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Pension Benefits Act, R.S.O. 1990, c. P.8

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Pension Benefits Act

R.S.O. 1990, CHAPTER P.8

Historical version for the period October 19, 2006 to December 19, 2006.

Amended by: 1997, c. 28, ss. 190-224; 1998, c. 34, s. 91; 1999, c. 6, s. 53; 1999, c. 15, ss. 1-19; 2002, c. 18, Sched. H, s. 5; 2004, c. 31, Sched. 31; 2005, c. 5, s. 56; 2005, c. 31, Sched. 18; 2006, c. 19, Sched. C, s. 1 (1); 2006, c. 21, Sched. F, s. 136 (1).

CONTENTS

1.

Interpretation

Application

2.

Crown bound

3.

Employees in Ontario

4.

Place of employment

5.

Greater pension benefits

Registration and Administration

6.

Prohibition of administration of unregistered pension plan

7.

Refusal or revocation

8.

Administrator

9.

Application for registration

10.

Contents of pension plan

11.

Gradual and uniform accrual of pension benefits

12.

Application for registration of amendment

13.

When amendment effective

14.

Reduction of benefits

15.

Acknowledgment of application for registration

16.

Issuance of certificate of registration

17.

Issuance of notice of registration

18.

Refusal or revocation of registration

19.

Duty of administrator

20.

Administrator’s annual information return

21.

Reciprocal transfer agreement

22.

Care, diligence and skill

23.

Information from employer

24.

Advisory committee

Disclosure of Information

25.

Information from administrator

26.

Pension plan amendments

27.

Annual statement of pension benefits

28.

Statement of benefits

29.

Inspection of administrator’s documents

30.

Inspection of filed documents

Membership

31.

Eligibility for membership

32.

Loss of membership

33.

Dispute as to member of class of employees

34.

Separate pension plan

Retirement and Vesting

35.

Normal retirement date

36.

Deferred pension for past service

37.

Deferred pension

38.

Termination by member

Benefits

39.

Value of deferred pension

40.

Ancillary benefits

41.

Early retirement option

42.

Transfer

43.

Purchase of pension

44.

Joint and survivor pension benefits

45.

Information for payment

46.

Waiver of joint and survivor pension benefit

47.

Remarriage, etc.

48.

Pre-retirement death benefit

49.

Variation of payment to disabled person

50.

Commuted value

51.

Payment on marriage breakdown

52.

Discrimination on basis of sex

53.

Inflation protection

54.

C.P.P. / Q.P.P. offsets

Contributions

55.

Funding

56.

Duty re payment of contributions

56.1

Duty to pension fund trustees

57.

Trust property

58.

Accrual

59.

Collection of contributions

60.

Bond

61.

Statement of employer’s obligation

62.

Investment of pension fund

Locking In

63.

Refunds

64.

Shorter qualification periods

65.

Void transactions

66.

Exemption from execution, seizure or attachment

67.

Commutation or surrender

Winding Up

68.

Winding up

69.

Winding up order by Superintendent

70.

Wind up report

71.

Appointment of administrator to wind up

72.

Notice of entitlement upon wind up and election

73.

Determination of entitlements

74.

Combination of age and years of employment

75.

Liability of employer on wind up

75.1

Liability on wind-up, jointly sponsored pension plans

76.

Pension fund continues subject to Act and regulations

77.

Insufficient pension fund

Surplus

78.

Payment out of pension fund to employer

79.

Continuing pension plan

Sales, Transfers and New Plans

80.

Continuation of benefits under successor employer

81.

Adoption of new pension plan

Pension Benefits Guarantee Fund

82.

Guarantee Fund continued

83.

Guarantee Fund declaration

84.

Guaranteed benefits

85.

Payments not guaranteed

86.

Lien for payment out of Guarantee Fund

Orders

87.

Order by Superintendent

88.

Order by Superintendent

Hearing and Appeal

89.

Notices and hearings

91.

Appeal to court

Financial Services Commission of Ontario

93.

Agreements governing multi-jurisdictional pension plans

95.

Reciprocal agreements

97.

Research

98.

Information

99.

Security

General

103.

Pension agency

104.

Transitional

105.

Extension of time

106.

Examinations, investigations and inquiries

106.1

Payment for reports

107.

Obstruction

108.

Order by justice of the peace

109.

Offence

110.

Penalty

111.

Power to restrain

112.

Service

113.

Time for actions by administrator

113.1

Fees

113.2

Forms

114.

Conflict

115.

Regulations

Interpretation

Definitions

1. (1) In this Act,

“additional voluntary contribution” means a contribution to the pension fund by a member of the pension plan beyond any amount that the member is required to contribute, but does not include a contribution in relation to which the employer is required to make a concurrent additional contribution to the pension fund; (“cotisation facultative supplémentaire”)

“administrator” means the person or persons that administer the pension plan; (“administrateur”)

“assets”, in relation to an employer, means assets that in the ordinary course of business would be entered in books of account, whether or not a particular asset is entered in the books of account of the employer; (“actif”)

“bridging benefit” means a periodic payment provided under a pension plan to a former member of the pension plan for a temporary period of time after retirement for the purpose of supplementing the former member’s pension benefit until the former member is eligible to receive benefits under the Old Age Security Act (Canada) or is either eligible for or commences to receive retirement benefits under the Canada Pension Plan or the Quebec Pension Plan; (“prestation de raccordement”)

“certified copy” means a copy certified to be a true copy; (“copie certifiée conforme”)

“collective agreement” has the same meaning as in the Labour Relations Act, 1995; (“convention collective”)

“Commission” means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997; (“Commission”)

“commuted value” means the value calculated in the prescribed manner and as of a fixed date of a pension, a deferred pension, a pension benefit or an ancillary benefit; (“valeur de rachat”)

“continuous”, in relation to employment, membership or service, means without regard to periods of temporary suspension of the employment, membership or service and without regard to periods of lay-off from employment; (“continu”)

“contributory benefit” means a pension benefit or part of a pension benefit to which a member is required to make contributions under the terms of the pension plan; (“prestation contributive”)

“deferred pension” means a pension benefit, payment of which is deferred until the person entitled to the pension benefit reaches the normal retirement date under the pension plan; (“pension différée”)

“defined benefit” means a pension benefit other than a defined contribution benefit; (“prestation déterminée”)

“defined contribution benefit” means a pension benefit determined with reference to and provided by contributions, and the interest on the contributions, paid by or for the credit of a member and determined on an individual account basis; (“prestation à cotisation déterminée”)

“designated province” means a province or territory of Canada that is prescribed by the regulations as a province or territory in which there is in force legislation substantially similar to this Act; (“province désignée”)

“employee” means a natural person who is employed by an employer; (“employé”)

“employer”, in relation to a member or a former member of a pension plan, means the person or persons from whom or the organization from which the member or former member receives or received remuneration to which the pension plan is related, and “employed” and “employment” have a corresponding meaning; (“employeur”, “employé”, “emploi”)

“file” means file with the Superintendent; (“déposer”)

“former member” means a person who has terminated employment or membership in a pension plan, and,

(a) is entitled to a deferred pension payable from the pension fund,

(b) is in receipt of a pension payable from the pension fund,

(c) is entitled to commence receiving payment of pension benefits from the pension fund within one year after termination of employment or membership, or

(d) is entitled to receive any other payment from the pension fund; (“ancien participant”)

“going concern unfunded liability” means, with respect to a pension plan, a going concern unfunded liability as determined in accordance with the prescribed requirements; (“passif à long terme non capitalisé”)

“Guarantee Fund” means the Pension Benefits Guarantee Fund continued by this Act; (“Fonds de garantie”)

“insurance company” means a corporation authorized to undertake life insurance in Canada; (“compagnie d’assurance”)

“joint and survivor pension” means a pension payable during the joint lives of the person entitled to the pension and his or her spouse and thereafter during the life of the survivor of them; (“pension réversible”)

“jointly sponsored pension plan” means a pension plan described in subsection (2) and includes such other pension plans as may be prescribed; (“régime de retraite conjoint”)

“member” means a member of the pension plan; (“participant”)

“Minister” means the member of the Executive Council designated by the Lieutenant Governor in Council for the purposes of this Act; (“ministre”)

“multi-employer pension plan” means a pension plan established and maintained for employees of two or more employers who contribute or on whose behalf contributions are made to a pension fund by reason of agreement, statute or municipal by-law to provide a pension benefit that is determined by service with one or more of the employers, but does not include a pension plan where all the employers are affiliates within the meaning of the Business Corporations Act; (“régime de retraite interentreprises”)

“normal retirement date” means the date or age specified in the pension plan as the normal retirement date of members; (“date normale de retraite”)

“partial wind up” means the termination of part of a pension plan and the distribution of the assets of the pension fund related to that part of the pension plan; (“liquidation partielle”)

“participating employer”, in relation to a multi-employer pension plan, means an employer required to make contributions to the multi-employer pension plan; (“employeur participant”)

“pension” means a pension benefit that is in payment; (“pension”)

“pension benefit” means the aggregate monthly, annual or other periodic amounts payable to a member or former member during the lifetime of the member or former member, to which the member or former member will become entitled under the pension plan or to which any other person is entitled upon the death of a member or former member; (“prestation de retraite”)

“pension committee” means a committee that is the administrator of a pension plan; (“comité de retraite”)

“pension fund” means the fund maintained to provide benefits under or related to the pension plan; (“caisse de retraite”)

“pension plan” means a plan organized and administered to provide pensions for employees, but does not include,

(a) an employees’ profit sharing plan or a deferred profit sharing plan as defined in sections 144 and 147 of the Income Tax Act (Canada),

(b) a plan to provide a retiring allowance as defined in subsection 248 (1) of the Income Tax Act (Canada),

(c) a plan under which all pension benefits are provided by contributions made by members, or

(d) any other prescribed type of plan; (“régime de retraite”)

“prescribed” means prescribed by the regulations; (“prescrit”)

“qualification date” means, in respect of Ontario, the 1st day of January, 1965, and, in respect of a designated province, the date on which under the law of the designated province a pension plan must be registered by the proper authority in the designated province; (“date d’habilitation”)

“reciprocal transfer agreement” means an agreement related to two or more pension plans that provides for the transfer of money or credits for employment or both in respect of individual members; (“accord réciproque de transfert”)

“registration” means registration under this Act; (“enregistrement”)

“regulations” means regulations made under this Act; (“règlements”)

“solvency deficiency” means, with respect to a pension plan, a solvency deficiency as determined in accordance with the prescribed requirements; (“déficit de solvabilité”)

“spouse” means either of two persons who,

(a) are married to each other, or

(b) are not married to each other and are living together in a conjugal relationship,

(i) continuously for a period of not less than three years, or

(ii) in a relationship of some permanence, if they are the natural or adoptive parents of a child, both as defined in the Family Law Act; (“conjoint”)

“Superintendent” means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997; (“surintendant”)

“surplus” means the excess of the value of the assets of a pension fund related to a pension plan over the value of the liabilities under the pension plan, both calculated in the prescribed manner; (“excédent”)

“termination”, in relation to employment, includes retirement and death; (“cessation”)

“trade union” has the same meaning as in the Labour Relations Act, 1995; (“syndicat”)

“Tribunal” means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997; (“Tribunal”)

“wind up” means the termination of a pension plan and the distribution of the assets of the pension fund; (“liquidation”)

“Year’s Maximum Pensionable Earnings” has the same meaning as in the Canada Pension Plan. (“maximum des gains annuels ouvrant droit à pension”) R.S.O. 1990, c. P.8, s. 1; 1997, c. 28, s. 190; 1999, c. 6, s. 53 (1, 2); 2004, c. 31, Sched. 31, s. 1; 2005, c. 5, s. 56 (1-6); 2005, c. 31, Sched. 18, s. 1 (1).

Jointly sponsored pension plans

(2) For the purposes of this Act, a pension plan is a jointly sponsored pension plan if it has the following characteristics:

1. It provides defined benefits.

2. The defined benefits are contributory benefits.

3. Members of the pension plan are required, by virtue of the documents that create and support the plan, to make contributions in respect of any going concern unfunded liability and solvency deficiency of the plan.

4. The plan satisfies such additional criteria as may be prescribed. 2005, c. 31, Sched. 18, s. 1 (2).

Application

Crown bound

2.This Act binds the Crown. R.S.O. 1990, c. P.8, s. 2.

Employees in Ontario

3.This Act applies to every pension plan that is provided for persons employed in Ontario. R.S.O. 1990, c. P.8, s. 3.

Place of employment

4.(1)For the purposes of this Act, a person shall be deemed to be employed in the province in which the establishment of his or her employer is located and to which the person is required to report for work.

Idem

(2)A person who is not required to report for work at an establishment of his or her employer shall be deemed to be employed in the province in which is located the establishment of his or her employer from which the person’s remuneration is paid. R.S.O. 1990, c. P.8, s. 4.

Greater pension benefits

5.The requirements of this Act and the regulations shall not be construed to prevent the registration or administration of a pension plan and related pension fund that provide pension benefits or ancillary benefits more advantageous to members than those required by this Act and the regulations. R.S.O. 1990, c. P.8, s. 5.

Registration and Administration

Prohibition of administration of unregistered pension plan

6.(1)No person shall administer a pension plan unless a certificate of registration or an acknowledgment of application for registration of the pension plan has been issued by the Superintendent.

Application of subs. (1)

(2)Subsection (1) does not apply to prevent administration during the first ninety days after the establishment of the pension plan. R.S.O. 1990, c. P.8, s. 6.

