O. Reg. 144/00: GENERAL

filed March 3, 2000 under Pension Benefits Act, R.S.O. 1990, c. P.8

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ONTARIO REGULATION 144/00

made under the

Pension Benefits Act

Made: March 1, 2000
Filed: March 3, 2000

Amending Reg. 909 of R.R.O. 1990

(General)

Note: Since the end of 1998, Regulation 909 has been amended by Ontario Regulation 115/00. Previous amendments are listed in the Table of Regulations in the Statutes of Ontario, 1998.

1. (1) Subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following definition:

“locked–in retirement income fund” means an RRIF that meets the requirements set out in Schedule 2; (“fonds de revenu de retraite immobilisé”)

(2) The definition of “going concern valuation” in subsection 1 (2) of the Regulation is revoked and the following substituted:

“going concern valuation” means a valuation of the assets and liabilities of a pension plan using methods and actuarial assumptions that are consistent with accepted actuarial practice for the valuation of a continuing pension plan; (“évaluation à long terme”)

(3) The definition of “Ontario assets” in subsection 1 (2) of the Regulation is amended by striking out “clause 30 (2) (c)” and substituting “clause 30 (2) (e)”.

2. The Regulation is amended by adding the following section:

2. An application under subsection 9 (1) of the Act for registration of a pension plan must be made within 90 days after the pension plan is established.

3. Section 3 of the Regulation is amended by adding the following subsection:

(1.1) Subsection (1) does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.

4. (1) Subsection 4 (6) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(6) The Superintendent may cause a report on a plan to be prepared where,

. . . . .

(2) Subsection 4 (7) of the Regulation is revoked and the following substituted:

(7) A report under subsection (6) must contain the information required by section 3, 13 or 14, whichever applies.

(7.1) A report under subsection (6) must be prepared by an actuary chosen by the Superintendent and must be submitted by the actuary to the Superintendent.

(3) Subsection 4 (12) of the Regulation is revoked.

5. (1) Subsection 5 (16) of the Regulation is amended by striking out “Subject to subsections (13), (14) and (15) and subsection 5.1 (5)” at the beginning and substituting “Subject to subsections (13), (14), (15), (16.1) and 5.1 (5)”.

(2) Section 5 of the Regulation is amended by adding the following subsection:

(16.1) For a report filed under section 3 or 14 or submitted under section 4 that has a valuation date of December 31, 1998 or later, the prior year credit balance may be reduced to an amount that is,

(a) less than the amount otherwise determined in accordance with subsection (16); and

(b) not less than zero.

6. The Regulation is amended by adding the following sections:

Notices and Summaries re Contributions

6.1 Notice under subsection 56 (2) of the Act that a contribution was not paid when it became due must be given to the Superintendent within 60 days after the day on which the required contribution became due.

6.2 (1) A summary under subsection 56.1 (1) of the Act of the contributions required to be made in respect of a pension plan for a fiscal year must be given to the persons specified by that subsection,

(a) within 90 days after the plan is established, for the first fiscal year; and

(b) within 60 days after the beginning of the second fiscal year and of each subsequent fiscal year of the plan.

(2) If there is a change in the summary of contributions, the administrator shall give the persons specified by subsection 56.1 (1) of the Act a revised summary within 60 days after the administrator becomes aware of the change.

(3) The summary or revised summary must be in a form approved by the Superintendent.

(4) Notice under subsection 56.1 (2) of the Act that a person was not given the summary of contributions in accordance with subsection 56.1 (1) of the Act must be given to the Superintendent within 30 days after the day on which the summary was required to be given.

(5) Notice under subsection 56.1 (3) of the Act that a contribution was not paid when it became due must be given to the Superintendent within 60 days after the day on which the contribution became due.

(6) This section comes into force on July 1, 2000.

7. Section 12 of the Regulation is revoked and the following substituted:

12. (1) This section applies when a report required under section 3 or 14 is filed with the Superintendent or a report prepared under section 4 or 13 is submitted to the Superintendent.

(2) Within 60 days after the report is filed or submitted, the employer shall pay into the pension fund,

(a) all amounts due under the report on the date the report is filed or submitted; and

(b) interest on those amounts calculated at the going concern interest rate or the solvency valuation interest rate, whichever applies in the circumstances.

(3) The actuary who prepares the report shall calculate the amount of interest that is payable under clause (2) (b).

8. (1) Subsection 13 (1.1) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(1.1) The report shall also set out, on the basis of a solvency valuation,

. . . . .

(2) Section 13 of the Regulation is amended by adding the following subsection:

(4) This section does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.

9. (1) Section 14 of the Regulation is amended by adding the following subsection:

(0.1) This section does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.

(2) Subsection 14 (8) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(8) Each report under this section shall also set out, on the basis of a solvency valuation,

. . . . .

(3) Clause 14 (8) (e) of the Regulation is revoked and the following substituted:

(e) if a Guarantee Fund assessment is required to be paid, the PBGF assessment base;

(e.1) if a Guarantee Fund assessment is required to be paid and if the PBGF assessment base is greater than zero, the PBGF liabilities and, if applicable, the amount described in subclause 37 (4) (a) (ii);

10. (1) Subsection 15 (1) of the Regulation is revoked and the following substituted:

(1) The reports and certificates required under section 70 of the Act and under subsection 3 (1) and sections 13 and 14 must be prepared by an actuary.

(2) Subsection 15 (2) of the Regulation is amended by inserting at the beginning “Despite subsection (1)”.

11. Subsection 16 (1) of the Regulation is revoked and the following substituted:

(1) An actuary preparing a report under section 70 of the Act or under section 3, 5.3, 13 or 14 shall use methods and actuarial assumptions that are consistent with accepted actuarial practice and with the requirements of the Act and this Regulation.

12. The Regulation is amended by adding the following sections:

16.1 (1) Beginning on July 1, 2000, a report filed under section 3 or 14 or submitted under section 4 or 13 must be accompanied by an actuarial information summary.

(2) The actuarial information summary must be signed by the actuary who signs the report.

