You're using an outdated browser. This website will not display correctly and some features will not work.
Learn more about the browsers we support for a faster and safer online experience.

O. Reg. 239/16: ASSET TRANSFERS UNDER SECTIONS 80 AND 81 OF THE ACT

filed June 24, 2016 under Pension Benefits Act, R.S.O. 1990, c. P.8

Skip to content

Français

ontario regulation 239/16

made under the

Pension Benefits Act

Made: June 22, 2016
Filed: June 24, 2016
Published on e-Laws: June 24, 2016
Printed in The Ontario Gazette: July 9, 2016

Amending O. Reg. 310/13

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

1. Subsection 7 (2) of Ontario Regulation 310/13 is revoked and the following substituted:

(2) The commuted value of a transferred member’s benefits must be determined,

(a) as if his or her employment or membership had terminated on the effective date of the transfer of assets under section 80 or 81 of the Act; and

(b) unless an election under section 74.1 of the Act is in effect for the original pension plan, as if an activating event described in subsection 74 (1) of the Act had occurred on the effective date of the transfer.

2. Section 11 of the Regulation is amended by adding the following subsection:

(1.1) However, 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 or a new solvency deficiency, special payments to liquidate the new going concern unfunded liability or new solvency deficiency must be made in accordance with section 5, 6 or 6.0.4 of the General Regulation, as the case may be.

3. Subparagraph 4 i of subsection 1 (1) of Schedule 2 to the Regulation is revoked and the following substituted:

i. The portion of the going concern liabilities and the solvency liabilities that,

A. relate to the pension benefits and ancillary benefits for which the successor employer will assume responsibility after the proposed transfer, or

B. in the case of 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, relate to the pension benefits and ancillary benefits to be provided by the successor pension plan after the successor pension plan has been amended in accordance with clause 79.2 (11) (b) of the Act.

4. (1) Paragraph 6 of section 1 of Schedule 3 to the Regulation is revoked and the following substituted:

6. A statement that personal information about an individual is not available for inspection at the premises of the original employer or the successor employer, or at a location that is agreed upon by the administrator and the person making the request, unless the individual’s prior consent is obtained.

(2) Paragraph 4 of section 2 of Schedule 3 to the Regulation is revoked and the following substituted:

4. A statement that personal information about an individual is not available for inspection at the premises of the original employer or the successor employer, or at a location that is agreed upon by the administrator and the person making the request, unless the individual’s prior consent is obtained.

5. (1) Section 1 of Schedule 4 to the Regulation is amended by adding the following paragraph:

2.1 A statement that the successor pension plan, as a multi-employer pension plan established pursuant to a collective agreement or trust agreement, is permitted under the Act to reduce accrued pension benefits and accrued ancillary benefits.

(2) Paragraph 3 of section 1 of Schedule 4 to the Regulation is amended by adding “or membership” after “number of years of service”.

(3) Paragraph 3 of section 2 of Schedule 4 to the Regulation is revoked and the following substituted:

3. A description of the differences, if any, in the rate of contributions payable by the original employer under the original pension plan and the successor employer under the successor pension plan or, in the case of 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, a description of the differences, if any, in the rate of contributions payable by the participating employers under the original pension plan and the participating employers under the successor pension plan.

6. (1) Section 1 of Schedule 5 to the Regulation is amended by adding the following paragraph:

8.1 A statement that the successor pension plan, as a multi-employer pension plan established pursuant to a collective agreement or trust agreement, is permitted under the Act to reduce accrued pension benefits and accrued ancillary benefits.

(2) Paragraph 13 of section 1 of Schedule 5 to the Regulation is revoked and the following substituted:

13. A statement that personal information about an individual is not available for inspection at the premises of the original employer or the successor employer, or at a location that is agreed upon by the administrator and the person making the request, unless the individual’s prior consent is obtained.

(3) Paragraph 9 of section 2 of Schedule 5 to the Regulation is revoked and the following substituted:

9. A statement that personal information about an individual is not available for inspection at the premises of the original employer or the successor employer, or at a location that is agreed upon by the administrator and the person making the request, unless the individual’s prior consent is obtained.

7. (1) Section 1 of Schedule 6 to the Regulation is amended by adding the following paragraph:

3.1 A statement that the successor pension plan, as a multi-employer pension plan established pursuant to a collective agreement or trust agreement, is permitted under the Act to reduce accrued pension benefits and accrued ancillary benefits.

(2) Paragraph 3 of section 2 of Schedule 6 to the Regulation is revoked and the following substituted:

3. A description of the differences, if any, in the rate of contributions payable by the original employer under the original pension plan and the successor employer under the successor pension plan or, in the case of 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, a description of the differences, if any, in the rate of contributions payable by the participating employers under the original pension plan and the participating employers under the successor pension plan.

8. (1) Section 1 of Schedule 7 to the Regulation is amended by adding the following paragraph:

3.1 A statement that the successor pension plan, as a multi-employer pension plan established pursuant to a collective agreement or trust agreement, is permitted under the Act to reduce accrued pension benefits and accrued ancillary benefits.

(2) Paragraph 4 of section 1 of Schedule 7 to the Regulation is revoked and the following substituted:

4. A description of the accrued pension benefits for which the successor employer has agreed to be responsible or, in the case of 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, a description of the accrued pension benefits and accrued ancillary benefits to be provided by the successor plan after the successor pension plan has been amended in accordance with clause 79.2 (11) (b) of the Act.

(3) Paragraphs 3 and 4 of section 2 of Schedule 7 to the Regulation are revoked and the following substituted:

3. A description of the differences, if any, in the rate of contributions payable by the original employer under the original pension plan and the successor employer under the successor pension plan or, in the case of 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, a description of the differences, if any, in the rate of contributions payable by the participating employers under the original pension plan and the participating employers under the successor pension plan.

4. A description of the accrued pension benefits for which the successor employer has agreed to be responsible or, in the case of 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, a description of the accrued pension benefits and accrued ancillary benefits to be provided by the successor plan after the successor pension plan has been amended in accordance with clause 79.2 (11) (b) of the Act.

Commencement

9. This Regulation comes into force on the later July 1, 2016 and the day it is filed.

 

Français