Refusal or revocation

7.(1)No person shall administer a pension plan if registration of the pension plan has been refused or revoked by the Superintendent.

Exception

(2)Subsection (1) does not apply to prevent administration for the purpose of wind up of a pension plan. R.S.O. 1990, c. P.8, s. 7.

Administrator

8. (1) A pension plan is not eligible for registration unless it is administered by an administrator who is,

(a) the employer or, if there is more than one employer, one or more of the employers;

(b) a pension committee composed of one or more representatives of,

(i) the employer or employers, or any person, other than the employer or employers, required to make contributions under the pension plan, and

(ii) members of the pension plan;

(c) a pension committee composed of representatives of members of the pension plan;

(d) the insurance company that provides the pension benefits under the pension plan, if all the pension benefits under the pension plan are guaranteed by the insurance company;

(e) if the pension plan is a multi-employer pension plan established pursuant to a collective agreement or a trust agreement, a board of trustees appointed pursuant to the pension plan or a trust agreement establishing the pension plan of whom at least one-half are representatives of members of the multi-employer pension plan, and a majority of such representatives of the members shall be Canadian citizens or landed immigrants;

(f) a corporation, board, agency or commission made responsible by an Act of the Legislature for the administration of the pension plan;

(g) a person appointed as administrator by the Superintendent under section 71; or

(h) such other person or entity as may be prescribed. R.S.O. 1990, c. P.8, s. 8 (1); 1999, c. 15, s. 1; 2005, c. 31, Sched. 18, s. 2.

Additional members

(2) A pension committee, or a board of trustees, that is the administrator of a pension plan may include a representative or representatives of persons who are receiving pensions under the pension plan. R.S.O. 1990, c. P.8, s. 8 (2).

Affiliate

(3) For the purpose of clause (1) (b), “employer” includes “affiliate” as defined in the Business Corporations Act, if the employer is a body corporate. R.S.O. 1990, c. P.8, s. 8 (3).

Application for registration

9.(1)Within the prescribed period of time, the administrator of a pension plan shall apply to the Superintendent for registration of the pension plan. 1999, c. 15, s. 2.

Requirements for registration

(2)An application for registration shall be made by paying the fee established by the Minister and filing,

(a) a completed application in the form approved by the Superintendent;

(b) certified copies of the documents that create and support the pension plan;

(c) certified copies of the documents that create and support the pension fund;

(d) a certified copy of any reciprocal transfer agreement related to the pension plan;

(e) a certified copy of the explanations and other information provided under subsection 25 (1);

(e.1) a certification in a form approved by the Superintendent and signed by the applicant in which the applicant attests that the pension plan complies with this Act and regulations; and

(f) any other prescribed documents. R.S.O. 1990, c. P.8, s. 9 (2); 1997, c. 28, s. 191.

Collective agreement

(3)For the purpose of subsection (2), “document” includes “collective agreement”. R.S.O. 1990, c. P.8, s. 9 (3).

Contents of pension plan

10. (1) The documents that create and support a pension plan shall set out the following information:

1. The method of appointment and the details of appointment of the administrator of the pension plan.

2. The conditions for membership in the pension plan.

3. The benefits and rights that are to accrue upon termination of employment, termination of membership, retirement or death.

4. The normal retirement date under the pension plan.

5. The requirements for entitlement under the pension plan to any pension benefit or ancillary benefit.

6. The contributions or the method of calculating the contributions required by the pension plan.

7. The method of determining benefits payable under the pension plan.

8. The method of calculating interest to be credited to contributions under the pension plan.

9. The mechanism for payment of the cost of administration of the pension plan and pension fund.

10. The mechanism for establishing and maintaining the pension fund.

11. The treatment of surplus during the continuation of the pension plan and on the wind up of the pension plan.

12. The obligation of the administrator to provide members with information and documents required to be disclosed under this Act and the regulations.

13. The method of allocation of the assets of the pension plan on windup.

14. Particulars of any predecessor pension plan under which members of the pension plan may be entitled to pension benefits.

15. Any other prescribed information related to the pension plan or pension fund or both. R.S.O. 1990, c. P.8, s. 10 (1).

Multi-employer pension plan

(2) The documents that create and support a multi-employer pension plan pursuant to a collective agreement or a trust agreement shall set out the powers and duties of the board of trustees that is the administrator of the multi-employer pension plan. R.S.O. 1990, c. P.8, s. 10 (2).

Jointly sponsored pension plans

(3) The documents that create and support a jointly sponsored pension plan shall also set out the following information:

1. The obligation of members to make contributions under the plan, including contributions in respect of any going concern unfunded liability and solvency deficiency.

2. The obligation of employers to make contributions under the plan, including contributions in respect of any going concern unfunded liability and solvency deficiency, or the obligation of other persons or entities to make the contributions under the plan on behalf of employers. 2005, c. 31, Sched. 18, s. 3.

Same

(4) The documents that create and support a jointly sponsored pension plan may authorize a prescribed person or entity to establish or maintain a separate jointly sponsored pension plan for persons employed in less than full-time continuous employment. 2005, c. 31, Sched. 18, s. 3.

Gradual and uniform accrual of pension benefits

11.(1)A pension plan is not eligible for registration unless it provides for the accrual of pension benefits in a gradual and uniform manner.

Variable contributions or pension benefits

(2)A pension plan is not eligible for registration if the formula for computation of the employer’s contributions to the pension fund or the pension benefit provided under the pension plan is variable at the discretion of the employer.

Variable deferred profit-sharing

(3)A deferred profit-sharing pension plan or a pension plan that provides defined contribution benefits is not eligible for registration if the formula governing allocation of contributions to the pension fund and profits among members of the plan is variable at the discretion of the employer.

Exception

(4)Despite subsections (1), (2) and (3), the Superintendent may register a pension plan if the Superintendent is of the opinion that registration is justified in the circumstances of the pension plan and the members. R.S.O. 1990, c. P.8, s. 11.

Application for registration of amendment

12.(1)The administrator of a pension plan shall apply to the Superintendent, within sixty days after the date on which the pension plan is amended, for registration of the amendment. R.S.O. 1990, c. P.8, s. 12 (1).

Requirements for registration

(2)An application for registration of an amendment shall be made by paying the fee established by the Minister and filing,

(a) a certified copy of the amending document;

(b) certified copies of any other prescribed documents;

(b.1) a certification in a form approved by the Superintendent and signed by the administrator of the pension plan in which the administrator attests that the amendment complies with this Act and the regulations; and

(c) any other prescribed information. R.S.O. 1990, c. P.8, s. 12 (2); 1997, c. 28, s. 192.

Filing of changes

(3)The administrator of a pension plan shall file a certified copy of each document that changes the documents that create and support the pension plan or pension fund. R.S.O. 1990, c. P.8, s. 12 (3).

When amendment effective

13.(1)An amendment to a pension plan is not effective until the administrator of the plan files an application for registration of the amendment and the application meets the requirements of section 12. 1997, c. 28, s. 193.

Retroactive amendment

(2)An amendment to a pension plan may be made effective as of a date before the date on which the amendment is registered. R.S.O. 1990, c. P.8, s. 13 (2).

Reduction of benefits

14.(1)An amendment to a pension plan is void if the amendment purports to reduce,

(a) the amount or the commuted value of a pension benefit accrued under the pension plan with respect to employment before the effective date of the amendment;

(b) the amount or the commuted value of a pension or a deferred pension accrued under the pension plan; or

(c) the amount or the commuted value of an ancillary benefit for which a member or former member has met all eligibility requirements under the pension plan necessary to exercise the right to receive payment of the benefit.

Application of subs. (1)

(2)Subsection (1) does not apply in respect of a multi-employer pension plan established pursuant to a collective agreement or a trust agreement.

Idem

(3)Subsection (1) does not apply in respect of a pension plan that provides defined benefits if the obligation of the employer to contribute to the pension fund is limited to a fixed amount set out in a collective agreement. R.S.O. 1990, c. P.8, s. 14.

Acknowledgment of application for registration

15.The Superintendent shall issue an acknowledgment of application for registration of a pension plan within thirty days after receiving an application for the registration that complies with section 9. R.S.O. 1990, c. P.8, s. 15; 1997, c. 28, s. 194.

Issuance of certificate of registration

16.The Superintendent shall issue a certificate of registration for each pension plan registered under this Act. R.S.O. 1990, c. P.8, s. 16.

Issuance of notice of registration

17.The Superintendent shall issue a notice of registration for each amendment to a pension plan registered under this Act. R.S.O. 1990, c. P.8, s. 17.

Refusal or revocation of registration

18.(1)The Superintendent may,

(a) refuse to register a pension plan that does not comply with this Act and the regulations;

(b) revoke the registration of a pension plan that does not comply with this Act and the regulations;

(c) revoke the registration of a pension plan that is not being administered in accordance with this Act and the regulations;

(d) refuse to register an amendment to a pension plan if the amendment is void or if the pension plan with the amendment would cease to comply with this Act and the regulations;

(e) revoke the registration of an amendment that does not comply with this Act and the regulations.

Application of subs. (1)

(2)The authority of the Superintendent under subsection (1) is subject to the right to a hearing under section 89.

Effect of refusal or revocation

(3)A refusal of registration of a pension plan or a revocation of registration of a pension plan operates to terminate the pension plan as of the date specified by the Superintendent.

Idem

(4)A refusal of registration of an amendment to a pension plan or the revocation of an amendment to a pension plan operates to terminate the amendment as of the date specified by the Superintendent.

Wind up

(5)Where registration of a pension plan is refused or revoked, the administrator shall wind up the pension plan in accordance with this Act and the regulations. R.S.O. 1990, c. P.8, s. 18.

Duty of administrator

19.(1)The administrator of a pension plan shall ensure that the pension plan and the pension fund are administered in accordance with this Act and the regulations.

Application of subs. (1)

(2)Subsection (1) applies whether or not the pension plan is amended to comply with this Act and the regulations.

Idem

(3)The administrator of a pension plan shall ensure that the pension plan and the pension fund are administered in accordance with,

(a) the filed documents in respect of which the Superintendent has issued an acknowledgment of application for registration or a certificate of registration, whichever is issued later; and

(b) the filed documents in respect of an application for registration of an amendment to the pension plan, if the application complies with this Act and the regulations and the amendment is not void under this Act.

Application of subs. (3)

(4)Subsection (3) does not apply to enable the administrator to administer the pension plan contrary to this Act and the regulations.

Idem, amendment

(5)The administrator of a pension plan may administer or permit administration of the pension plan and the pension fund in accordance with an amendment pending registration or refusal of registration of the amendment. R.S.O. 1990, c. P.8, s. 19.

Administrator’s annual information return

20.(1)The administrator of a pension plan shall file each year an annual information return in respect of the pension plan in the form approved by the Superintendent and shall pay the filing fee established by the Minister. 1997, c. 28, s. 195.

Additional reports

(2)The administrator of a pension plan shall file additional reports at the times and containing the information prescribed by the regulations. R.S.O. 1990, c. P.8, s. 20 (2).

Reciprocal transfer agreement

21.An administrator of a pension plan shall file a certified copy of a reciprocal transfer agreement entered into in respect of the pension plan. R.S.O. 1990, c. P.8, s. 21.

Care, diligence and skill

22.(1)The administrator of a pension plan shall exercise the care, diligence and skill in the administration and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person.

Special knowledge and skill

(2)The administrator of a pension plan shall use in the administration of the pension plan and in the administration and investment of the pension fund all relevant knowledge and skill that the administrator possesses or, by reason of the administrator’s profession, business or calling, ought to possess.

Member of pension committee, etc.

(3)Subsection (2) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or commission made responsible by an Act of the Legislature for the administration of a pension plan.

Conflict of interest

(4)An administrator or, if the administrator is a pension committee or a board of trustees, a member of the committee or board that is the administrator of a pension plan shall not knowingly permit the administrator’s interest to conflict with the administrator’s duties and powers in respect of the pension fund.

Employment of agent

(5)Where it is reasonable and prudent in the circumstances so to do, the administrator of a pension plan may employ one or more agents to carry out any act required to be done in the administration of the pension plan and in the administration and investment of the pension fund.

Trustee of pension fund

(6)No person other than a prescribed person shall be a trustee of a pension fund.

Responsibility for agent

(7)An administrator of a pension plan who employs an agent shall personally select the agent and be satisfied of the agent’s suitability to perform the act for which the agent is employed, and the administrator shall carry out such supervision of the agent as is prudent and reasonable.

Employee or agent

(8)An employee or agent of an administrator is also subject to the standards that apply to the administrator under subsections (1), (2) and (4).

Benefit by administrator

(9)The administrator of a pension plan is not entitled to any benefit from the pension plan other than pension benefits, ancillary benefits, a refund of contributions and fees and expenses related to the administration of the pension plan and permitted by the common law or provided for in the pension plan.

Member of pension committee, etc.

(10)Subsection (9) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or commission made responsible by an Act of the Legislature for the administration of a pension plan.

Payment to agent

(11)An agent of the administrator of a pension plan is not entitled to payment from the pension fund other than the usual and reasonable fees and expenses for the services provided by the agent in respect of the pension plan. R.S.O. 1990, c. P.8, s. 22.

Information from employer

23.An employer shall provide to the administrator of the pension plan any information required by the administrator for the purpose of complying with the terms of the pension plan or of this Act or the regulations. R.S.O. 1990, c. P.8, s. 23.

Advisory committee

24.(1)The members and former members of a pension plan, by the decision of a majority of them participating in a vote, may establish an advisory committee.