(3) The actuarial information summary must be prepared in a form approved by the Superintendent.

16.2 If an agent of the administrator of a pension plan is responsible for receiving contributions under the plan, the administrator shall give the agent a copy of every report submitted under section 13 or filed under section 14.

13. The Regulation is amended by adding the following section after the heading “Commuted Value and Portability of Pension Benefits”:

18.1 For the purposes of paragraph 2.1 of subsection 39 (5) of the Act (exclusions from entitlement to excess amount),

“benefits that result from voluntary contributions for past service” means, with respect to a member of a pension plan, pension benefits credited to the member as a result of his or her election on or after March 3, 2000 under the plan to make voluntary contributions in order to purchase pension benefits relating to a period of employment before the date on which the member made the election.

14. Subsection 19 (1.2) of the Regulation is revoked and the following substituted:

(1.2) For purposes other than those of subsection 42 (1) of the Act and subsection 29 (2), the commuted value of a pension, deferred pension or ancillary benefit shall be calculated using methods and actuarial assumptions that are consistent with accepted actuarial practice.

15. (1) Subsection 21 (1.1) of the Regulation is amended by adding the following paragraph:

1.1 A locked in retirement income fund.

(2) Subsections 21 (1.2), (1.3), (1.4) and (1.5) of the Regulation are revoked and the following substituted:

(1.2) If the amount to be transferred does not exceed the amount prescribed for such a transfer under the Income Tax Act (Canada), it must be transferred into a life income fund, a locked–in retirement income fund or a locked–in retirement account.

(1.3) Section 22.2 applies if the amount to be transferred is greater than the amount prescribed for such a transfer under the Income Tax Act (Canada). In that circumstance, the amount prescribed must be transferred into a life income fund, a locked–in retirement income fund or a locked–in retirement account.

(3) Clauses 21 (2) (a), (b), (c) and (d) of the Regulation are revoked and the following substituted:

(a) money in the account will not be withdrawn in whole or in part except,

(i) to transfer it to the pension fund of a registered pension plan,

(ii) to transfer it to another locked–in retirement account,

(iii) to purchase an immediate or deferred life annuity described in subsection (2.1) that is provided by a person authorized under the laws of Canada or a province to sell annuities as defined in section 248 of the Income Tax Act (Canada) under an insurance contract that meets the requirements of section 22,

(iv) to transfer it to a life income fund or a locked–in retirement income fund, or

(v) to pay it in accordance with section 49 or 67 of the Act or sections 22.2 to 22.4;

(b) money in the account will not be assigned, charged, anticipated or given as security except as permitted by subsection 65 (3) of the Act;

(c) any transaction purporting to assign, charge, anticipate or give as security money in the account, except as permitted by subsection 65 (3) of the Act, is void;

(d) except as permitted in section 49 or 67 of the Act or in sections 22.2 to 22.4, money in the account will not be commuted, withdrawn or surrendered, in whole or in part, during the lifetime of the member or former member;

(4) The English version of clause 21 (2) (h) of the Regulation is amended by striking out “holder” in the first line and substituting “owner”.

(5) Subsections 21 (3) and (4) of the Regulation are revoked and the following substituted:

(3) An immediate or deferred life annuity that is purchased with funds from a life income fund, a locked–in retirement income fund or a locked–in retirement account shall not differentiate on the basis of the sex of the beneficiary if the commuted value of the pension benefit that was transferred into the life income fund, locked–in retirement income fund or locked–in retirement account was determined in a manner that did not differentiate on the basis of sex.

(4) A life income fund, locked–in retirement income fund or locked–in retirement account shall contain a statement as to whether the commuted value of the pension benefit that was transferred into it was determined in a manner that differentiated on the basis of sex.

16. (1) The French version of subsection 21.1 (1) of the Regulation is amended by striking out “à prestations déterminées” and substituting “qui offre des prestations déterminées”.

(2) Subsections 21.1 (2), (3), (4) and (5) of the Regulation are revoked and the following substituted:

(2) A member with defined benefits who elects to convert them in accordance with the amendment to the pension plan is entitled to require the administrator to pay to the member that portion of the amount of the commuted value of the defined benefits that exceeds the amount prescribed under the Income Tax Act (Canada) for the conversion of defined benefits under the plan to defined contribution benefits.

17. (1) Subsection 22 (1) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(1) An insurance contract under which a deferred or immediate life annuity will be provided resulting from the transfer of the commuted value of a pension benefit or as the result of a purchase from a life income fund, a locked–in retirement income fund or a locked–in retirement account shall set out that,

. . . . .

(2) Clause 22 (1) (c) of the Regulation is revoked and the following substituted:

(c) in the case of the unexpired period of a guaranteed annuity, the annuitant may commute a benefit provided under the annuity only for the purpose of purchasing a life income fund or a locked–in retirement income fund;

(3) The French version of clause 22 (1) (c.1) of the Regulation is amended by striking out “racheter” in the third line and substituting “céder ou racheter”.

(4) Subclause 22 (1) (f) (ii) of the Regulation is revoked and the following substituted:

(ii) in the case of a contract that is purchased with funds from a life income fund, a locked–in retirement income fund or a locked–in retirement account, the purchase is in accordance with subsection 21 (3); and

(5) Subsection 22 (2) of the Regulation is revoked and the following substituted:

(2) The insurance contract must provide that, if a life income fund or a locked–in retirement income fund is being purchased as authorized by clause (1) (c), the financial institution disclose to the annuitant the difference between the commuted value of the annuity and the amount that will be transferred to the life income fund or locked–in retirement income fund.

18. The Regulation is amended by adding the following sections:

Transfers into and Withdrawals from Prescribed
Retirement Savings Arrangements

22.1 (1) For the purposes of sections 22.2 to 22.4, a locked–in retirement account includes a contract made before June 24, 1994 to establish an RRSP for the purposes of a transfer under clause 42 (1) (b) of the Act.

