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O. Reg. 255/18: CONVERSIONS AND TRANSFERS OF ASSETS UNDER SECTION 80.4 OF THE ACT AND CONVERSIONS UNDER SECTION 81.0.1 OF THE ACT

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

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ontario regulation 255/18

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. 311/15

(CONVERSIONS AND TRANSFERS OF ASSETS UNDER SECTION 80.4 OF THE ACT AND CONVERSIONS UNDER SECTION 81.0.1 OF THE ACT)

1. (1) The definition of “going concern funded ratio” in subsection 2 (2) of Ontario Regulation 311/15 is revoked.

(2) Paragraph 1 of subsection 2 (3) of the Regulation is revoked and the following substituted:

1. The administrator of the pension plan has elected to use one of the types of solvency relief set out in subsection 5.6 (3), 5.6.1 (3), 5.6.2 (3) or 5.6.3 (3) of the General Regulation and the pension plan is governed by the requirements of section 5.6, 5.6.1, 5.6.2 or 5.6.3 of the General Regulation on the date as of which the notices, the statement and consent forms and the statement and objection forms required under section 5 of this Regulation are prepared.

2. Clause 12 (3) (a) of the Regulation is amended by adding “or reduced solvency deficiency” after “solvency deficiency”.

3. Paragraph 2 of section 17 of the Regulation is amended by striking out “a going concern unfunded liability or a solvency deficiency” and substituting “a going concern unfunded liability, a solvency deficiency or a reduced solvency deficiency”.

4. Paragraph 25 of section 1 of Schedule 1 to the Regulation is amended by striking out “solvency deficiency, or both, of” and substituting “solvency deficiency and any reduced solvency deficiency of”.

5. Paragraph 20 of section 1 of Schedule 2 to the Regulation is amended by striking out “General Regulation, or both, of” and substituting “General Regulation and any reduced solvency deficiency determined under subsection 1.3.2 (2) of the General Regulation of”.

6. Paragraph 8 of section 1 of Schedule 4 to the Regulation is amended by striking out “solvency deficiency, or both, of” and substituting “solvency deficiency and any reduced solvency deficiency of”.

7. Paragraph 11 of section 1 of Schedule 5 to the Regulation is amended by striking out “of the General regulation, or both, of” and substituting “of the General Regulation and any reduced solvency deficiency determined under subsection 1.3.2 (2) of the General Regulation of”.

8. (1) Paragraph 8 of section 1 of Schedule 7 to the Regulation is amended by striking out “solvency deficiency, or both, of” and substituting “solvency deficiency and any reduced solvency deficiency of”.

(2) Paragraph 12 of section 1 of Schedule 7 to the Regulation is amended by striking out “General Regulation, or both, of” and substituting “General Regulation and any reduced solvency deficiency determined under subsection 1.3.2 (2) of the General Regulation of”.

9. (1) Paragraph 7 of section 1 of Schedule 9 to the Regulation is amended by striking out “solvency deficiency, or both, of” and substituting “solvency deficiency and any reduced solvency deficiency of”.

(2) Paragraph 10 of section 1 of Schedule 9 to the Regulation is amended by striking out “General Regulation, or both, of” and substituting “General Regulation and any reduced solvency deficiency determined under subsection 1.3.2 (2) of the General Regulation of”.

Commencement

10. 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.