Representation

(2)Each class of employees that is represented in the pension plan is entitled to appoint at least one representative to the advisory committee established under subsection (1).

Idem, former members

(3)The former members of the pension plan are entitled to appoint one representative to the advisory committee established under subsection (1).

Purposes

(4)The purposes of an advisory committee are,

(a) to monitor the administration of the pension plan;

(b) to make recommendations to the administrator respecting the administration of the pension plan; and

(c) to promote awareness and understanding of the pension plan on the part of members of the pension plan and persons receiving pension benefits under the pension plan.

Examination of records

(5)The advisory committee or its representative has the right to examine the records of the administrator in respect of the administration of the pension plan and the pension fund and to make extracts from and copies of the records, but this subsection does not apply in respect of information as to the service, salary, pension benefits or other personal information related to any specific person without the person’s prior consent.

Application of subs. (1)

(6)Subsection (1) does not apply,

(a) if the pension plan is administered by a pension committee at least one of the members of which is appointed by the members of the pension plan; or

(b) in respect of a multi-employer pension plan established pursuant to a collective agreement.

Administrator to provide information

(7)The administrator of a pension plan shall provide to the advisory committee or its representative such information as is under the control of the administrator and is required by the advisory committee or its representative for the purposes of the committee. R.S.O. 1990, c. P.8, s. 24.

Disclosure of Information

Information from administrator

25.(1)The administrator of a pension plan shall provide in writing to each person who will be eligible or is required to become a member of the pension plan,

(a) an explanation of the provisions of the plan that apply to the person;

(b) an explanation of the person’s rights and obligations in respect of the pension plan; and

(c) any other information prescribed by the regulations.

Time

(2)The administrator shall provide the information mentioned in subsection (1),

(a) to each person who becomes a member within the prescribed period of time after the date on which the pension plan is established;

(b) to a person who is likely to become eligible to become a member of the pension plan, within the prescribed period of time before the date on which the person is likely to become eligible;

(c) to each person who becomes eligible to become a member of the pension plan upon becoming employed by the employer, within the prescribed period of time after the date on which the person becomes so employed.

Information from employer

(3)The employer shall transmit to the administrator the information necessary to enable the administrator to comply with subsection (2) and shall transmit the information in sufficient time to enable the administrator to comply with the time limits set out in that subsection. R.S.O. 1990, c. P.8, s. 25.

Pension plan amendments

Notice of proposed amendment

26.(1)If the administrator of a pension plan applies for registration of an amendment to the pension plan that would result in a reduction of pension benefits accruing subsequent to the effective date of the amendment or that would otherwise adversely affect the rights or obligations of a member or former member or of any other person entitled to payment from the pension fund, the Superintendent shall require the administrator to transmit to such persons as the Superintendent may specify a written notice containing an explanation of the amendment and inviting comments to be submitted to the administrator and the Superintendent, and the administrator shall provide to the Superintendent a copy of the notice and shall certify to the Superintendent the date on which the last such notice was transmitted.

Registration

(2)If the Superintendent has required the administrator to transmit notices under subsection (1), the Superintendent shall not register an amendment mentioned in that subsection before the expiration of forty-five days after the date certified to the Superintendent under that subsection, but after the expiration of the forty-five day period the Superintendent may register the amendment with such changes as are requested in writing by the administrator.

Notice after registration

(3)Within the prescribed period of time after an amendment to a pension plan is registered, the administrator shall transmit notice and a written explanation of the amendment to each member, former member or other person entitled to payment from the pension fund who is affected by the amendment.

Order dispensing with notice

(4)The Superintendent need not require the transmittal of notices under subsection (1) or by order may dispense with the notice required by subsection (3), or both,

(a) if the Superintendent is of the opinion that the amendment is of a technical nature or will not substantially affect the pension benefits, rights or obligations of a member or former member or will not adversely affect any person entitled to payments from the pension fund;

(b) if the amendment has been agreed to by a trade union that represents the members; or

(c) if the amendment is in respect of a multi-employer pension plan established pursuant to a collective agreement or a trust agreement.

Notice to trade union

(5)Where a proposed amendment affects members or former members represented by a trade union that is a party to a collective agreement filed as a document that creates or supports a pension plan, the administrator shall transmit to the trade union the written notice mentioned in subsection (1). R.S.O. 1990, c. P.8, s. 26.

Annual statement of pension benefits

27.The administrator of a pension plan shall transmit annually to each member a written statement containing the prescribed information in respect of the pension plan, the member’s pension benefits and any ancillary benefits. R.S.O. 1990, c. P.8, s. 27.

Statement of benefits

28.(1)Where a member of a pension plan terminates employment with the employer or otherwise ceases to be a member, the administrator of the pension plan shall give to the member, or to any other person who as a result becomes entitled to a payment under the pension plan, a written statement setting out the prescribed information in respect of the benefits, rights and obligations of the member or other person.

Multi-employer pension plan

(2)Subsection (1) applies in respect of a multi-employer pension plan where a member ceases to be a member, but does not apply where a member terminates employment with an employer but continues to be a member. R.S.O. 1990, c. P.8, s. 28.

Inspection of administrator’s documents

29. (1) On written request, the administrator of a pension plan shall make available the prescribed documents and information in respect of the pension plan and the pension fund for inspection without charge by,

(a) a member;

(b) a former member;

(c) the spouse of a member or former member;

(d) any other person entitled to pension benefits under the pension plan;

(e) Repealed: 1999, c. 15, s. 3 (1).

(f) a representative of a trade union that represents members of the pension plan;

(g) an employer;

(h) a person required to make contributions under the pension plan on behalf of an employer;

(i) an agent of a person described in any of clauses (a) to (h) who is authorized in writing; or

(j) such other persons as may be prescribed. R.S.O. 1990, c. P.8, s. 29 (1); 1999, c. 6, s. 53 (3); 1999, c. 15, s. 3; 2005, c. 5, s. 56 (7).

Place of inspection

(2) The administrator shall make the prescribed documents and information available,

(a) for a member, at the premises of the employer where the member is employed;

(b) for a former member, at the premises where the former member was employed; or

(c) for a member, former member or any other person, at such other location as may be agreed upon by the administrator and the member, former member or other person making the request. R.S.O. 1990, c. P.8, s. 29 (2).

Extracts or copies

(3) The administrator shall permit the person making the inspection to make extracts from or to copy the prescribed documents and information. R.S.O. 1990, c. P.8, s. 29 (3).

Idem

(4) On request, the administrator shall provide the person making the inspection with copies of any of the prescribed documents or information upon payment to the administrator of a reasonable fee. R.S.O. 1990, c. P.8, s. 29 (4).

Limitation

(5) A member, a former member, a spouse, another person, an agent or a trade union by a representative is entitled to make an inspection under subsection (1) not more than once in a calendar year. R.S.O. 1990, c. P.8, s. 29 (5); 1999, c. 6, s. 53 (4); 2005, c. 5, s. 56 (8).

Inspection of filed documents

30.(1)The administrator of a pension plan and the persons described in subsection 29 (1) are entitled to inspect the following documents at the office of the Superintendent during the business hours of that office:

1. The filed documents that create and support the pension plan and the pension fund.

2. Such other prescribed documents as are filed in respect of the pension plan and the pension fund.

Copies of documents

(2)The Superintendent shall give a person a copy of any document that the person is entitled to inspect under subsection (1) if the person pays the applicable fee established by the Minister. 1999, c. 15, s. 4.

Membership

Eligibility for membership

31.(1)Every employee of a class of employees for whom a pension plan is established is eligible to be a member of the pension plan.

Full-time employment

(2)An employee in a class of employees for whom a pension plan is maintained is entitled to become a member of the pension plan upon application at any time after completing twenty-four months of continuous full-time employment.

Part-time employment

(3)A pension plan may require not more than twenty-four months of less than full-time continuous employment with the employer, with the lesser of,

(a) earnings of not less than 35 per cent of the Year’s Maximum Pensionable Earnings; or

(b) 700 hours of employment with the employer,

in each of two consecutive calendar years immediately prior to membership in the pension plan, or such equivalent basis as is approved by the Superintendent, as a condition precedent to membership in the pension plan.

Multi-employer pension plan

(4)A multi-employer pension plan may require not more than the lesser of,

(a) earnings of not less than 35 per cent of the Year’s Maximum Pensionable Earnings with one or more of the participating employers; or

(b) 700 hours of employment with one or more participating employers,

in each of the two consecutive calendar years immediately before the year in which membership is applied for, or such equivalent basis as is approved by the Superintendent, as a condition precedent to membership in the multi-employer pension plan.

Approval

(5)The Superintendent may give the approval mentioned in subsection (3) or (4) if the Superintendent is of the opinion that the basis is equivalent in the circumstances to the earnings mentioned in the subsection. R.S.O. 1990, c. P.8, s. 31.

Loss of membership

32.A member of a pension plan who is employed continuously on a less than full-time basis does not cease to be a member by reason only that he or she has earnings of less than 35 per cent of the Year’s Maximum Pensionable Earnings in a calendar year or is employed for fewer than 700 hours in a calendar year. R.S.O. 1990, c. P.8, s. 32.

Dispute as to member of class of employees

33.(1)Where there is a dispute as to whether or not an employee is a member of a class of employees for whom a pension plan is established or maintained, the Superintendent, subject to section 89, by order may require the administrator to accept the employee as a member.

Ground for order

(2)The Superintendent may make the order if the Superintendent is of the opinion that, on the basis of the nature of the employment or of the terms of employment of the employee, the employee is a member of the class. R.S.O. 1990, c. P.8, s. 33.

Separate pension plan

34. (1) An employer may establish or maintain a separate pension plan for employees employed in less than full-time continuous employment if the separate pension plan provides pension benefits and other benefits reasonably equivalent to those provided under the pension plan maintained by the employer for employees of the same class employed in full-time continuous employment. R.S.O. 1990, c. P.8, s. 34.

Same, jointly sponsored pension plan

(2) If the documents that create and support a jointly sponsored pension plan so authorize, a prescribed person or entity may establish or maintain a separate jointly sponsored pension plan for employees employed in less than full-time continuous employment if the separate plan provides pension benefits and other benefits reasonably equivalent to those provided under the jointly sponsored pension plan maintained for employees of the same class employed in full-time continuous employment. 2005, c. 31, Sched. 18, s. 4.

Retirement and Vesting

Normal retirement date

35.(1)The normal retirement date under a pension plan submitted for registration after the 1st day of January, 1988 shall not be later than one year after the attainment of sixty-five years of age.

Transitional

(2)Every pension plan registered or submitted for registration before the 1st day of January, 1988 shall be deemed to specify a normal retirement date in respect of pension benefits that accrue after the 1st day of January, 1988, that is not later than one year after attainment of sixty-five years of age, unless the pension plan specifies an earlier retirement date.

Right to pension

(3)A member of a pension plan who continues employment and membership in the pension plan after attaining the age that is the normal retirement date under the pension plan is entitled on retirement from employment to payment of the pension benefits to which the member would have been entitled had the member retired from employment or terminated membership in the pension plan on attaining the normal retirement date and any additional pension benefits accrued under the pension plan that result from the member’s employment after the normal retirement date.

Continuation after normal retirement date

(4)A member of a pension plan who continues employment after attaining the age that is the normal retirement date under the pension plan and who is not receiving a pension under the pension plan is entitled to continue membership in the pension plan and has the right to continue to accrue pension benefits under the pension plan subject to any terms of the pension plan,

(a) fixing a maximum number of years of employment or membership that can be taken into account for purposes of determining a pension benefit; or

(b) fixing a maximum amount of the pension benefit. R.S.O. 1990, c. P.8, s. 35.

Deferred pension for past service

36.(1)A member of a pension plan who meets the qualifications in subsection (2) is entitled to the benefit mentioned in subsection (3).

Qualifications

(2)The qualifications are,

(a) that the member must have been employed by the employer, or have been a member of the pension plan, for a continuous period of at least ten years;

(b) that the member must have reached the age of forty-five years; and

(c) that the member must terminate his or her employment with the employer before reaching the normal retirement date under the pension plan.

Amount

(3)The benefit is a deferred pension equal to the pension benefit provided under the pension plan as it existed on the 31st day of December, 1986 in respect of employment before the 1st day of January, 1987 in Ontario or in a designated province,

(a) under the terms of the pension plan, with respect to employment on or after the qualification date;

(b) by an amendment to the pension plan made on or after the qualification date; and

(c) by the creation of a new pension plan on or after the qualification date.

Application of subss. (1-3)

(4)Subsections (1) to (3) do not apply in respect of benefits that result from additional voluntary contributions. R.S.O. 1990, c. P.8, s. 36.

Deferred pension

37.(1)A member of a pension plan who meets the qualifications in subsection (2) is entitled to the benefit mentioned in subsection (3).

Qualifications

(2)The qualifications are,

(a) that the member must be a member on or after the 1st day of January, 1988;

(b) that the member must be a member for a continuous period of at least twenty-four months; and

(c) that the member must terminate his or her employment with the employer before reaching the normal retirement date under the pension plan.

Amount

(3)The benefit is a deferred pension equal to the pension benefit provided in respect of employment in Ontario or in a designated province,

(a) under the pension plan in respect of employment by the employer after the later of the 31st day of December, 1986 or the qualification date;

(b) under any amendment made to the pension plan after the 31st day of December, 1986; and

(c) under any new pension plan established after the 31st day of December, 1986 for members of the pension plan.