(2) Any of the following documents constitutes a declaration about a spouse or same–sex partner for the purposes of a withdrawal from a locked–in retirement account under sections 22.3 and 22.4:

1. A statement signed by the spouse, if any, of the owner of the account that the spouse consents to the withdrawal.

2. A statement signed by the same–sex partner, if any, of the owner of the account that the same–sex partner consents to the withdrawal.

3. A statement signed by the owner of the account attesting to the fact that the owner does not have a spouse or a same–sex partner.

4. A statement signed by the owner of the account attesting to the fact that the owner is living separate and apart from his or her spouse on the date the owner signs the application to make the withdrawal.

(3) If the owner of a locked–in retirement account is required to give a document to a financial institution under section 22.3 or 22.4, and if the document is one that must be signed by the owner or by his or her spouse or same–sex partner, the document is a nullity if it is signed by any of them more than 60 days before the financial institution receives it.

(4) When the financial institution receives a document required under section 22.3 or 22.4, the financial institution shall give the owner of the locked–in retirement account a receipt for the document stating the date on which it was received.

22.2 (1) This section applies if the amount to be transferred under clause 42 (1) (b) of the Act into a prescribed retirement savings arrangement is greater than the amount prescribed for such a transfer under the Income Tax Act (Canada).

(2) The portion of the amount to be transferred that does not exceed the amount prescribed for such a transfer under the Income Tax Act (Canada) must be transferred into a life income fund, a locked–in retirement income fund or a locked–in retirement account.

(3) If the excess amount has been transferred directly or indirectly into a life income fund, a locked–in retirement income fund or a locked–in retirement account, the owner of the fund or account may, upon application in accordance with this section, withdraw money from the fund or account in an amount not greater than the sum of,

(a) the excess amount; and

(b) any subsequent investment earnings, including any unrealized capital gains or losses, attributable to the excess amount as calculated by the financial institution that administers the fund or account.

(4) The amount that may be withdrawn under subsection (3) is calculated as of the date on which the financial institution pays the money to the owner from the fund or account in accordance with this section.

(5) An application to withdraw money from a fund or account must be given to the financial institution that administers the fund or account.

(6) The application must be made on a form approved by the Superintendent.

(7) The application form must be signed by the owner and accompanied by one of the following documents:

1. A written statement from the administrator of the pension plan from which money was transferred into the fund or account setting out the excess amount that was transferred into the fund or account.

2. A written statement from the Canada Customs and Revenue Agency setting out the excess amount that was transferred into the fund or account.

(8) The contract governing the fund or account must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay money to the owner from the fund or account, as the case may be, in accordance with this section.

3. The financial institution is required to make the payments to which the owner is entitled under this section within 30 days after the financial institution receives the completed application form and accompanying document.

(9) In this section,

“excess amount” means the portion of the amount transferable under clause 42 (1) (b) of the Act into a prescribed retirement savings arrangement that is greater than the amount prescribed for such a transfer under the Income Tax Act (Canada).

22.3 (1) The owner of a locked–in retirement account may, upon application in accordance with this section, withdraw all the money in the account if, when the owner signs the application,

(a) he or she is at least 55 years of age; and

(b) the value of all assets in all life income funds, locked–in retirement income funds and locked–in retirement accounts owned by him or her is less than 40 per cent of the Year’s Maximum Pensionable Earnings for that calendar year.

(2) An application to withdraw the money from the account must be given to the financial institution that administers the account.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and accompanied by,

(a) a declaration described in subsection 22.1 (2) about a spouse or same–sex partner; or

(b) a statement signed by the owner attesting to the fact that none of the money in the account is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) The contract governing the account must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay the money to the owner from the account in accordance with this section.

3. The value of all assets in all life income funds, locked–in retirement income funds and locked–in retirement accounts owned by

the owner when he or she signs the application under this section is to be determined in accordance with the most recent statement about each fund or account given to the owner. Each such statement must be dated within one year before the owner signs the application.

4. The financial institution is required to make the payments to which the owner is entitled under this section within 30 days after the financial institution receives the completed application form and accompanying document.

22.4 (1) The owner of a locked–in retirement account may, upon application in accordance with this section, withdraw all or part of the money in the account if, when the owner signs the application, he or she has an illness or physical disability that is likely to shorten his or her life expectancy to less than two years.

(2) An application to withdraw money from the account must be given to the financial institution that administers the account.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and be accompanied by the following documents:

1. A statement signed by a physician who is licensed to practise medicine in a jurisdiction in Canada that, in the opinion of the physician, the owner has an illness or physical disability that is likely to shorten his or her life expectancy to less than two years.

2. A declaration described in subsection 22.1 (2) about a spouse or same–sex partner or a statement signed by the owner of the account attesting to the fact that none of the money in the account is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) The contract governing the account must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay money to the owner from the account in accordance with this section.

19. Subsection 23 (1) of the Regulation is amended by adding the following paragraph:

8.1 The Territory of Nunavut.

20. The English version of subsection 24 (2) of the Regulation is amended by striking out “that” in the second line and substituting “than”.

21. (1) Subsection 28 (2) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(2) In addition to setting out the applicable person’s entitlement under the plan and the options available to the person, the statement required by subsection 72 (1) of the Act must include,

. . . . .

(2) Clause 28 (2) (q) of the Regulation is revoked.

(3) Clause 28 (2) (t) of the Regulation is amended by striking out “Revenue Canada” and substituting “the Canada Customs and Revenue Agency”.

(4) Section 28 of the Regulation is amended by adding the following subsections:

(2.1) Subject to subsection (2.2), the statement required by subsection 72 (1) of the Act must be given to the specified persons within 60 days after the administrator receives notice that the Superintendent has approved the wind up report.

(2.2) If the Superintendent approves the payment of benefits under subsection 70 (3) of the Act, the statement required by subsection 72 (1) of the Act must be given to the persons affected by the approval within 60 days after the administrator receives notice of it.

(5) Subsection 28 (4) of the Regulation is revoked and the following substituted:

(4) Subject to subsection (4.1), the payment required by subsection 72 (3) of the Act must be made within 60 days after the later of,

(a) the day on which the administrator receives the applicable person’s election under subsection (3) or, if no election is made, the day on which the person is deemed to have made the election; and

(b) the day on which the administrator receives notice that the Superintendent has approved the wind up report.

