987, be administered in accordance with this Act and the regulations.

• Marginal note:Filing of amendments to plans

  (2) Amendments that are required in order to bring a pension plan referred to in subsection (1) into compliance with this Act and the regulations must be filed with the Superintendent on or before December 31, 1988.

• Marginal note:Examination and registration of amended pension plans

  (3) The Superintendent shall forthwith examine amendments that are filed pursuant to subsection (2) and shall,

  • (a) if the plan, as amended by those amendments, complies with the standards for registration, register the plan and issue a certificate of registration in respect of the plan, and notify the administrator by registered mail of the Superintendent’s action; or

  • (b) if the plan, as amended by those amendments, does not comply with the standards for registration,

    • (i) notify the administrator by registered mail of the particulars of such non-compliance and direct the administrator to take such action to ensure compliance as the Superintendent specifies, and

    • (ii) if after sixty days from the day of mailing of such notification, or such longer period as the Superintendent may allow, the administrator has failed to comply with the Superintendent’s direction referred to in subparagraph (i), refuse registration of the plan and notify the administrator by registered mail of the Superintendent’s action.

• Marginal note:Where undertaking not complied with

  (4) Where the Superintendent is of the opinion that an undertaking mentioned in subsection (1) is not being complied with, the Superintendent shall

  • (a) notify the administrator by registered mail of the particulars of the non-compliance and direct the administrator to take such action to ensure compliance as the Superintendent specifies; and

  • (b) if after sixty days from the day of mailing of the notification, or such longer period as the Superintendent may allow, the administrator has failed to comply with the Superintendent’s direction referred to in paragraph (a), cancel the deemed registration provided by subsection (1) and notify the administrator by registered mail of the Superintendent’s action.

• Marginal note:Application of provisions re objections and appeals

  (5) Sections 32 and 33 apply, with such modifications as the circumstances require, in respect of actions of the Superintendent under subsections (3) and (4).