Application of subss. (1-3)

(4)Subsections (1) to (3) do not apply in respect of benefits that result from additional voluntary contributions. R.S.O. 1990, c. P.8, s. 37.

Termination by member

38.(1)A person who is,

(a) a member of a multi-employer pension plan;

(b) a member of a pension plan who is employed by the employer on a less than full-time basis; or

(c) a member of a pension plan who has been laid off from employment by the employer,

is entitled to terminate his or her membership in the pension plan if no contributions are paid or are required to be paid to the pension fund by or on behalf of the member for twenty-four consecutive months or for such shorter period of time as is specified in the pension plan. R.S.O. 1990, c. P.8, s. 38 (1).

Effect of termination

(2)For the purpose of determining benefits under this Act, a person mentioned in subsection (1) who terminates his or her membership in a pension plan shall be deemed to have terminated his or her employment. R.S.O. 1990, c. P.8, s. 38 (2).

Application of subss. (1, 2)

(3)Subsections (1) and (2) do not apply if contributions are not paid or are not required to be paid because the person has become a member of another pension plan and there is a reciprocal transfer agreement respecting the two pension plans. R.S.O. 1990, c. P.8, s. 38 (3).

Determination of entitlement

(4)For the purpose of determining entitlement to a deferred pension, a member of a multi-employer pension plan who terminates employment with a participating employer or an employer on whose behalf contributions are made under the pension plan shall be deemed not to have terminated employment until the member terminates membership in the pension plan. R.S.O. 1990, c. P.8, s. 38 (4).

Certification of new bargaining agent

(5)Where a member of a multi-employer pension plan is represented by a trade union, which, in accordance with section 62 of the Labour Relations Act, 1995, ceases to represent the member, and the member joins a different pension plan, the member is entitled to terminate membership in the first plan. R.S.O. 1990, c. P.8, s. 38 (5); 2004, c. 31, Sched. 31, s. 2.

Application of subs. (5)

(6)Subsection (5) does not apply where there is a reciprocal agreement respecting the two pension plans. R.S.O. 1990, c. P.8, s. 38 (6).

Benefits

Value of deferred pension

39.(1)If the commuted value of a former member’s pension or deferred pension accrued in respect of employment before the 1st day of January, 1987 is less than the value of the contributions the former member was required to make under the pension plan before that date plus interest credited to the contributions, the former member is entitled to have the commuted value of the pension or deferred pension increased so that the commuted value is equal to the value of the contributions plus interest.

Effect of amendment

(2)An increase in the value of the pension or deferred pension in respect of employment before the 1st day of January, 1987 that results from an amendment to the pension plan made on or after that date may be included in calculating the commuted value of the pension or deferred pension for the purposes of subsection (1).

50 per cent rule

(3)A former member’s contributions to a pension plan made on or after the 1st day of January, 1987 and the interest on the contributions shall not be used to provide more than 50 per cent of the commuted value of a pension or deferred pension in respect of contributory benefits accrued after that date to which the member is entitled under the pension plan on termination of membership or employment.

Entitlement to excess amount

(4)A former member who is entitled to a pension or deferred pension on termination of employment or membership is entitled to payment from the pension fund of a lump sum payment equal to the amount by which the former member’s contributions under the pension plan made on or after the 1st day of January, 1987 and the interest on the contributions exceed one-half of the commuted value of the former member’s pension or deferred pension in respect of the contributory benefit accrued after that date. R.S.O. 1990, c. P.8, s. 39 (1-4).

Exclusions

(5)The following may be excluded in determining that part of the commuted value of a pension or deferred pension to which subsections (3) and (4) apply:

1. Defined contribution benefits.

2. Benefits that result from additional voluntary contributions.

2.1 Benefits that result from voluntary contributions for past service, as defined in the regulations.

3. In the case of a multi-employer pension plan that permits a member who has not accrued maximum pension benefits permitted under the plan in a fiscal year of the plan to make contributions to increase the member’s pension benefit to the maximum permitted for the fiscal year, benefits resulting from such contributions.

4. Any other benefits prescribed for the purposes of this subsection. R.S.O. 1990, c. P.8, s. 39 (5); 1999, c. 15, s. 5.

Matters that may be included

(6)The following may be included by the administrator of the pension plan in calculating a member’s contributory benefit for the purposes of subsection (3):

1. Ancillary benefits related to employment on or after the 1st day of January, 1987.

2. Increases to pension benefits and ancillary benefits related to employment before the date of the amendment resulting from an amendment to the pension plan made on or after the 1st day of January, 1987 but that are not included in calculating commuted value under subsection (2).

3. Pension benefits and ancillary benefits related to employment before the date of the establishment of the pension plan, in the case of a pension plan established on or after the 1st day of January, 1987. R.S.O. 1990, c. P.8, s. 39 (6).

Ancillary benefits

40. (1) A pension plan may provide the following ancillary benefits:

1. Disability benefits.

2. Death benefits in excess of those provided in section 48 (pre-retirement death benefit).

3. Bridging benefits.

4. Supplemental benefits, other than bridging benefits, payable for a temporary period of time.

5. Early retirement options and benefits in excess of those provided by section 41 (early retirement option).

6. Postponed retirement options and benefits in excess of those referred to in subsection 35 (4).

7. Any prescribed ancillary benefit. R.S.O. 1990, c. P.8, s. 40 (1).

Use in calculating pension benefit

(2) An ancillary benefit for which a member has met all eligibility requirements under the pension plan necessary to exercise the right to receive payment of the benefit shall be included in calculating the member’s pension benefit or the commuted value of the pension benefit. R.S.O. 1990, c. P.8, s. 40 (2).

Consent of employer

(3) For the purposes of subsection (2) and clause 14 (1) (c), where the consent of an employer is an eligibility requirement for entitlement to receive an ancillary benefit and a member or former member has met all other eligibility requirements, the employer shall be deemed to have given the consent to the member or former member. R.S.O. 1990, c. P.8, s. 40 (3).

Note: Effective January 1, 2007, section 40 is amended by the Statutes of Ontario, 2005, chapter 31, Schedule 18, section 5 by adding the following subsection:

Consent of administrator, jointly sponsored pension plan

(4) For the purposes of subsection (2) and clause 14 (1) (c), where the consent of the administrator is an eligibility requirement for entitlement to receive an ancillary benefit under a jointly sponsored pension plan and a member or former member has met all other eligibility requirements, the administrator shall be deemed to have given the consent to the member or former member. 2005, c. 31, Sched. 18, s. 5.

See: 2005, c. 31, Sched. 18, ss. 5, 13 (4).

Early retirement option

41.(1)A former member is entitled to elect to receive an early retirement pension under the pension plan if he or she,

(a) terminated employment on or after the 1st day of January, 1988;

(b) is entitled to a deferred pension under this Act; and

(c) is within ten years of attaining the normal retirement date.

Idem

(2)A member who is within ten years of attaining the normal retirement date and who would be entitled to a deferred pension on termination of employment with the employer is entitled upon termination of the employment or on the wind up of the pension plan in whole or in part to receive an early retirement pension under the pension plan.

Commuted value

(3)The commuted value of a member’s early retirement pension must be not less than the commuted value of the member’s pension benefit under the pension plan.

Idem, former member

(4)The commuted value of a former member’s early retirement pension must be not less than the commuted value of the former member’s deferred pension benefit under the pension plan.

Payment

(5)The member or former member is entitled to require the commencement of payment of the early retirement pension at any time within the ten year period mentioned in subsection (1) or (2).

Election

(6)An election under subsection (1) or (2) shall be made in writing, signed by the member or former member and delivered to the administrator of the pension plan. R.S.O. 1990, c. P.8, s. 41.

Transfer

42.(1)A former member of a pension plan who, on or after the 1st day of January, 1988, terminates employment or ceases to be a member of the pension plan and who is entitled to a deferred pension is entitled to require the administrator to pay an amount equal to the commuted value of the deferred pension,

(a) to the pension fund related to another pension plan, if the administrator of the other pension plan agrees to accept the payment;

(b) into a prescribed retirement savings arrangement; or

(c) for the purchase for the former member of a life annuity that will not commence before the earliest date on which the former member would have been entitled to receive payment of pension benefits under the pension plan. R.S.O. 1990, c. P.8, s. 42 (1).

Limitation

(2)The entitlement under subsection (1) is subject to the prescribed limitations in respect of the transfer of funds from pension funds. R.S.O. 1990, c. P.8, s. 42 (2).

Application of subs. (1)

(3)Subsection (1) does not apply to a former member whose employment is terminated and who is entitled to immediate payment of a pension benefit under the pension plan or under section 41, unless the pension plan provides such an entitlement. R.S.O. 1990, c. P.8, s. 42 (3).

Direction

(4)A former member may exercise his or her entitlement under subsection (1) by delivering to the administrator within the prescribed period of time a direction in a form approved by the Superintendent. R.S.O. 1990, c. P.8, s. 42 (4); 1997, c. 28, s. 197.

Compliance with direction

(5)Subject to compliance with the requirements of this section and the regulations, the administrator shall comply with the direction within the prescribed period of time after delivery of the direction. R.S.O. 1990, c. P.8, s. 42 (5).

Terms of arrangement or deferred annuity

(6)The administrator shall not make payment,

(a) under clause (1) (b) unless the retirement savings arrangement meets the requirements prescribed by the regulations; or

(b) under clause (1) (c) unless the contract to purchase the deferred life annuity meets the prescribed requirements. R.S.O. 1990, c. P.8, s. 42 (6).

Lump sum payment

(6.1)If the amount of the commuted value of the deferred pension of the former member to be paid into a prescribed retirement savings arrangement under clause (1) (b) is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the former member. 1999, c. 15, s. 6.

Approval

(7)If a payment under subsection (1) does not meet the limitations prescribed in relation to transfers of funds from pension funds, the administrator shall not make the payment without the approval of the Superintendent. R.S.O. 1990, c. P.8, s. 42 (7).

Terms and conditions

(8)The Superintendent may approve the payment subject to such terms and conditions as the Superintendent considers appropriate in the circumstances. R.S.O. 1990, c. P.8, s. 42 (8).

Order for repayment

(9)If a payment that does not meet the limitations prescribed in relation to transfers of funds from pension funds is made without the approval of the Superintendent or there is failure to comply with a term or condition attached to the approval, the Superintendent by order, subject to section 89 (hearing and appeal), may require any person to whom payment under subsection (1) has been made to repay an amount not greater than the amount of the payment together with interest thereon. R.S.O. 1990, c. P.8, s. 42 (9).

Enforcement

(10)Subject to section 89 (hearing and appeal), an order for payment under subsection (9), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. R.S.O. 1990, c. P.8, s. 42 (10); 2006, c. 19, Sched. C, s. 1 (1).

Discharge of administrator

(11)The administrator is discharged on making the payment or transfer in accordance with the direction of the former member if the payment or transfer complies with this Act and the regulations. R.S.O. 1990, c. P.8, s. 42 (11).

Purchase of pension

43. (1) The administrator of a pension plan who is required by the pension plan to provide a pension, a deferred pension or an ancillary benefit may purchase the pension, deferred pension or ancillary benefit from an insurance company. R.S.O. 1990, c. P.8, s. 43 (1).

Limitations

(2) The authority of the administrator under subsection (1) is subject to the entitlement of a member under section 42 and to the limitations prescribed in relation to transfers of funds from pension funds. R.S.O. 1990, c. P.8, s. 43 (2).

Approval by Superintendent

(3) If a purchase under subsection (1) does not meet the limitations prescribed in relation to transfers of funds from pension funds, the administrator shall not make the purchase without the prior approval of the Superintendent. R.S.O. 1990, c. P.8, s. 43 (3).

Idem

(4) The Superintendent may approve a purchase mentioned in subsection (3) subject to such terms and conditions as the Superintendent considers appropriate in the circumstances. R.S.O. 1990, c. P.8, s. 43 (4).

Order for repayment

(5) If a purchase that does not meet the limitations prescribed in relation to transfers of funds from pension funds is made without the approval of the Superintendent or there is a failure to comply with a term or condition attached to the approval, the Superintendent, subject to section 89 (hearing and appeal), by order may require any person to whom payment under subsection (1) has been made to repay an amount not greater than the amount of the payment together with interest thereon. R.S.O. 1990, c. P.8, s. 43 (5).

Enforcement

(6) Subject to section 89 (hearing and appeal), an order for payment under subsection (5), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. R.S.O. 1990, c. P.8, s. 43 (6); 2006, c. 19, Sched. C, s. 1 (1).

Joint and survivor pension benefits

44. (1) Every pension paid under a pension plan to a former member who has a spouse on the date that the payment of the first instalment of the pension is due shall be a joint and survivor pension. R.S.O. 1990, c. P.8, s. 44 (1); 1999, c. 6, s. 53 (5); 2005, c. 5, s. 56 (9).

Commuted value

(2) The commuted value of a joint and survivor pension under subsection (1) shall not be less than the commuted value of the pension that would be payable under the pension plan to the former member. R.S.O. 1990, c. P.8, s. 44 (2).

Amount of survivor benefit

(3) The amount of the pension payable to the survivor of the former member and the spouse of the former member shall not be less than 60 per cent of the pension paid to the former member during the joint lives of the former member and his or her spouse. R.S.O. 1990, c. P.8, s. 44 (3); 1999, c. 6, s. 53 (6); 2005, c. 5, s. 56 (10).