(4.1) If the Superintendent approves the payment of benefits under subsection 70 (3) of the Act, the payment required by subsection 72 (3) of the Act must be made within 60 days after the later of,

(a) the day on which the administrator receives the election under subsection (3) by the person affected by the approval or, if no election is made, the day on which the person is deemed to have made the election; and

(b) the day on which the administrator receives notice of the approval.

22. The Regulation is amended by adding the following section:

28.1 (1) This section applies if there is a surplus on the wind up of a pension plan in whole or in part.

(2) The administrator of the pension plan shall give to each person entitled to a pension, deferred pension or other benefit or to a refund in respect of the pension plan a statement setting out the following information:

1. The name of the pension plan and its provincial registration number.

2. The member’s name and date of birth.

3. The method of distributing the surplus assets.

4. The formula for allocating the surplus among the plan beneficiaries.

5. An estimate of the amount allocated to the person.

6. The options available to the person concerning the method for distributing the amount allocated to the person and the period within which any election respecting the options must be made.

7. The method of distribution that will be used, if an election is not made within the specified period.

8. The name and details of the person to be contacted with respect to any questions arising out of the statement.

9. Notice that the allocation of surplus and the options available for distributing it are subject to the approval of the Superintendent and of the Canada Customs and Revenue Agency, and may be adjusted accordingly.

(3) The statement must be given to the specified persons within 60 days after the administrator receives notice that the Superintendent has approved the wind up report.

(4) A person who is entitled to elect an option described in the statement shall give the administrator his or her election within 90 days after the person receives the statement. If the person does not do so, he or she shall be deemed to have elected the method of distribution specified in the statement.

(5) The administrator shall make payment in accordance with the election or deemed election within 60 days after the later of,

(a) the day on which the administrator receives the applicable person’s election or, if no election is made, the day on which the person is deemed to have made the election; and

(b) the day on which the administrator receives notice that the Superintendent has approved the wind up report.

23. (1) Subsection 29 (2) of the Regulation is revoked and the following substituted:

(2) If a pension plan is being wound up in whole or in part, the minimum commuted value of a pension, deferred pension or ancillary benefit in respect of a person who exercises his or her entitlement under subsection 73 (2) of the Act is the amount determined as of the effective date of the wind up in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans issued by the Canadian Institute of Actuaries with an effective date of September 1, 1993.

(2) Subsection 29 (10) of the Regulation is revoked and the following substituted:

(10) For the purpose of calculating the Ontario wind up liability of a plan, the liability of the plan in respect of each member or former member who has benefits relating to employment in Ontario is the sum of the following liabilities of the plan:

1. The liability for each benefit and other amount guaranteed for the benefit of the member or former member by the Guarantee Fund, excluding the amount by which the contributions in respect of the member or former member for the benefits and other amounts, plus interest, exceed the liability of the plan for the benefits and other amounts.

2. The liability for each benefit that relates to employment in Ontario to which the member or former member is entitled under section 74 of the Act but that is not guaranteed by the Guarantee Fund.

3. The liability for each benefit that relates to the member’s or former member’s employment in Ontario that is vested on the effective date of the wind up under the terms of the plan, other than,

i. a benefit described in paragraph 1 or 2,

ii. a benefit that relates to employment in Ontario that is vested by virtue only of a provision of the Act or this Regulation respecting the termination or wind up of the plan, and

iii. a benefit that relates to employment in Ontario that is vested by virtue only of a provision of the plan respecting the termination or wind up of the plan.

4. The liability arising from subsection 39 (1), (2), (3) or (4) of the Act for each benefit that relates to the member’s or former member’s employment in Ontario, to the extent that the liability is not described in paragraph 1, 2 or 3.

5. If the employer is making payments under section 75 of the Act with respect to the plan, the liability for each benefit described in subparagraph 3 ii or iii, to the extent that the liability is not described in paragraph 1, 2 or 4.

(11) For the purposes of subsection (10), the liability of the plan in respect of each member or former member does not include the liability for a benefit to him or her under a qualifying annuity contract.

24. Subsections 29.1 (2) and (3) of the Regulation are revoked.

25. (1) Paragraph 11 of subsection 45 (1) of the Regulation is revoked.

(2) Section 45 of the Regulation is amended by adding the following subsection:

(2) The following documents are prescribed for the purposes of section 29 of the Act:

1. Copies of any statement of investment policies and procedures for the plan that is established under Part II.

26. The Regulation is amended by adding the following section:

Notices and Summaries Re Contributions —
Multi–employer Pension Plan

49.1 The following provisions do not apply with respect to a multi– employer pension plan established pursuant to a collective agreement, a trust agreement, a statute or a municipal by–law:

1. Subsection 56 (2) of the Act (notice that contributions not paid when due).

2. Section 56.1 of the Act (summary of required contributions, etc.).

27. Clause 50 (a) of the Regulation is amended by striking out the definition of “A” and substituting the following:

A = the amount of pension that would be payable to the person under the Canada Pension Plan or the Quebec Pension Plan, calculated as of the date of termination of the person’s employment or membership and calculated as if the person had reached 65 years of age at the date of termination.

28. The Regulation is amended by adding the following section:

51.1 (1) This section applies with respect to a variation in the terms of payment of a pension or deferred pension under subsection 49 (2) of the Act (shortened life expectancy).

(2) The following are prescribed as the circumstances of shortened life expectancy in which a pension plan shall be deemed to permit variation in the terms of payment of a pension or deferred pension:

1. A former member has an illness or physical disability that is likely to shorten his or her life expectancy to less than two years.

(3) The following are the prescribed conditions that must be satisfied for the purposes of subsection 49 (2) of the Act:

1. An application must be made to the administrator of the pension plan for the withdrawal from the pension fund of all of the commuted value of the former member’s pension or deferred pension.

