O. Reg. 49/17: GENERAL
filed February 17, 2017 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: February 15, 2017
Filed: February 17, 2017
Published on e-Laws: February 17, 2017
Printed in The Ontario Gazette: March 4, 2017
Amending Reg. 909 of R.R.O. 1990
(GENERAL)
1. (1) Subsection 19 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by striking out “subsection 42 (1)” and substituting “section 42”.
(2) Subsection 19 (1.2) of the Regulation is amended by striking out “subsection 42 (1)” and substituting “section 42”.
2. Subsection 20 (1) of the Regulation is revoked and the following substituted:
(1) A former member or retired member of a pension plan who makes an election under section 42 of the Act shall deliver a completed direction to the administrator within 60 days after termination of employment or termination of membership in the pension plan, as the case may be.
3. Subsection 21 (1) of the Regulation is amended by striking out “deferred pension under clause 42 (1) (b)” and substituting “deferred pension or pension under clause 42 (1) (b) of the Act or subsection 42 (12)”.
4. (1) Subsection 22.2 (1) of the Regulation is amended by adding “or subsection 42 (12) of the Act” before “into a prescribed retirement savings arrangement”.
(2) The definition of “excess amount” in subsection 22.2 (9) of the Regulation is amended by adding “or subsection 42 (12) of the Act” before “into a prescribed retirement saving arrangement”.
5. Subsection 24.2 (1) of the Regulation is revoked and the following substituted:
(1) If an amount equal to the commuted value of a former member’s deferred pension or a retired member’s pension becomes payable under subsection 42 (1) or (12) of the Act, the amount accumulates interest from the date on which the former member or retired member terminates his or her membership in the pension plan until the beginning of the month in which the amount is paid.
6. Clause 29 (8) (b) of the Regulation is revoked and the following substituted:
(b) where an election is made under clause 42 (1) (a) or (b) of the Act or subsection 42 (12) of the Act, the maximum portion of the commuted value of the pension or deferred pension that may be transferred is the amount, if any, of the contributions the employee was required to make under the plan plus any additional voluntary contributions made by the employee,
7. Paragraph 1 of subsection 47 (7) of the Regulation is revoked and the following substituted:
1. Section 42 of the Act.
8. (1) Paragraphs 1 to 3 of subsection 1 (1) of Schedule 1.1 to the Regulation are revoked and the following substituted:
1. A former member or retired member who is entitled to make a transfer under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act.
2. A spouse or former spouse of a person described in paragraph 1.
3. A person who has previously transferred an amount under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act into a life income fund, a locked-in retirement account or a locked-in retirement income fund.
(2) Subsection 1 (2) of Schedule 1.1 to the Regulation is amended by striking out “clause 42 (1) (b) of the Act or under” and substituting “clause 42 (1) (b) of the Act, subsection 42 (12) of the Act, or”.
9. (1) Paragraphs 1 to 3 of subsection 1 (1) of Schedule 3 to the Regulation are revoked and the following substituted:
1. A former member or retired member who is entitled to make a transfer under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act.
2. A spouse or former spouse of a person described in paragraph 1.
3. A person who has previously transferred an amount under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act into a locked-in retirement account.
(2) Subsection 1 (2) of Schedule 3 to the Regulation is amended by striking out “clause 42 (1) (b) of the Act or under” and substituting “clause 42 (1) (b) of the Act, subsection 42 (12) of the Act, or”.
(3) Subsection 1 (3) of Schedule 3 to the Regulation is amended by adding “or subsection 42 (12) of the Act” at the end.
Commencement
10. This Regulation comes into force on the later of the day section 2 of Schedule 19 to the Building Ontario Up for Everyone Act (Budget Measures), 2016 comes into force and the day this Regulation is filed.