Application of subss. (1-3)

(4) Subsections (1) to (3) do not apply,

(a) in respect of a pension benefit if payment of the pension has commenced before the 1st day of January, 1988; or

(b) in respect of a former member who is living separate and apart from his or her spouse on the date that payment of the first instalment of the pension is due. R.S.O. 1990, c. P.8, s. 44 (4); 1999, c. 6, s. 53 (7); 2005, c. 5, s. 56 (11).

Deferred life annuity

(5) Where,

(a) prior to the 1st day of January, 1988, a deferred life annuity has been purchased from an insurance company for a person entitled to a deferred pension under the Pension Benefits Act, being chapter 373 of the Revised Statutes of Ontario, 1980;

(b) payments have not commenced under the annuity on the 1st day of January, 1988; and

(c) the recipient of the payments has a spouse on the date payments commence,

the annuity shall be paid as a joint and survivor pension in accordance with the requirements of this section and the insurance company shall make payments accordingly. R.S.O. 1990, c. P.8, s. 44 (5); 1999, c. 6, s. 53 (8); 2005, c. 5, s. 56 (12).

Application of ss. 45, 46

(6) For the purposes of subsection (5), the insurance company shall be deemed to be the administrator under sections 45 and 46. R.S.O. 1990, c. P.8, s. 44 (6).

Information for payment

45.(1)Before commencing payment of a pension or pension benefit, the administrator of a pension plan shall require the person entitled to the payment to provide to the administrator the information needed to calculate and pay the pension or pension benefit.

Person to provide information

(2)The person entitled to the payment shall provide the information to the administrator.

Discharge of administrator

(3)In the absence of actual notice to the contrary, the administrator is discharged on paying the pension or pension benefit in accordance with the information provided by the person in accordance with subsection (2) or, if the person does not provide the information, in accordance with the latest information in the records of the administrator. R.S.O. 1990, c. P.8, s. 45.

Waiver of joint and survivor pension benefit

46.(1)The persons entitled to a joint and survivor pension benefit may waive the entitlement to receive payment of pension benefits in the form of a joint and survivor pension by delivering to the administrator of the pension plan or, in the case of a deferred life annuity, to the insurance company a written waiver in the form approved by the Superintendent or a certified copy of a domestic contract, as defined in Part IV of the Family Law Act, containing the waiver. R.S.O. 1990, c. P.8, s. 46 (1); 1997, c. 28, s. 198.

Time

(2)The waiver is not effective unless the form or the certified copy of the domestic contract is delivered to the administrator or the insurance company, as the case may be, within the 12 months preceding the commencement of payment of the pension benefit.

Cancellation of waiver

(3)Persons who have delivered a waiver may jointly cancel it by delivering a written and signed notice of cancellation to the administrator or the insurance company, as the case may be, before the commencement of payment of the pension benefit. 1999, c. 15, s. 7.

Remarriage, etc.

47. The spouse of a deceased former member of a pension plan who is receiving a pension under the pension plan is not disentitled to payment of the pension by reason only of becoming the spouse of another person after the death of the former member. R.S.O. 1990, c. P.8, s. 47; 1999, c. 6, s. 53 (9); 2005, c. 5, s. 56 (13).

Pre-retirement death benefit

48. (1) If a member or former member of a pension plan who is entitled under the pension plan to a deferred pension described in section 37 (entitlement to deferred pension) dies before commencement of payment of the deferred pension, the person who is the spouse of the member or former member on the date of death is entitled,

(a) to receive a lump sum payment equal to the commuted value of the deferred pension; or

(b) to an immediate or deferred pension the commuted value of which is at least equal to the commuted value of the deferred pension. R.S.O. 1990, c. P.8, s. 48 (1); 1999, c. 6, s. 53 (10); 2005, c. 5, s. 56 (14).

Idem

(2) If a member of a pension plan continues in employment after the normal retirement date under the pension plan and dies before commencement of payment of pension benefits referred to in section 37, the person who is the spouse of the member or former member on the date of death is entitled,

(a) to receive a lump sum payment equal to the commuted value of the pension benefit; or

(b) to an immediate or deferred pension the commuted value of which is at least equal to the commuted value of the pension benefit. R.S.O. 1990, c. P.8, s. 48 (2); 1999, c. 6, s. 53 (11); 2005, c. 5, s. 56 (15).

Application of subss. (1, 2)

(3) Subsections (1) and (2) do not apply where the member or former member and his or her spouse are living separate and apart on the date of the death of the member or former member. R.S.O. 1990, c. P.8, s. 48 (3); 1999, c. 6, s. 53 (12); 2005, c. 5, s. 56 (16).

Election

(4) A spouse who has an entitlement under subsection (1) or (2) shall elect within the prescribed period of time to receive payment under clause (a) or (b) of the subsection and if the spouse does not make an election, the spouse shall be deemed to have elected to receive an immediate pension. R.S.O. 1990, c. P.8, s. 48 (4); 1999, c. 6, s. 53 (13); 2005, c. 5, s. 56 (17).

Calculation of benefit

(5) For the purposes of this section, the deferred pension or pension benefits to which a member is entitled if the member dies while employed shall be calculated as if the member’s employment were terminated immediately before the member’s death. R.S.O. 1990, c. P.8, s. 48 (5).

Designated beneficiary

(6) A member or former member of a pension plan may designate a beneficiary and the beneficiary is entitled to be paid an amount equal to the commuted value of the deferred pension mentioned in subsection (1) or (2) if,

(a) the member or former member does not have a spouse on the date of death; or

(b) the member or former member is living separate and apart from his or her spouse on that date. R.S.O. 1990, c. P.8, s. 48 (6); 1999, c. 6, s. 53 (14); 2005, c. 5, s. 56 (18).

Estate entitlement

(7) The personal representative of the member or former member is entitled to receive payment of the commuted value mentioned in subsection (1) or (2) as the property of the member or former member, if the member or former member has not designated a beneficiary under subsection (6) and,

(a) does not have a spouse on the date of the member or former member’s death; or

(b) is living separate and apart from his or her spouse on that date. R.S.O. 1990, c. P.8, s. 48 (7); 1999, c. 6, s. 53 (15); 2005, c. 5, s. 56 (19).

Dependent children

(8) If the pension plan provides for payment of pension benefits to or for a dependent child or dependent children of the member or former member upon the death of the member or former member, the commuted value of the payments may be deducted from the entitlement of a beneficiary designated under subsection (6) or of a personal representative under subsection (7). R.S.O. 1990, c. P.8, s. 48 (8).

Information

(9) It is the responsibility of the person entitled to the payment to provide to the administrator the information needed to make the payment. R.S.O. 1990, c. P.8, s. 48 (9).

Discharge of administrator

(10) In the absence of actual notice to the contrary, the administrator is discharged on making payment in accordance with the information provided by the person. R.S.O. 1990, c. P.8, s. 48 (10).

Offset

(11) A pension plan may provide for reduction of an amount to which a person is entitled under this section to offset any part of a prescribed additional benefit that is attributable to an amount paid by an employer, subject to the following:

1. The reduction shall be calculated in the prescribed manner.

2. The reduction shall not exceed the prescribed limits. R.S.O. 1990, c. P.8, s. 48 (11).

Discharge of entitlement

(12) Payment in accordance with this section replaces the entitlement of a member or former member in respect of a deferred pension mentioned in section 37. R.S.O. 1990, c. P.8, s. 48 (12).

Order or domestic contract

(13) An entitlement to a benefit under this section is subject to any right to or interest in the benefit set out in a domestic contract or an order referred to in section 51 (payment on marriage breakdown). R.S.O. 1990, c. P.8, s. 48 (13).

Waiver

(14) The spouse of a member or former member may waive the spouse’s entitlement under subsection (1) or (2) by delivering a written waiver, in the form approved by the Superintendent, to the administrator of the pension plan. 1999, c. 15, s. 8; 2005, c. 5, s. 56 (20).

Cancellation of waiver

(14.1) A spouse who has delivered a waiver may cancel it by delivering a written and signed notice of cancellation to the administrator before the date of death of the member or former member. 1999, c. 15, s. 8; 2005, c. 5, s. 56 (21).

Effect of waiver

(14.2) If a waiver is in effect on the date of death of the member or former member, subsections (6) and (7) apply as if the member or former member does not have a spouse on the date of death. 1999, c. 15, s. 8; 2005, c. 5, s. 56 (22).

Definition

(15)In this section,

“personal representative” has the same meaning as in the Estates Administration Act. R.S.O. 1990, c. P.8, s. 48 (15).

Variation of payment to disabled person

49.(1)A pension plan may permit variation in the terms of payment of a pension or deferred pension by reason of the mental or physical disability of a member or former member that is likely to shorten considerably the life expectancy of the member or former member. R.S.O. 1990, c. P.8, s. 49.

Shortened life expectancy

(2)A pension plan shall be deemed to permit variation in the terms of payment of a pension or deferred pension in such circumstances of shortened life expectancy as may be prescribed, if the prescribed conditions are satisfied. 1999, c. 15, s. 9.

Commuted value

50.(1)A pension plan may provide for payment to a former member of the commuted value of a benefit if the annual benefit payable at the normal retirement date is not more than 2 per cent of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment.

Idem

(2)A pension plan registered before the 1st day of January, 1988 may provide that upon termination of employment a person entitled to a deferred pension under section 36 (deferred pension) is entitled to payment of an amount not greater than 25 per cent of the commuted value of the deferred pension. R.S.O. 1990, c. P.8, s. 50.

Payment on marriage breakdown

51. (1) A domestic contract as defined in Part IV of the Family Law Act, or an order under Part I of that Act is not effective to require payment of a pension benefit before the earlier of,

(a) the date on which payment of the pension benefit commences; or

(b) the normal retirement date of the relevant member or former member. R.S.O. 1990, c. P.8, s. 51 (1).

Maximum percentage

(2) A domestic contract or an order mentioned in subsection (1) is not effective to cause a party to the domestic contract or order to become entitled to more than 50 per cent of the pension benefits, calculated in the prescribed manner, accrued by a member or former member during the period when the party and the member or former member were spouses. R.S.O. 1990, c. P.8, s. 51 (2); 1999, c. 6, s. 53 (17); 2005, c. 5, s. 56 (23).

Discharge of administrator

(3) If payment of a pension or a deferred pension is divided between spouses by a domestic contract or an order mentioned in subsection (1), the administrator is discharged on making payment in accordance with the domestic contract or order. R.S.O. 1990, c. P.8, s. 51 (3); 1999, c. 6, s. 53 (18); 2005, c. 5, s. 56 (24).

Revaluation of joint and survivor pension

(4) If a domestic contract or an order mentioned in subsection (1) affects a pension, the administrator of the pension plan shall revalue the pension in the prescribed manner. R.S.O. 1990, c. P.8, s. 51 (4).

Transfer

(5) A spouse on whose behalf a certified copy of a domestic contract or order mentioned in subsection (1) is given to the administrator of a pension plan has the same entitlement, on termination of employment by the member or former member, to any option available in respect of the spouse’s interest in the pension benefits as the member or former member named in the domestic contract or order has in respect of his or her pension benefits. R.S.O. 1990, c. P.8, s. 51 (5); 1999, c. 6, s. 53 (19); 2005, c. 5, s. 56 (25).

Discrimination on basis of sex

52.(1)The sex of a member, former member or other beneficiary under a pension plan shall not be taken into account in,

(a) determining the amount of contributions required to be made by a member of the plan;

(b) determining the pension benefits or the commuted value of pension benefits that a member, former member or other beneficiary is or may become entitled to;

(c) the provision of eligibility conditions for membership; and

(d) the provision of ancillary benefits.

Administration

(2)In order to comply with subsection (1), the administrator may,

(a) use annuity factors that do not differentiate as to sex;

(b) provide for employer contributions that vary according to the sex of the employee; or

(c) use any prescribed method of calculation or valuation.

Application

(3)This section applies in respect of contributions, benefits and conditions in relation to,

(a) employment after the 31st day of December, 1986;

(b) employment before the 1st day of January, 1987, in so far as it is dealt with in an amendment made to the pension plan after the 31st day of December, 1986; and

(c) employment before the 1st day of January, 1987, in so far as it is dealt with in a pension plan established after the 31st day of December, 1986. R.S.O. 1990, c. P.8, s. 52.

Inflation protection

53.(1)Pension benefits, pensions or deferred pensions shall be adjusted in accordance with the established formula or formulas and in the prescribed manner to provide inflation-related increases.

Idem

(2)Any formula or formulas for any inflation related adjustments to pension benefits, pensions or deferred pensions shall be established only by amendment to this Act. R.S.O. 1990, c. P.8, s. 53.

C.P.P. / Q.P.P. offsets

54.(1)The reduction of a pension benefit that may be required by a pension plan in relation to payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada) shall not exceed the reduction calculated in accordance with the prescribed formula applied in the prescribed manner.

Idem

(2)The amount of the reduction of a member’s pension benefit required under the pension plan in relation to payments mentioned in subsection (1) shall not be increased by reason of an increase in the payments after the date on which the member’s employment is terminated.

Reduction re Old Age Security Act (Canada)

(3)A pension plan for registration of which application is made on or after the 1st day of January, 1988 shall not permit the reduction of a pension benefit based on a person’s entitlement under the Old Age Security Act (Canada).

Application of subs. (3)

(4)Subsection (3) does not apply to a pension plan that is a successor of a pension plan registered under the Pension Benefits Act, being chapter 373 of the Revised Statutes of Ontario, 1980, that permitted such a reduction.