2. The application must be signed by the former member and be accompanied by the following documents:

i. A statement signed by a physician who is licensed to practise medicine in a jurisdiction in Canada that, in the opinion of the physician, the former member has an illness or physical disability that is likely to shorten his or her life expectancy to less than two years.

ii. A declaration described in subsection (4) about a spouse or same–sex partner.

(4) Any of the following documents constitutes a declaration about a spouse or same–sex partner:

1. A statement signed by the former member’s spouse, if any, that the spouse consents to the withdrawal from the pension fund.

2. A statement signed by the former member’s same–sex partner, if any, that the same–sex partner consents to the withdrawal from the pension fund.

3. A statement signed by the former member attesting to the fact that he or she does not have a spouse or a same–sex partner.

4. A statement signed by the former member attesting to the fact that he or she is living separate and apart from his or her spouse on the date the former member signs the application to make the withdrawal from the pension fund.

(5) A declaration about a spouse or same–sex partner is a nullity if it is signed by the former member, his or her spouse or his or her same–sex partner, as the case may be, more than 60 days before the administrator receives it.

(6) When the administrator receives a document required by this section, the administrator shall give the former member a receipt for the document stating the day on which it was received.

29. Sections 66 to 75 of the Regulation are revoked and the following substituted:

66. (1) In this Part,

“federal investment regulations” means sections 6, 7, 7.1 and 7.2 and Schedule III to the “Pension Benefits Standards Regulations, 1985” made under the Pension Benefits Standards Act, 1985 (Canada) as it read on December 31, 1999; (“règlement fédéral sur les placements”)

“Ontario investment rules” means this Part as it read on December 30, 1999. (“règles ontariennes sur les placements”)

(2) For the purposes of this Part, a reference in the federal investment regulations to the Superintendent shall be deemed to be a refer– ence to the Superintendent as defined in section 1 of the Pension Benefits Act.

(3) For the purposes of this Part, a reference in the federal investment regulations to a person’s spouse shall be deemed to be a reference to his or her spouse or same–sex partner as spouse and same–sex partner are defined in section 1 of the Pension Benefits Act.

30. Paragraph 11 of subsection 76 (12) of the Regulation is revoked and the following substituted:

11. Corporations referred to in subsection 11 (2) of Schedule III to the federal investment regulations.

31. Sections 77 to 82 of the Regulation are revoked and the following substituted:

77. (1) This section applies from March 3, 2000 to December 31, 2000.

(2) Beginning on March 3, 2000, the administrator may establish a statement of investment policies and procedures for the plan that meets the requirements of the federal investment regulations. In that case, the federal investment regulations apply with respect to the statement.

(3) If the administrator does not establish the statement of investment policies and procedures described in subsection (2), section 67 of the Ontario investment rules continues to apply with respect to the plan.

(4) Beginning on March 3, 2000, the assets of every pension plan may be invested in accordance with the federal investment regulations, despite the provisions of the plan or an instrument governing the plan.

(5) If the assets of a pension plan are not invested in accordance with the federal investment regulations, the Ontario investment rules continue to apply with respect to the plan.

(6) This section is revoked on January 1, 2001.

78. (1) Beginning on January 1, 2001, the administrator of a pension plan shall establish a statement of investment policies and procedures for the plan that meets the requirements of the federal investment regulations.

(2) The federal investment regulations apply with respect to the statement of investment policies and procedures for the plan.

79. Beginning on January 1, 2001, the assets of every pension plan shall be invested in accordance with the federal investment regulations, despite the provisions of the plan or an instrument governing the plan.

80. (1) This section applies with respect to each investment of the assets of a pension plan,

(a) that is made before January 1, 2001 in accordance with the Ontario investment rules;

(b) that is held on January 1, 2001; and

(2) The administrator shall dispose of the investment no later than January 1, 2005.

(3) This section is revoked on January 2, 2005.

32. Schedule 1 to the Regulation is revoked and the following substituted:

Schedule 1

LIFE INCOME FUND REQUIREMENTS

Establishing the Fund

1. (1) The following persons may purchase a life income fund in accordance with this section:

1. A former member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

2. A spouse or former spouse of a person who was a member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

3. A same–sex partner or former same–sex partner of a person who was a member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

4. A person who has previously transferred an amount under clause 42 (1) (b) of the Act into a locked–in retirement account or a locked–in retirement income fund.

(2) The fund must be purchased using all or part of the amount transferred under clause 42 (1) (b) of the Act, or using all or part of the assets in a locked–in retirement account or locked–in retirement income fund.

(3) The purchaser must have the written consent of his or her spouse or same–sex partner in order to make the purchase. However,

(a) the consent of a spouse who is living separate and apart from the purchaser on the date of purchase is not required; and

(b) the consent of a spouse or same–sex partner is not required if none of the money to be transferred into the fund is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the purchaser.

2. (1) A contract establishing a life income fund must provide for the matters described in this section.

(2) It must indicate the name and address of the financial institution providing the fund.

(3) It must describe the owner’s powers, if any, respecting investment of the assets in the fund.

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money payable under a life income fund except as required by an order under the Family Law Act or by a domestic contract as defined in Part IV of that Act.

(5) It must describe the method for determining the value of the assets in the fund.

3. (1) Money in a life income fund cannot be commuted, withdrawn or surrendered in whole or in part, except as permitted by section 49 or 67 of the Act, section 22.2 of this Regulation or this Schedule.

(2) Every contract establishing a life income fund shall be deemed to include a provision setting out the restriction described in subsection (1).

4. The fiscal year of a life income fund must end on December 31 and must not exceed 12 months.

Periodic Payments out of the Fund

5. (1) Payments out of the life income fund must begin no earlier than the earliest date on which the former member is entitled to receive a pension under any pension plan from which money was transferred into the fund directly or indirectly.

(2) Payments out of the fund must begin no later than the end of the second fiscal year of the fund.

(3) The owner must notify the financial institution of the amount to be paid out of the fund each year. If the owner does not do so, the minimum amount determined under section 6 shall be paid out of the fund that year.

