O. Reg. 66/22: GENERAL
filed February 11, 2022 under Pension Benefits Act, R.S.O. 1990, c. P.8
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made under the
Pension Benefits Act
Made: February 10, 2022
Filed: February 11, 2022
Published on e-Laws: February 11, 2022
Printed in The Ontario Gazette: February 26, 2022
Amending Reg. 909 of R.R.O. 1990
(GENERAL)
1. (1) Section 16.3 of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by striking out the portion before paragraph 1 and substituting the following:
Special order for preparation of report, s. 87 (6) of the Act
16.3 The following circumstances are prescribed for the purposes of subsection 87 (6) of the Act with respect to a valuation report:
(2) Section 16.3 of the Regulation is amended by adding the following subsection:
(2) For the purposes of subsection 87 (6) of the Act, the following is a prescribed type of report in respect of a pension plan:
1. An auditor’s report respecting financial statements filed under section 76 with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.
2. Section 40 of the Regulation is amended by adding the following subsection:
(2.1) Clauses (1) (v), (w) and (x) do not apply with respect to a pension plan where all the pension benefits provided under the pension plan are defined contribution benefits and the investments are directed entirely by the members.
3. Section 40.1 of the Regulation is amended by adding the following subsection:
(3.1) Clauses (1) (s), (t) and (u) do not apply with respect to a pension plan where all the pension benefits provided under the pension plan are defined contribution benefits and the investments are directed entirely by the members.
4. Section 40.2 of the Regulation is amended by adding the following subsection:
(3.1) Clauses (1) (r), (s) and (t) do not apply with respect to a pension plan where all the pension benefits provided under the pension plan are defined contribution benefits and the investments are directed entirely by the members.
5. Section 76 of the Regulation is amended by adding the following subsection:
(2.1) Subsection (2) does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.
6. The Regulation is amended by adding the following section:
Exemption re statement of investment policies and procedures
78.1 Despite section 78, the administrator of a pension plan is not required to establish a statement of investment policies and procedures for the plan where all the pension benefits provided under the plan are defined contribution benefits and the investments are directed entirely by the members.
Commencement
7. This Regulation comes into force on the day it is filed.