Idem

(5)A pension plan shall not permit reduction of a pension benefit based on a person’s entitlement under the Old Age Security Act (Canada) in respect of a benefit accrued on or after the 1st day of January, 1987.

Bridging benefit

(6)Where a pension plan provides for the reduction of a member’s or former member’s bridging benefit by reason that the member or former member receives or is eligible to receive retirement benefits before attaining sixty-five years of age under the Canada Pension Plan or the Quebec Pension Plan, the reduction may only be made in the prescribed circumstances.

Variations based on other benefits

(7)Where a pension plan provides for the variation of a pension benefit by reason of benefits payable under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada), the variation shall be applied in the prescribed manner. R.S.O. 1990, c. P.8, s. 54.

Contributions

Funding

55. (1) A pension plan is not eligible for registration unless it provides for funding sufficient to provide the pension benefits, ancillary benefits and other benefits under the pension plan in accordance with this Act and the regulations. R.S.O. 1990, c. P.8, s. 55 (1).

Payment by employers, etc.

(2) An employer required to make contributions under a pension plan, or a person or entity required to make contributions under a pension plan on behalf of an employer, shall make the contributions in accordance with the prescribed requirements for funding and shall make the contributions in the prescribed manner and at the prescribed times,

(a) to the pension fund; or

(b) if pension benefits under the pension plan are paid by an insurance company, to the insurance company that is the administrator of the pension plan. R.S.O. 1990, c. P.8, s. 55 (2); 2005, c. 31, Sched. 18, s. 6 (1).

Payment by members

(3) Members of a pension plan that provides contributory benefits shall make the contributions required under the plan in the prescribed manner and at the prescribed times. 2005, c. 31, Sched. 18, s. 6 (2).

Same, jointly sponsored pension plans

(4) Members of a jointly sponsored pension plan shall make the contributions required under the plan, including contributions in respect of any going concern unfunded liability and solvency deficiency, in accordance with the prescribed requirements for funding and shall make the contributions in the prescribed manner and at the prescribed times. 2005, c. 31, Sched. 18, s. 6 (3).

Duty re payment of contributions

56.(1)The administrator of a pension plan and the agent, if any, of the administrator who is responsible for receiving contributions under the pension plan shall ensure that all contributions are paid when due.

Notice

(2)If a contribution is not paid when due, the administrator and the agent, if any, shall notify the Superintendent in the prescribed manner and within the prescribed period. 1999, c. 15, s. 10.

Duty to pension fund trustees

56.1 (1) The administrator shall give the persons who are prescribed for the purposes of subsection 22 (6) (trustee of pension fund) a summary of the contributions required to be made in respect of the pension plan, and shall do so in the prescribed manner and within the prescribed period. 1999, c. 15, s. 10.

Exception

(1.1) Subsection (1) does not apply if the administrator is also the trustee of the pension fund. 2005, c. 31, Sched. 18, s. 7.

Notice re summary

(2) A person who is entitled to receive a summary shall notify the Superintendent in the prescribed manner and within the prescribed period if the person is not given the summary in accordance with subsection (1). 1999, c. 15, s. 10.

Notice re contributions

(3) A person who is entitled to receive a summary shall notify the Superintendent in the prescribed manner and within the prescribed period if a contribution is not paid when due. 1999, c. 15, s. 10.

Trust property

57.(1)Where an employer receives money from an employee under an arrangement that the employer will pay the money into a pension fund as the employee’s contribution under the pension plan, the employer shall be deemed to hold the money in trust for the employee until the employer pays the money into the pension fund.

Money withheld

(2)For the purposes of subsection (1), money withheld by an employer, whether by payroll deduction or otherwise, from money payable to an employee shall be deemed to be money received by the employer from the employee.

Accrued contributions

(3)An employer who is required to pay contributions to a pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to the employer contributions due and not paid into the pension fund.

Wind up

(4)Where a pension plan is wound up in whole or in part, an employer who is required to pay contributions to the pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to employer contributions accrued to the date of the wind up but not yet due under the plan or regulations.

Lien and charge

(5)The administrator of the pension plan has a lien and charge on the assets of the employer in an amount equal to the amounts deemed to be held in trust under subsections (1), (3) and (4).

Application of subss. (1, 3, 4)

(6)Subsections (1), (3) and (4) apply whether or not the money has been kept separate and apart from other money or property of the employer.

Money to be paid to insurance company

(7)Subsections (1) to (6) apply with necessary modifications in respect of money to be paid to an insurance company that guarantees pension benefits under a pension plan. R.S.O. 1990, c. P.8, s. 57.

Accrual

58.(1)Money that an employer is required to pay into a pension fund accrues on a daily basis.

Interest

(2)Interest on contributions shall be calculated and credited at a rate not less than the prescribed rates and in accordance with prescribed requirements. R.S.O. 1990, c. P.8, s. 58.

Collection of contributions

59.The administrator may commence proceedings in a court of competent jurisdiction to obtain payment of contributions due under the pension plan, this Act and the regulations. R.S.O. 1990, c. P.8, s. 59.

Bond

60.The administrator of a multi-employer pension plan may require a person who receives contributions to the pension fund or who administers or invests the pension fund to be bonded in an amount required by the administrator or in the prescribed amount. R.S.O. 1990, c. P.8, s. 60.

Statement of employer’s obligation

61.An employer who is required to make contributions to a multi-employer pension plan shall transmit to the administrator of the plan a copy of the agreement that requires the employer to make the contributions or a written statement that sets out the contributions the employer is required to make and any other obligations of the employer under the pension plan. R.S.O. 1990, c. P.8, s. 61.

Investment of pension fund

62.Every person engaged in selecting an investment to be made with the assets of a pension fund shall ensure that the investment is selected in accordance with the criteria set out in this Act and prescribed by the regulations. R.S.O. 1990, c. P.8, s. 62.

Locking In

Refunds

63.(1)No member or former member is entitled to a refund from a pension fund of contributions made in respect of employment in Ontario or a designated province on or after the qualification date.

Idem

(2)Subsection (1) does not prevent the refund of an additional voluntary contribution and interest thereon to a member or former member or a payment under subsection 39 (4) (entitlement to excess amount).

Refund related to past employment

(3)Despite subsection (1), a member whose employment is terminated and who is not entitled to a pension or to a deferred pension under section 36 (deferred pension for past service) is entitled to payment within the prescribed period of time of an amount equal to not less than the amount of the member’s contributions, and the interest on the contributions, made under the pension plan in respect of the member’s employment before the 1st day of January, 1987.

Refund related to post-reform employment

(4)Despite subsection (1), a member whose employment is terminated and who is not entitled to a pension or to a deferred pension under section 37 (deferred pension) is entitled to payment within the prescribed period of time of an amount equal to not less than the amount of the member’s contributions, and the interest on the contributions, made under the pension plan in respect of the member’s employment after the 31st day of December, 1986.

Application of subs. (1)

(5)Subsection (1) does not apply,

(a) to prevent the commutation of a pension benefit under subsection 50 (1) (commuted value);

(b) to prevent a payment under subsection 50 (2); or

(c) to such other circumstances as are prescribed.

Application of subss. (3, 4)

(6)Subsections (3) and (4) do not apply in respect of a member of a multi-employer pension plan unless the member terminates his or her membership in the multi-employer pension plan. R.S.O. 1990, c. P.8, s. 63 (1-6).

Refund with consent

(7)Despite subsection (1), on application by the administrator of a pension plan, contributions may be refunded to a member or a former member with the consent of the Superintendent. 1997, c. 28, s. 199.

Consent of Superintendent

(8)On application by the administrator of a pension plan, the Superintendent may consent to a refund under subsection (7) if the pension plan provides or has been amended to provide for the refund and the employer has assumed responsibility for funding all pension benefits associated with the contributions. R.S.O. 1990, c. P.8, s. 63 (8); 1997, c. 28, s. 200.

Shorter qualification periods

64.(1)A pension plan may provide for shorter qualification periods for entitlement to a deferred pension than those set out in sections 36 (deferred pension for past service) and 37 (deferred pension).

Refund

(2)A pension plan that provides for qualification periods for a deferred pension that are shorter than the periods set out in section 36 or 37 may permit a refund of contributions to a person who terminates employment after becoming entitled to a deferred pension under the pension plan before the completion of the qualification period referred to in section 36 or 37. R.S.O. 1990, c. P.8, s. 64.

Void transactions

65.(1)Every transaction that purports to assign, charge, anticipate or give as security money payable under a pension plan is void.

Idem

(2)Every transaction that purports to assign, charge, anticipate or give as security money transferred from a pension fund in accordance with section 42 (transfer), 43 (purchase of pension), clause 48 (1) (b) (pre-retirement death benefit) or subsection 73 (2) (transfer rights on wind up) is void.

Exemption for order or separation agreement

(3)Subsections (1) and (2) do not apply to prevent the assignment of an interest in money payable under a pension plan or money payable as a result of a purchase or transfer under section 42, 43, clause 48 (1) (b) or subsection 73 (2) (transfer rights on wind up) by an order under the Family Law Act or by a domestic contract as defined in Part IV of that Act. R.S.O. 1990, c. P.8, s. 65.

Exemption from execution, seizure or attachment

66.(1)Money payable under a pension plan is exempt from execution, seizure or attachment.

Idem

(2)Money transferred from a pension fund to a prescribed retirement savings arrangement or for the purchase of a life annuity under section 42, 43 or 48 or subsection 73 (2) is exempt from execution, seizure or attachment.

Idem

(3)Money payable from a prescribed retirement savings arrangement or from a life annuity purchased in accordance with section 42, 43 or 48 or subsection 73 (2) is exempt from execution, seizure or attachment.

Order for support

(4)Despite subsection (1), payments under a pension or that result from a purchase or transfer under section 42 or 43, clause 48 (1) (b) or subsection 73 (2) are subject to execution, seizure or attachment in satisfaction of an order for support enforceable in Ontario to a maximum of one-half the money payable.

Application of subs. (4)

(5)Subsection (4) applies to orders for support enforceable in Ontario whether made before or after the 1st day of January, 1988. R.S.O. 1990, c. P.8, s. 66.

Restriction, locked-in retirement account

(6)The entitlement of a person, in his or her discretion, to withdraw money from a locked-in retirement account as defined in the regulations shall not be considered when determining, for the purposes of any other Act, the income or assets available to the person. 1999, c. 15, s. 11.

Commutation or surrender

67.(1)A pension, deferred pension, pension benefit, annuity or prescribed retirement savings arrangement that results from a purchase or transfer under section 42, 43 or 48 or subsection 73 (2) to which a person is entitled is not capable of being commuted or surrendered, in whole or in part, during the person’s life. R.S.O. 1990, c. P.8, s. 67 (1); 1998, c. 34, s. 91 (1).

Void transaction

(2)A transaction that purports to commute or surrender, in whole or in part, such a pension, deferred pension, pension benefit, annuity or prescribed retirement savings arrangement is void. R.S.O. 1990, c. P.8, s. 67 (2); 1998, c. 34, s. 91 (2).

Application of subss. (1, 2)

(3)Subsections (1) and (2) do not apply to a variation of a pension or deferred pension under section 49 (variation of payment to disabled person) or to a commutation of a benefit under section 50 (commuted value). R.S.O. 1990, c. P.8, s. 67 (3).

Same

(4)Subsections (1) and (2) do not apply to the commutation or surrender, in whole or in part, of a prescribed retirement savings arrangement in such circumstances or in such amounts as may be prescribed, subject to such restrictions as may be prescribed. 1998, c. 34, s. 91 (3).

Exception for financial hardship

(5)Despite subsections (1) and (2), upon application, the Superintendent may consent to the commutation or surrender, in whole or in part, of a prescribed retirement savings arrangement of a type that is prescribed for the purposes of this subsection if the Superintendent is satisfied as to the existence of such circumstances of financial hardship as may be prescribed.

Same

(6)The owner of the prescribed retirement savings arrangement may apply in writing to the Superintendent for his or her consent under subsection (5).

Same

(7)The Superintendent’s authority to give his or her consent under subsection (5) is subject to such conditions and restrictions as may be prescribed. 1999, c. 15, s. 12.

Winding Up

Winding up

68. (1) The employer or, in the case of a multi-employer pension plan, the administrator may wind up the pension plan in whole or in part. R.S.O. 1990, c. P.8, s. 68 (1).

Same, jointly sponsored pension plans

(1.1) The following rules apply, and subsection (1) does not apply, with respect to jointly sponsored pension plans:

1. If a jointly sponsored pension plan is also a multi-employer pension plan, the administrator may wind up the plan in whole or in part unless the documents that create and support the plan authorize another person or entity to do so. In that case, the authorized person or entity may wind up the plan in whole or in part.

2. If a jointly sponsored pension plan is not a multi-employer pension plan, the administrator or another person or entity may wind up the plan in whole or in part if the documents that create and support the plan authorize the administrator, person or entity to do so. 2005, c. 31, Sched. 18, s. 8.

Notice

(2) The administrator shall give written notice of proposal to wind up the pension plan to,

(a) the Superintendent;

(b) each member of the pension plan;

(c) each former member of the pension plan;

(d) each trade union that represents members of the pension plan;

(e) the advisory committee of the pension plan; and

(f) any other person entitled to a payment from the pension fund. R.S.O. 1990, c. P.8, s. 68 (2).

Notice of partial wind up

(3) In the case of a proposal to wind up only part of a pension plan, the administrator is not required to give written notice of the proposal to members, former members or other persons entitled to payment from the pension fund if they will not be affected by the proposed partial wind up. R.S.O. 1990, c. P.8, s. 68 (3).