(4) The notice respecting the amount to be paid out of the fund must be given either at the beginning of the fiscal year of the fund or at another time agreed to by the financial institution.

(5) The notice expires at the end of the fiscal year to which it relates.

(6) The value of the assets in the fund and payments out of the fund are subject to division in accordance with the terms of an order under the Family Law Act or a domestic contract as defined in Part IV of that Act.

6. (1) The amount of income paid out of the life income fund during a fiscal year must not exceed the amount calculated using the formula,

C / F

in which,

“C” is the value of the assets in the fund at the beginning of the fiscal year, and

“F” is the present value, at the beginning of the fiscal year, of an annuity of $1 payable annually in advance over the period commencing at the beginning of the fiscal year and ending on December 31 of the year in which the owner reaches 90 years of age.

(2) The following interest rate assumptions are to be used to determine the amount “F” in subsection (1):

1. If the fiscal year begins before January 1, 2001, the interest rate for each of the first 15 fiscal years of the period referred to in the

definition of “F” is the greater of 6 per cent and the nominal rate of interest on long–term bonds issued by the Government of Canada for December of the year before the beginning of the fiscal year, as published in the Bank of Canada Review under identification number B–14013 in the CANSIM system.

2. If the fiscal year begins on or after January 1, 2001, the interest rate for each of the first 15 fiscal years of the period referred to in the definition of “F” is the greater of 6 per cent and the nominal rate of interest on long–term bonds issued by the Government of Canada for November of the year before the beginning of the fiscal year, as published in the Bank of Canada Review under identification number B–14013 in the CANSIM system.

3. For the sixteenth and each subsequent fiscal year of the period referred to in the definition of “F”, the interest rate is 6 per cent.

(3) Despite subsection (1), if any money in the fund is derived from money transferred directly or indirectly from another life income fund or locked–in retirement income fund, the maximum amount that may be paid out of the fund in the fiscal year in which the money is transferred into the fund is zero.

(4) If the initial fiscal year of the fund is not 12 months long, the maximum amount determined under subsection (1) shall be adjusted in proportion to the number of months in that fiscal year divided by 12, with any part of an incomplete month counting as one month.

(5) The amount of income paid out of the fund during a fiscal year must not be less than the minimum amount prescribed for an RRIF under the Income Tax Act (Canada).

(6) If the minimum amount specified by subsection (5) is greater than the maximum amount determined under subsection (1), (3) or (4), the minimum amount must be paid out of the fund during the fiscal year.

(7) This section shall not be construed to prevent or limit a payment from the fund that is permitted under section 3, 9 or 10 of this Schedule or under section 22.2 of this Regulation.

Transferring Assets from the Fund

7. (1) The owner of a life income fund may transfer any or all of the assets in it,

(a) to another life income fund;

(b) to a locked–in retirement income fund;

(d) before December 31 in the year in which the owner reaches 69 years of age, to a locked–in retirement account.

(2) In the contract governing the fund, the financial institution must agree to make such a transfer within 30 days after the owner requests it. This does not apply with respect to the transfer of assets held as securities whose term of investment extends beyond the 30–day period.

(3) If assets in the fund consist of identifiable and transferable securities, the financial institution may transfer the securities with the consent of the owner.

Payment of the Balance in the Fund

8. (1) The owner of a life income fund shall use any assets remaining in the fund on December 31 in the year in which he or she reaches

80 years of age to purchase an immediate life annuity that meets the requirements of section 22 of this Regulation.

(2) If the owner does not purchase the life annuity on or before March 31 in the year after the year in which he or she reaches 80 years of age, the financial institution shall issue or arrange for the issuance of a life annuity contract.

(3) For the purposes of the life annuity, a determination as to whether the owner has a spouse or same–sex partner is to be made on the date the annuity is purchased.

(4) Payments under a life annuity are subject to division in accordance with the terms of an order under the Family Law Act or a domestic contract as defined in Part IV of that Act.

Withdrawals from the Fund

9. (1) The owner of a life income fund may, upon application in accordance with this section, withdraw all the money in the fund if, when the owner signs the application,

(a) he or she is at least 55 years of age; and

(2) An application to withdraw the money from the fund must be given to the financial institution that administers the fund.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and accompanied by,

(a) a declaration described in section 11 about a spouse or same–sex partner; or

(b) a statement signed by the owner attesting to the fact that none of the money in the fund is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) The contract governing the fund must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay the money to the owner from the fund in accordance with this section.

3. The value of all assets in all life income funds, locked–in retirement income funds and locked–in retirement accounts owned by the owner when he or she signs the application under this section is to be determined in accordance with the most recent statement about each fund or account given to the owner. Each such statement must be dated within one year before the owner signs the application.

10. (1) The owner of a life income fund may, upon application in accordance with this section, withdraw all or part of the money in the fund if, when the owner signs the application, he or she has an illness

or physical disability that is likely to shorten his or her life expectancy to less than two years.

(2) An application to withdraw money from the fund must be given to the financial institution that administers the fund.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and be accompanied by the following documents:

2. A declaration described in section 11 about a spouse or same–sex partner or a statement signed by the owner attesting to the fact that none of the money in the fund is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) The contract governing the fund must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay money to the owner from the fund in accordance with this section.

11. Any of the following documents constitutes a declaration about a spouse or same–sex partner for the purposes of a withdrawal from the fund under section 9 or 10:

1. A statement signed by the owner’s spouse, if any, that the spouse consents to the withdrawal from the fund.

2. A statement signed by the owner’s same–sex partner, if any, that the same–sex partner consents to the withdrawal from the fund.

3. A statement signed by the owner attesting to the fact that he or she does not have a spouse or a same–sex partner.

4. A statement signed by the owner attesting to the fact that he or she is living separate and apart from his or her spouse on the date the owner signs the application to make the withdrawal from the fund.

12. (1) If the owner of a life income fund is required to give a document to a financial institution under section 9 or 10 and if the document is one that must be signed by the owner or by his or her spouse or same–sex partner, the document is a nullity if it is signed by any of them more than 60 days before the financial institution receives it.

