O. Reg. 286/17: CONVERSIONS AND TRANSFERS OF ASSETS UNDER SECTION 80.4 OF THE ACT AND CONVERSIONS UNDER SECTION 81.0.1 OF THE ACT

 

ontario regulation 286/17

made under the

Pension Benefits Act

Made: July 26, 2017
Filed: July 28, 2017
Published on e-Laws: July 28, 2017
Printed in The Ontario Gazette: August 12, 2017

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. Section 13 of Ontario Regulation 311/15 is amended by adding the following subsection:

(5) If the jointly sponsored pension plan is the Healthcare of Ontario Pension Plan, registered under the Act as number 0346007, paragraph 7 of subsection 80.4 (13) of the Act does not apply and instead the following criterion must be satisfied:

1. As of the effective date of the transfer, the commuted value of the pension benefits provided under the Healthcare of Ontario Pension Plan for the transferred members, as calculated on the basis described in the most recent statement filed under subsection 19 (5.1) of the General Regulation by the administrator of the Plan, is not less than the commuted value of their pension benefits under the single employer pension plan, as calculated in accordance with subsection (1) of this section, as adjusted for any payments made from the single employer pension plan to a prescribed retirement savings arrangement or made directly to the transferred members in connection with the transfer of assets.

2. Section 15 of the Regulation is amended by adding the following subsections:

(4) If, as of the effective date of the transfer of assets, the amount of assets of the single employer pension plan is less than the amount to be transferred as agreed upon in accordance with subsection (1), the employer of the single employer pension plan shall make one or more payments to the pension fund of the jointly sponsored pension plan.

(5) The present value of the payment or payments required under subsection (4) must equal the amount of the deficiency.

3. Section 16 of the Regulation is amended by adding the following subsection:

(2) Subsection (1) does not apply if the employer of the single employer pension plan is required to make one or more payments under subsection 15 (4) and the date of the payment or the final payment, as the case may be, as agreed upon by the employer of the single employer pension plan and the sponsors of the jointly sponsored pension plan, is after the deadline set out in subsection (1).

Commencement

4. This Regulation comes into force on the day it is filed.