Information

(4) The notice of proposal to wind up shall contain the information prescribed by the regulations. R.S.O. 1990, c. P.8, s. 68 (4).

Effective date

(5) The effective date of the wind up shall not be earlier than the date member contributions, if any, cease to be deducted, in the case of contributory pension benefits, or, in any other case, on the date notice is given to members. R.S.O. 1990, c. P.8, s. 68 (5).

Order by Superintendent

(6) The Superintendent by order may change the effective date of the wind up if the Superintendent is of the opinion that there are reasonable grounds for the change. R.S.O. 1990, c. P.8, s. 68 (6).

Winding up order by Superintendent

69.(1)The Superintendent by order may require the wind up of a pension plan in whole or in part if,

(a) there is a cessation or suspension of employer contributions to the pension fund;

(b) the employer fails to make contributions to the pension fund as required by this Act or the regulations;

(c) the employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada);

(d) a significant number of members of the pension plan cease to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer;

(e) all or a significant portion of the business carried on by the employer at a specific location is discontinued;

(f) all or part of the employer’s business or all or part of the assets of the employer’s business are sold, assigned or otherwise disposed of and the person who acquires the business or assets does not provide a pension plan for the members of the employer’s pension plan who become employees of the person;

(g) the liability of the Guarantee Fund is likely to be substantially increased unless the pension plan is wound up in whole or in part;

(h) in the case of a multi-employer pension plan,

(i) there is a significant reduction in the number of members, or

(ii) there is a cessation of contributions under the pension plan or a significant reduction in such contributions; or

(i) any other prescribed event or prescribed circumstance occurs. R.S.O. 1990, c. P.8, s. 69 (1); 2002, c. 18, Sched. H, s. 5 (1).

Date and notice

(2)In an order under subsection (1), the Superintendent shall specify the effective date of the wind up, the persons or class or classes of persons to whom the administrator shall give notice of the order and the information that shall be given in the notice. R.S.O. 1990, c. P.8, s. 69 (2).

Wind up report

70.(1)The administrator of a pension plan that is to be wound up in whole or in part shall file a wind up report that sets out,

(a) the assets and liabilities of the pension plan;

(b) the benefits to be provided under the pension plan to members, former members and other persons;

(c) the methods of allocating and distributing the assets of the pension plan and determining the priorities for payment of benefits; and

(d) such other information as is prescribed.

Payments out of pension fund after notice of proposal to wind up

(2)No payment shall be made out of the pension fund in respect of which notice of proposal to wind up has been given until the Superintendent has approved the wind up report.

Application of subs. (2)

(3)Subsection (2) does not apply to prevent continuation of payment of a pension or any other benefit the payment of which commenced before the giving of the notice of proposal to wind up the pension plan or to prevent any other payment that is prescribed or that is approved by the Superintendent.

Approval

(4)An administrator shall not make payment out of the pension fund except in accordance with the wind up report approved by the Superintendent.

Refusal to approve

(5)The Superintendent may refuse to approve a wind up report that does not meet the requirements of this Act and the regulations or that does not protect the interests of the members and former members of the pension plan.

Rights and benefits on partial wind up

(6)On the partial wind up of a pension plan, members, former members and other persons entitled to benefits under the pension plan shall have rights and benefits that are not less than the rights and benefits they would have on a full wind up of the pension plan on the effective date of the partial wind up. R.S.O. 1990, c. P.8, s. 70.

Appointment of administrator to wind up

71.(1)If a pension plan that is to be wound up in whole or in part does not have an administrator or the administrator fails to act, the Superintendent may act as or may appoint an administrator.

Costs of administration on winding up

(2)The reasonable administration costs of the Superintendent or of the administrator appointed by the Superintendent may be paid out of the pension fund. R.S.O. 1990, c. P.8, s. 71.

Termination

(3)The Superintendent may terminate the appointment of an administrator appointed by him or her if the Superintendent considers it reasonable to do so. 1999, c. 15, s. 13.

Notice of entitlement upon wind up and election

72.(1)Within the prescribed period of time, the administrator of a pension plan that is to be wound up, in whole or in part, 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 person’s entitlement under the plan, the options available to the person and such other information as may be prescribed. 1999, c. 15, s. 14 (1).

Election

(2)If a person to whom notice is given under subsection (1) is required to make an election, the person shall make the election within the prescribed period of time or shall be deemed to have elected to receive immediate payment of a pension benefit, if eligible therefor, or, if not eligible to receive immediate payment of a pension benefit, to receive a pension commencing at the earliest date mentioned in clause 74 (1) (b). R.S.O. 1990, c. P.8, s. 72 (2); 1999, c. 15, s. 14 (2).

Payment

(3)Within the prescribed period of time, the administrator shall make payment in accordance with the election or deemed election. 1999, c. 15, s. 14 (3).

Determination of entitlements

73.(1)For the purpose of determining the amounts of pension benefits and any other benefits and entitlements on the winding up of a pension plan, in whole or in part,

(a) the employment of each member of the pension plan affected by the winding up shall be deemed to have been terminated on the effective date of the wind up;

(b) each member’s pension benefits as of the effective date of the wind up shall be determined as if the member had satisfied all eligibility conditions for a deferred pension; and

(c) provision shall be made for the rights under section 74.

Transfer rights on wind up

(2)A person entitled to a pension benefit on the wind up of a pension plan, other than a person who is receiving a pension, is entitled to the rights under subsection 42 (1) (transfer) of a member who terminates employment and, for the purpose, subsection 42 (3) does not apply. R.S.O. 1990, c. P.8, s. 73.

Combination of age and years of employment

74. (1) A member in Ontario of a pension plan whose combination of age plus years of continuous employment or membership in the pension plan equals at least fifty-five, at the effective date of the wind up of the pension plan in whole or in part, has the right to receive,

(a) a pension in accordance with the terms of the pension plan, if, under the pension plan, the member is eligible for immediate payment of the pension benefit;

(b) a pension in accordance with the terms of the pension plan, beginning at the earlier of,

(i) the normal retirement date under the pension plan, or

(ii) the date on which the member would be entitled to an unreduced pension under the pension plan if the pension plan were not wound up and if the member’s membership continued to that date; or

(c) a reduced pension in the amount payable under the terms of the pension plan beginning on the date on which the member would be entitled to the reduced pension under the pension plan if the pension plan were not wound up and if the member’s membership continued to that date. R.S.O. 1990, c. P.8, s. 74 (1).

Part year

(2) In determining the combination of age plus employment or membership, one-twelfth credit shall be given for each month of age and for each month of continuous employment or membership at the effective date of the wind up. R.S.O. 1990, c. P.8, s. 74 (2).

Member for ten years

(3) Bridging benefits offered under the pension plan to which a member would be entitled if the pension plan were not wound up and if the membership of the member were continued shall be included in calculating the pension benefit under subsection (1) of a person who has at least ten years of continuous employment with the employer or has been a member of the pension plan for at least ten years. R.S.O. 1990, c. P.8, s. 74 (3).

Prorated bridging benefit

(4) For the purposes of subsection (3), if the bridging benefit offered under the pension plan is not related to periods of employment or membership in the pension plan, the bridging benefit shall be prorated by the ratio that the member’s actual period of employment bears to the period of employment that the member would have to the earliest date on which the member would be entitled to payment of pension benefits and a full bridging benefit under the pension plan if the pension plan were not wound up. R.S.O. 1990, c. P.8, s. 74 (4).

Notice of termination of employment

(5) Membership in a pension plan that is wound up in whole or in part includes the period of notice of termination of employment required under Part XV of the Employment Standards Act, 2000. R.S.O. 1990, c. P.8, s. 74 (5); 2004, c. 31, Sched. 31, s. 3.

Application of subs. (5)

(6) Subsection (5) does not apply for the purpose of calculating the amount of a pension benefit of a member who is required to make contributions to the pension fund unless the member makes the contributions in respect of the period of notice of termination of employment. R.S.O. 1990, c. P.8, s. 74 (6).

Consent of employer

(7) For the purposes of this section, where the consent of an employer is an eligibility requirement for entitlement to receive an ancillary benefit, the employer shall be deemed to have given the consent. R.S.O. 1990, c. P.8, s. 74 (7).

Note: Effective January 1, 2007, section 74 is amended by the Statutes of Ontario, 2005, chapter 31, Schedule 18, section 9 by adding the following subsection:

Consent of administrator, jointly sponsored pension plans

(7.1) For the purposes of this section, where the consent of the administrator of a jointly sponsored pension plan is an eligibility requirement for entitlement to receive an ancillary benefit, the administrator shall be deemed to have given the consent. 2005, c. 31, Sched. 18, s. 9.

See: 2005, c. 31, Sched. 18, ss. 9, 13 (4).

Application of section

(8) This section and sections 73 (determination of entitlements), 84, 85 and 86 (guaranteed benefits) apply in respect of the wind up, in whole or in part, of a pension plan where the effective date of the wind up is on or after the 1st day of April, 1987. R.S.O. 1990, c. P.8, s. 74 (8).

Refund

(9) A person affected by a wind up who elects to receive a benefit under subsection (1) is not entitled to payment of any refund of contributions or interest under subsection 63 (3) or (4) (refunds). R.S.O. 1990, c. P.8, s. 74 (9).

Liability of employer on wind up

75. (1) Where a pension plan is wound up in whole or in part, the employer shall pay into the pension fund,

(a) an amount equal to the total of all payments that, under this Act, the regulations and the pension plan, are due or that have accrued and that have not been paid into the pension fund; and

(b) an amount equal to the amount by which,

(i) the value of the pension benefits under the pension plan that would be guaranteed by the Guarantee Fund under this Act and the regulations if the Superintendent declares that the Guarantee Fund applies to the pension plan,

(ii) the value of the pension benefits accrued with respect to employment in Ontario vested under the pension plan, and

(iii) the value of benefits accrued with respect to employment in Ontario resulting from the application of subsection 39 (3) (50 per cent rule) and section 74,

exceed the value of the assets of the pension fund allocated as prescribed for payment of pension benefits accrued with respect to employment in Ontario. R.S.O. 1990, c. P.8, s. 75 (1); 1997, c. 28, s. 200.

Payment

(2) The employer shall pay the money due under subsection (1) in the prescribed manner and at the prescribed times. R.S.O. 1990, c. P.8, s. 75 (2).

Exception, jointly sponsored pension plans

(3) This section does not apply with respect to jointly sponsored pension plans. 2005, c. 31, Sched. 18, s. 10.

Liability on wind-up, jointly sponsored pension plans

Employers, etc.

75.1 (1) Where a jointly sponsored pension plan is wound up in whole or in part, the employer or the person or entity required to make contributions under the plan on behalf of the employer shall pay into the pension fund,

(a) an amount equal to the total of all payments that, under this Act, the regulations and the plan, are payable by the employer or by the person or entity on behalf of the employer, that are due or have accrued and that have not been paid into the pension fund; and

(b) any additional amounts that, under the documents that create and support the plan, are payable in the circumstances by the employer or the person or entity on behalf of the employer. 2005, c. 31, Sched. 18, s. 11.

Members

(2) Where a jointly sponsored pension plan is wound up in whole or in part, the members shall pay into the pension fund,

(a) an amount equal to the total of all payments that, under this Act, the regulations and the plan, are payable by the members, that are due or have accrued and that have not been paid into the pension fund; and

(b) any additional amounts that, under the documents that create and support the plan, are payable in the circumstances by the members. 2005, c. 31, Sched. 18, s. 11.

Payments

(3) The payments required by subsections (1) and (2) shall be made in the prescribed manner and at the prescribed times. 2005, c. 31, Sched. 18, s. 11.

Pension fund continues subject to Act and regulations

76.The pension fund of a pension plan that is wound up continues to be subject to this Act and the regulations until all the assets of the pension fund have been disbursed. R.S.O. 1990, c. P.8, s. 76.

Insufficient pension fund

77.Subject to the application of the Guarantee Fund, where the money in a pension fund is not sufficient to pay all the pension benefits and other benefits on the wind up of the pension plan in whole or in part, the pension benefits and other benefits shall be reduced in the prescribed manner. R.S.O. 1990, c. P.8, s. 77.

Surplus

Payment out of pension fund to employer

78.(1)No money may be paid out of a pension fund to the employer without the prior consent of the Superintendent. R.S.O. 1990, c. P.8, s. 78 (1); 1997, c. 28, s. 200.

Application for payment

(2)An employer who applies to the Superintendent for consent to payment of money that is surplus to the employer out of a pension fund shall transmit notice of the application, containing the prescribed information, to,

(a) each member and each former member of the pension plan to which the pension fund relates;

(b) each trade union that represents members of the pension plan;

(c) any other individual who is receiving payments out of the pension fund; and

(d) the advisory committee established in respect of the pension fund. R.S.O. 1990, c. P.8, s. 78 (2); 1997, c. 28, s. 200.

Representations

(3)A person to whom notice has been transmitted under subsection (2) may make written representations to the Superintendent with respect to the application within thirty days after receiving the notice. R.S.O. 1990, c. P.8, s. 78 (3); 1997, c. 28, s. 200.

Return of excess amount

(4)Subject to section 89 (hearing and appeal), the Superintendent may consent to payment out of a pension fund to an employer of an amount not in excess of the amount of an overpayment by the employer into the pension fund or of an amount paid by the employer that should have been paid out of the pension fund, but shall not consent unless the application is made in the same fiscal year of the pension fund as the fiscal year in which the overpayment or the payment occurred. R.S.O. 1990, c. P.8, s. 78 (4); 1997, c. 28, s. 201.