(2) When the financial institution receives a document required under section 9 or 10, the financial institution shall give the owner of the life income fund a receipt for the document stating the date on which it was received.

Survivor’s Benefits

13. (1) Upon the death of the owner of a life income fund, the owner’s spouse or same–sex partner or, if there is none, his or her named beneficiary or, if there is none, his or her estate is entitled to receive a benefit equal to the value of the assets in the fund.

(2) A spouse or same–sex partner of the owner is not entitled to receive the value of the assets in the fund unless the owner was a member or former member of a pension plan from which assets were transferred directly or indirectly to purchase the fund.

(3) A spouse or same–sex partner living separate and apart from the owner on the date of the owner’s death is not entitled to receive the value of the assets in the fund.

(4) For the purposes of subsection (1), a determination as to whether the owner has a spouse or same–sex partner is to be made on the date of the owner’s death.

Amending the Fund

14. (1) In the contract governing a life income fund, the financial institution providing the fund must agree not to amend the contract except as provided in this section.

(2) The financial institution must give the owner of the fund at least 90 days notice of a proposed amendment, other than an amendment described in subsection (3).

(3) The financial institution must not amend the contract governing the fund if the amendment would result in a reduction in the owner’s rights under the contract unless,

(a) the financial institution is required by law to make the amendment; and

(b) the owner is entitled to transfer the assets in the fund under the terms of the contract that exist before the amendment is made.

(4) When making an amendment described in subsection (3), the financial institution must notify the owner of the fund of the nature of the amendment and allow the owner at least 90 days after the notice is given to transfer all or part of the assets in the fund.

(5) Notices under this section must be sent by registered mail to the owner’s address as set out in the records of the financial institution.

Information to be Provided by the Financial Institution

15. (1) In the contract governing a life income fund, the financial institution must agree to provide the information described in this section to the person indicated.

(2) At the beginning of each fiscal year, the following information must be provided to the owner:

1. The sums deposited, any accumulated investment earnings including any unrealized capital gains or losses, the payments made out of the fund and the fees charged against it during the previous fiscal year.

2. The value of the assets in the fund as of the beginning of the fiscal year.

3. The minimum amount that must be paid out of the fund to the owner during the current fiscal year.

4. The maximum amount that may be paid out of the fund to the owner during the current fiscal year.

(3) If the assets in the fund are transferred as described in subsection 7 (1), the owner must be given the information described in subsection (2) determined as of the date of the transfer.

(4) Upon the death of the owner, the person entitled to receive the assets in the fund must be given the information described in subsection (2) determined as of the date of the owner’s death.

Schedule 2

LOCKED–IN RETIREMENT INCOME
FUND REQUIREMENTS

Establishing the Fund

1. (1) The following persons may purchase a locked–in retirement income fund in accordance with this section:

1. A former member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

2. A spouse or former spouse of a person who was a member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

3. A same–sex partner or former same–sex partner of a person who was a member who is entitled to make a transfer under clause 42 (1) (b) of the Act.

4. A person who has previously transferred an amount under clause 42 (1) (b) of the Act into a locked–in retirement account or a life income fund.

(2) The fund must be purchased using all or part of the amount transferred under clause 42 (1) (b) of the Act, or using all or part of the assets in a locked–in retirement account or life income fund.

(3) The purchaser must have the written consent of his or her spouse or same–sex partner in order to make the purchase. However,

(a) the consent of a spouse who is living separate and apart from the purchaser on the date of purchase is not required; and

2. (1) A contract establishing a locked–in retirement income fund must provide for the matters described in this section.

(2) It must indicate the name and address of the financial institution providing the fund.

(3) It must describe the owner’s powers, if any, respecting investment of the assets in the fund.

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money payable under a locked–in retirement income fund except as required by an order under the Family Law Act or by a domestic contract as defined in Part IV of that Act.

(5) It must describe the method for determining the value of the assets in the fund.

3. (1) Money in a locked–in retirement income fund cannot be commuted, withdrawn or surrendered in whole or in part, except as permitted by section 49 or 67 of the Act, section 22.2 of this Regulation or this Schedule.

(2) Every contract establishing a locked–in retirement income fund shall be deemed to include a provision setting out the restriction described in subsection (1).

4. The fiscal year of a locked–in retirement income fund must end on December 31 and must not exceed 12 months.

Periodic Payments out of the Fund

5. (1) Payments out of the locked–in retirement income fund must begin no earlier than the earliest date on which the former member is

entitled to receive a pension under any pension plan from which money was transferred into the fund directly or indirectly.

(2) Payments out of the fund must begin no later than the end of the second fiscal year of the fund.

(4) The notice respecting the amount to be paid out of the fund must be given either at the beginning of the fiscal year of the fund or at another time agreed to by the financial institution.

(5) The notice expires at the end of the fiscal year to which it relates.

6. (1) Subject to subsection (7), the amount of income paid out of the locked–in retirement income fund during a fiscal year must not be greater than the greatest of the following amounts:

1. The value of the assets in the fund at the beginning of that fiscal year less the amount calculated by subtracting from the sum of all amounts transferred into the fund since it was established the sum of all amounts transferred out of the fund since it was established.

2. The investment earnings, including any unrealized capital gains or losses, of the fund in the previous fiscal year.

3. In the fiscal year in which the fund is established or in the following fiscal year, 6 per cent of the value of the assets in the fund at the beginning of the applicable fiscal year.

4. If the money in the fund (the “receiving fund”) is derived from money transferred directly from a life income fund or another locked–in retirement income fund (the “transferring fund”), and if the income is being paid out of the receiving fund in the fiscal year following the fiscal year in which the receiving fund is established, the sum of,

i. the investment earnings, including any unrealized capital gains or losses, of the transferring fund in the previous fiscal year, and

ii. the investment earnings, including any unrealized capital gains or losses, of the receiving fund in the previous fiscal year.

