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O. Reg. 15/18: ASSET TRANSFERS UNDER SECTIONS 80 AND 81 OF THE ACT

filed February 9, 2018 under Pension Benefits Act, R.S.O. 1990, c. P.8

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ontario regulation 15/18

made under the

Pension Benefits Act

Made: February 7, 2018
Filed: February 9, 2018
Published on e-Laws: February 9, 2018
Printed in The Ontario Gazette: February 24, 2018

Amending O. Reg. 310/13

(ASSET TRANSFERS UNDER SECTIONS 80 AND 81 OF THE ACT)

1. Section 1 of Schedule 1 to Ontario Regulation 310/13 is amended by adding the following subsections:

(4) If the successor pension plan is the Public Service Pension Plan, instead of including the report described in paragraph 5 of subsection (1) in the application for the Superintendent’s consent, the administrator of the Public Service Pension Plan may elect to include an actuarial cost certificate with respect to the pension benefits and ancillary benefits for which the successor employer will assume responsibility after the proposed transfer.

(5) For the purposes of subsection (4), an actuarial cost certificate means a certificate that satisfies the following requirements:

1. The certificate must be prepared by an actuary, as of the effective date of the transfer of assets and based on the report most recently filed under section 14 of the General Regulation, using methods and actuarial assumptions that are consistent with accepted actuarial practice.

2. The certificate must contain the following information: 

i. The market value of assets to be transferred from the original pension plan to the Public Service Pension Plan.

ii. The amount of the going concern liabilities and solvency liabilities that relate to the pension benefits and ancillary benefits for which the successor employer will assume responsibility after the proposed transfer.

iii. An estimate of the normal cost with respect to the transferred members for the period beginning on the effective date of the transfer and ending on the day the next report is required to be filed under section 14 of the General Regulation.

(6) Subsections (2) and (3) do not apply if the administrator of the Public Service Pension Plan elects to include an actuarial cost certificate in the application for the Superintendent’s consent.

2. Section 1 of Schedule 2 to the Regulation is amended by adding the following subsections:

(3) If the successor pension plan is the Public Service Pension Plan, instead of including the report described in paragraph 4 of subsection (1) in the application for the Superintendent’s consent, the administrator of the Public Service Pension Plan may elect to include an actuarial cost certificate with respect to the pension benefits and ancillary benefits for which responsibility is to be transferred to the Public Service Pension Plan.

(4) For the purposes of subsection (3), an actuarial cost certificate means a certificate that satisfies the following requirements:

1. The certificate must be prepared by an actuary, as of the effective date of the transfer of assets and based on the report most recently filed under section 14 of the General Regulation, using methods and actuarial assumptions that are consistent with accepted actuarial practice.

2. The certificate must contain the following information: 

i. The market value of assets to be transferred from the original pension plan to the Public Service Pension Plan.

ii. The amount of the going concern liabilities and solvency liabilities that relate to the pension benefits and ancillary benefits for which responsibility is to be transferred to the Public Service Pension Plan.

iii. An estimate of the normal cost with respect to the transferred members for the period beginning on the effective date of the transfer and ending on the day the next report is required to be filed under section 14 of the General Regulation.

(5) Subsection (2) does not apply if the administrator of the Public Service Pension Plan elects to include an actuarial cost certificate in the application for the Superintendent’s consent.

Commencement

3. This Regulation comes into force on the day it is filed.

 

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