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O. Reg. 253/18: ASSET TRANSFERS UNDER SECTIONS 80 AND 81 OF THE ACT

filed April 20, 2018 under Pension Benefits Act, R.S.O. 1990, c. P.8

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ontario regulation 253/18

made under the

Pension Benefits Act

Made: April 18, 2018
Filed: April 20, 2018
Published on e-Laws: April 20, 2018
Printed in The Ontario Gazette: May 5, 2018

Amending O. Reg. 310/13

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

1. The definition of “solvency ratio” in subsection 2 (2) of Ontario Regulation 310/13 is revoked.

2. Subsections 11 (1) and (1.1) of the Regulation are revoked and the following substituted:

(1) If a transfer of assets under section 80 or 81 of the Act results in a new going concern unfunded liability, a new solvency deficiency or a new reduced solvency deficiency for the successor plan, special payments to liquidate the new going concern unfunded liability, new solvency deficiency or new reduced solvency deficiency must be made in accordance with section 5 of the General Regulation.

(1.1) Despite subsection (1), if a transfer of assets under section 81 of the Act between multi-employer pension plans that are established pursuant to a collective agreement or trust agreement results in a new going concern unfunded liability, a new solvency deficiency or a new reduced solvency deficiency, special payments to liquidate the new going concern unfunded liability, new solvency deficiency or new reduced solvency deficiency must be made in accordance with section 5, 6 or 6.0.4 of the General Regulation, as the case may be.

Commencement

3. This Regulation comes into force on the later of the day subsection 1 (4) of Schedule 33 to the Stronger, Fairer Ontario Act (Budget Measures), 2017 comes into force and the day it is filed.

 

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