(2) Despite subsection (1), if any money in the fund is derived from money transferred directly or indirectly from a life income fund or another locked–in retirement income fund, the maximum amount that may be paid out of the fund in the fiscal year in which the money is transferred into the fund is zero.

(3) If the initial fiscal year of the fund is not 12 months long, the maximum amount determined under subsection (1) shall be adjusted in proportion to the number of months in that fiscal year divided by 12, with any part of an incomplete month counting as one month.

(4) The amount of income paid out of the fund during a fiscal year must not be less than the minimum amount prescribed for an RRIF under the Income Tax Act (Canada).

(5) If the minimum amount specified by subsection (4) is greater than the maximum amount determined under subsection (1), (2) or (3), the minimum amount must be paid out of the fund.

(6) If the owner elects to be paid an amount that is less than the maximum amount determined under this section in a fiscal year, the

difference between the maximum amount and the amount paid in the year may be carried forward.

(7) The owner may elect to be paid in a fiscal year all or part of the amount carried forward under subsection (6) from a prior fiscal year and, in that case, the amount carried forward is reduced by the amount paid to the owner.

(8) This section shall not be construed to prevent or limit a payment from the fund that is permitted under section 3, 8 or 9 of this Schedule or under section 22.2 of this Regulation.

Transferring Assets from the Fund

7. (1) The owner of a locked–in retirement income fund may transfer any or all of the assets in it,

(a) to another locked–in retirement income fund;

(b) to a life income fund;

(d) before December 31 in the year in which the owner reaches 69 years of age, to a locked–in retirement account.

(3) If assets in the fund consist of identifiable and transferable securities, the financial institution may transfer the securities with the consent of the owner.

Withdrawals from the Fund

8. (1) The owner of a locked–in retirement income fund may, upon application in accordance with this section, withdraw all the money in the fund if, when the owner signs the application,

(a) he or she is at least 55 years of age; and

(2) An application to withdraw the money from the fund must be given to the financial institution that administers the fund.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and accompanied by,

(a) a declaration described in section 10 about a spouse or same–sex partner; or

(5) The contract governing the fund must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay the money to the owner from the fund in accordance with this section.

9. (1) The owner of a locked–in retirement income fund may, upon application in accordance with this section, withdraw all or part of the money in the fund if, when the owner signs the application, he or she has an illness or physical disability that is likely to shorten his or her life expectancy to less than two years.

(2) An application to withdraw money from the fund must be given to the financial institution that administers the fund.

(3) The application must be made on a form approved by the Superintendent.

(4) The application form must be signed by the owner and accompanied by the following documents:

2. A declaration described in section 10 about a spouse or same–sex partner or a statement signed by the owner attesting to the fact that none of the money in the fund is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) The contract governing the fund must include the following terms and, if it does not, the contract shall be deemed to include them:

1. The financial institution is entitled to rely upon the information provided by the owner in an application made under this section.

2. An application that meets the requirements of this section constitutes authorization to the financial institution to pay money to the owner from the fund in accordance with this section.

10. Any of the following documents constitutes a declaration about a spouse or same–sex partner for the purposes of a withdrawal from the fund under section 8 or 9:

1. A statement signed by the owner’s spouse, if any, that the spouse consents to the withdrawal from the fund.

2. A statement signed by the owner’s same–sex partner, if any, that the same–sex partner consents to the withdrawal from the fund.

3. A statement signed by the owner attesting to the fact that he or she does not have a spouse or a same–sex partner.

11. (1) If the owner of a locked–in retirement income fund is required to give a document to a financial institution under section 8 or 9, and if the document is one that must be signed by the owner or by his or her spouse or same–sex partner, the document is a nullity if it is signed by any of them more than 60 days before the financial institution receives it.

(2) When the financial institution receives a document required under section 8 or 9, the financial institution shall give the owner of the locked–in retirement income fund a receipt for the document stating the date on which it was received.

Survivor’s Benefits

12. (1) Upon the death of the owner of a locked–in retirement income fund, the owner’s spouse or same–sex partner or, if there is none, his or her named beneficiary or, if there is none, his or her estate is entitled to receive a benefit equal to the value of the assets in the fund.

(3) A spouse or same–sex partner living separate and apart from the owner on the date of the owner’s death is not entitled to receive the value of the assets in the fund.

(4) For the purposes of subsection (1), a determination as to whether the owner has a spouse or same–sex partner is to be made on the date of the owner’s death.

Amending the Fund

13. (1) In the contract governing a locked–in retirement income fund, the financial institution providing the fund must agree not to amend the contract except as provided in this section.

(2) The financial institution must give the owner of the fund at least 90 days notice of a proposed amendment, other than an amendment described in subsection (3).

(3) The financial institution must not amend the contract governing the fund if the amendment would result in a reduction in the owner’s rights under the contract unless,

(a) the financial institution is required by law to make the amendment; and

(b) the owner is entitled to transfer the assets in the fund under the terms of the contract that exist before the amendment is made.

(5) Notices under this section must be sent by registered mail to the owner’s address as set out in the records of the financial institution.

Information to be Provided by the Financial Institution

14. (1) In the contract governing a locked–in retirement income fund, the financial institution must agree to provide the information described in this section to the person indicated.

(2) At the beginning of each fiscal year, the following information must be provided to the owner:

1. The sums deposited, any accumulated investment earnings including any unrealized capital gains or losses, the payments

made out of the fund and the fees charged against it during the previous fiscal year.

2. The value of the assets in the fund as of the beginning of the fiscal year.

3. The minimum amount that must be paid out of the fund to the owner during the current fiscal year.

4. The maximum amount that may be paid out of the fund to the owner during the current fiscal year.

(3) If the assets in the fund are transferred as described in subsection 7 (1), the owner must be given the information described in subsection (2) determined as of the date of the transfer.

(4) Upon the death of the owner, the person entitled to receive the assets in the fund must be given the information described in subsection (2) determined as of the date of the owner’s death.

33. Forms 1, 1.1, 2 and 3 of the Regulation are revoked.

34. This Regulation comes into force on March 3, 2000.

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O. Reg. 144/00: GENERAL

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