Continuing pension plan

79.(1)Subject to section 89 (hearing and appeal), the Superintendent shall not consent to payment of money that is surplus to the employer out of a continuing pension plan unless,

(a) the Superintendent is satisfied, based on reports provided with the application, that the pension plan has a surplus;

(b) the pension plan provides for the withdrawal of surplus by the employer while the pension plan continues in existence, or the applicant satisfies the Superintendent that the applicant is otherwise entitled to withdraw the surplus;

(c) where all pension benefits under the pension plan are guaranteed by an insurance company, an amount equal to at least two years of the employer’s current service costs is retained in the pension fund as surplus;

(d) where the members are not required to make contributions under the pension plan, the greater of,

(i) an amount equal to two years of the employer’s current service costs, or

(ii) an amount equal to 25 per cent of the liabilities of the pension plan calculated as prescribed,

is retained in the pension fund as surplus;

(e) where members are required to make contributions under the pension plan, all surplus attributable to contributions paid by members and the greater of,

(i) an amount equal to two years of the employer’s current service costs, or

(ii) an amount equal to 25 per cent of the liabilities of the pension plan calculated as prescribed,

are retained in the pension fund as surplus; and

(f) the applicant and the pension plan comply with all other requirements prescribed under other sections of this Act in respect of the payment of surplus money out of a pension fund. R.S.O. 1990, c. P.8, s. 79 (1); 1997, c. 28, s. 202 (1, 2).

Where no provision in pension plan

(2)A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be construed to prohibit the withdrawal of surplus money accrued after the 31st day of December, 1986. R.S.O. 1990, c. P.8, s. 79 (2).

Wind up

(3)Subject to section 89 (hearing and appeal), the Superintendent shall not consent to an application by an employer in respect of surplus in a pension plan that is being wound up in whole or in part unless,

(a) the Superintendent is satisfied, based on reports provided with the application, that the pension plan has a surplus;

(b) the pension plan provides for payment of surplus to the employer on the wind up of the pension plan;

(c) provision has been made for the payment of all liabilities of the pension plan as calculated for purposes of termination of the pension plan; and

(d) the applicant and the pension plan comply with all other requirements prescribed under other sections of this Act in respect of the payment of surplus money out of a pension fund. R.S.O. 1990, c. P.8, s. 79 (3); 1997, c. 28, s. 202 (3, 4).

Idem

(4)A pension plan that does not provide for payment of surplus money on the wind up of the pension plan shall be construed to require that surplus money accrued after the 31st day of December, 1986 shall be distributed proportionately on the wind up of the pension plan among members, former members and any other persons entitled to payments under the pension plan on the date of the wind up. R.S.O. 1990, c. P.8, s. 79 (4).

(5)-(8)Repealed: 1997, c. 28, s. 202 (5).

Sales, Transfers and New Plans

Continuation of benefits under successor employer

80. (1) Where an employer who contributes to a pension plan sells, assigns or otherwise disposes of all or part of the employer’s business or all or part of the assets of the employer’s business, a member of the pension plan who, in conjunction with the sale, assignment or disposition becomes an employee of the successor employer and becomes a member of a pension plan provided by the successor employer,

(a) continues to be entitled to the benefits provided under the employer’s pension plan in respect of employment in Ontario or a designated province to the effective date of the sale, assignment or disposition without further accrual;

(b) is entitled to credit in the pension plan of the successor employer for the period of membership in the employer’s pension plan, for the purpose of determining eligibility for membership in or entitlement to benefits under the pension plan of the successor employer; and

(c) is entitled to credit in the employer’s pension plan for the period of employment with the successor employer for the purpose of determining entitlement to benefits under the employer’s pension plan. R.S.O. 1990, c. P.8, s. 80 (1).

Exception

(2) Clause (1) (a) does not apply if the successor employer assumes responsibility for the accrued pension benefits of the employer’s pension plan and the pension plan of the successor employer shall be deemed to be a continuation of the employer’s plan with respect to any benefits or assets transferred. R.S.O. 1990, c. P.8, s. 80 (2).

Employment deemed not terminated

(3) Where a transaction described in subsection (1) takes place, the employment of the employee shall be deemed, for the purposes of this Act, not to be terminated by reason of the transaction. R.S.O. 1990, c. P.8, s. 80 (3).

Transfer on sale

(4) Where a transaction described in subsection (1) occurs and the successor employer assumes responsibility in whole or in part for the pension benefits provided under the employer’s pension plan, no transfer of assets shall be made from the employer’s pension fund to the pension fund of the plan provided by the successor employer without the prior consent of the Superintendent or contrary to the prescribed terms and conditions. R.S.O. 1990, c. P.8, s. 80 (4).

Consent by Superintendent

(5) The Superintendent shall refuse to consent to a transfer of assets that does not protect the pension benefits and any other benefits of the members and former members of the employer’s pension plan or that does not meet the prescribed requirements and qualifications. R.S.O. 1990, c. P.8, s. 80 (5).

Order for return

(6) The Superintendent by order may require the transferee to return to the pension fund, with interest, assets transferred without the prior consent required by subsection (4). R.S.O. 1990, c. P.8, s. 80 (6).

Enforcement

(7) Subject to section 89 (hearing and appeal), an order for return of assets under subsection (6), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. R.S.O. 1990, c. P.8, s. 80 (7); 2006, c. 19, Sched. C, s. 1 (1).

Multi-employer pension plan

(8) Where a group of members of a multi-employer pension plan are represented by a trade union and in accordance with section 62 of the Labour Relations Act, 1995 the trade union ceases to represent the members and they become represented by a different trade union certified as their bargaining agent and become members of a different pension plan, the administrator of the first pension plan shall transfer to the administrator of the new pension plan all the assets and liabilities respecting those members who have elected under section 42 to transfer their entitlement to the new pension plan and the administrator of the new pension plan shall accept the transfer as assets and liabilities of the new plan. R.S.O. 1990, c. P.8, s. 80 (8); 2004, c. 31, Sched. 31, s. 4.

Idem

(9) Where a group of members of a multi-employer pension plan are represented by a trade union and in accordance with section 62 of the Labour Relations Act, 1995 the trade union ceases to represent the members and they become represented by a different trade union certified as their bargaining agent and become members of a different pension plan and the members are not entitled to make an election under section 42, the administrator of the old pension plan shall transfer to the administrator of the new pension plan all assets and liabilities of the pension plan attributable to such members determined as prescribed and the administrator of the new pension plan shall accept them as assets and liabilities, determined as prescribed, of the new plan. R.S.O. 1990, c. P.8, s. 80 (9); 2004, c. 31, Sched. 31, s. 4.

Application of subss. (8, 9)

(10) Subsections (8) and (9) do not apply where there is a reciprocal agreement respecting the pension plans. R.S.O. 1990, c. P.8, s. 80 (10).

Definition

(11) In this section,

“successor employer” means the person who acquires the business or the assets of the employer. R.S.O. 1990, c. P.8, s. 80 (11).

Adoption of new pension plan

81. (1) Where a pension plan is established by an employer to be a successor to an existing pension plan and the employer ceases to make contributions to the original pension plan, the original pension plan shall be deemed not to be wound up and the new pension plan shall be deemed to be a continuation of the original pension plan. R.S.O. 1990, c. P.8, s. 81 (1).

Continuation of benefits

(2) The benefits under the original pension plan in respect of employment before the establishment of the new pension plan shall be deemed to be benefits under the new pension plan. R.S.O. 1990, c. P.8, s. 81 (2).

Application of subs. (2)

(3) Subsection (2) applies whether or not the assets and liabilities of the original pension plan are consolidated with those of the new pension plan. R.S.O. 1990, c. P.8, s. 81 (3).

Transfer of assets

(4) No transfer of assets shall be made from the pension fund of the original pension plan to the pension fund of the new pension plan without the prior consent of the Superintendent or contrary to the prescribed terms and conditions. R.S.O. 1990, c. P.8, s. 81 (4).

Consent by Superintendent

(5) The Superintendent shall refuse to consent to a transfer of assets that does not protect the pension benefits and any other benefits of the members and former members of the original pension plan or that does not meet the prescribed requirements and qualifications. R.S.O. 1990, c. P.8, s. 81 (5).

Order

(6) The Superintendent by order may require the transferee to return to the pension fund assets, with interest calculated in the prescribed manner, transferred without the prior consent of the Superintendent or transferred contrary to a prescribed term or condition. R.S.O. 1990, c. P.8, s. 81 (6).

Enforcement

(7) Subject to section 89 (hearing and appeal), an order for return of assets under subsection (6), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. R.S.O. 1990, c. P.8, s. 81 (7); 2006, c. 19, Sched. C, s. 1 (1).

Fund to fund

(8) No transfer of assets shall be made from one pension fund to another pension fund in circumstances where subsections (1) to (7) do not apply or where section 42 or 80 does not apply, without the prior consent of the Superintendent or contrary to the prescribed terms and conditions and for the purpose, subsections (5) to (7) apply with necessary modifications. R.S.O. 1990, c. P.8, s. 81 (8).

Pension Benefits Guarantee Fund

Guarantee Fund continued

82. (1) The Pension Benefits Guarantee Fund is continued under the name Pension Benefits Guarantee Fund in English and Fonds de garantie des prestations de retraite in French. R.S.O. 1990, c. P.8, s. 82 (1).

Administration

(2) The Superintendent is responsible for the administration of the Guarantee Fund including the investment of the assets of the Guarantee Fund. R.S.O. 1990, c. P.8, s. 82 (2); 1997, c. 28, s. 203.

Expenses

(3) The Superintendent may charge to the Guarantee Fund the reasonable expenses incurred by the Superintendent in the administration of the Guarantee Fund. R.S.O. 1990, c. P.8, s. 82 (3); 1997, c. 28, s. 203.

Loans to Guarantee Fund

(4) If at any time the amount standing to the credit of the Guarantee Fund is insufficient for the purpose of paying claims, the Lieutenant Governor in Council may authorize the Minister of Finance to make loans out of the Consolidated Revenue Fund to the Guarantee Fund on such terms and conditions as the Lieutenant Governor in Council directs. R.S.O. 1990, c. P.8, s. 82 (4); 2004, c. 31, Sched. 31, s. 5.

Guarantee Fund declaration

83.(1)Subject to section 89 (hearing and appeal), the Superintendent shall by order declare, in the circumstances mentioned in subsection (2), that the Guarantee Fund applies to a pension plan. 1997, c. 28, s. 204 (1).

Conditions precedent

(2)The Superintendent shall make the declaration if,

(a) the pension plan is registered under this Act or is registered in a designated province to provide for the reciprocal application of this Act;

(b) the pension plan provides defined benefits that are not exempt from the application of the Guarantee Fund by this Act or the regulations;

(c) the pension plan is wound up in whole or in part; and

(d) the Superintendent is of the opinion, upon reasonable and probable grounds, that the funding requirements of this Act and the regulations cannot be satisfied. R.S.O. 1990, c. P.8, s. 83 (2); 1997, c. 28, s. 204 (2).

Guaranteed benefits

84.(1)If the Superintendent by order declares that the Guarantee Fund applies to a pension plan, the following are guaranteed by the Guarantee Fund, subject to the limitations and qualifications as are set out in this Act or are prescribed:

1. Any pension in respect of employment in Ontario.

2. Any deferred pension in respect of employment in Ontario to which a former member is entitled, if the former member’s employment or membership was terminated before the 1st day of January, 1988 and the former member was at least forty-five years of age and had at least ten years of continuous employment with the employer, or was a member of the pension plan for a continuous period of at least ten years, at the date of termination of employment.

3. A percentage of any defined pension benefits in respect of employment in Ontario to which a member or former member is entitled under section 36 or 37 (deferred pension), or both, if the member’s or former member’s employment or membership was terminated on or after the 1st day of January, 1988, equal to 20 per cent if the combination of the member’s or former member’s age plus years of employment or membership in the pension plan equals fifty, plus an additional 2/3 of 1 per cent for each additional one-twelfth credit of age and employment or membership to a maximum of 100 per cent.

4. All additional voluntary contributions, and the interest thereon, made by members or former members while employed in Ontario.

5. The minimum value of all required contributions made to the pension plan by a member or former member in respect of employment in Ontario plus interest.

6. That part of a deferred pension guaranteed under this subsection to which a former spouse of a member or of a former member is entitled under a domestic contract or an order under the Family Law Act.

7. Any pension to which a survivor of a former member is entitled under subsection 48 (1) (death before commencement of payment). R.S.O. 1990, c. P.8, s. 84 (1); 1997, c. 28, s. 205; 1999, c. 6, s. 53 (20); 2005, c. 5, s. 56 (26).

Bridging benefits

(2)For the purpose of this section, where a member or former member has at least ten years of continuous employment with the employer, a deferred pension or a pension benefit includes bridging benefits. R.S.O. 1990, c. P.8, s. 84 (2).

Part year

(3)In determining the combination of age and membership or employment for subsection (1), one-twelfth credit shall be given for each full month of age and for each full month of continuous employment or membership as of the date of termination of employment. R.S.O. 1990, c. P.8, s. 84 (3).

Definition

(4)For the purpose of this section,

“pension benefits” includes any benefits or options elected under section 74 (combination of age and years of employment). R.S.O. 1990, c. P.8, s. 84 (4).

Payments not guaranteed

85.The following are not guaranteed by the Guarantee Fund:

1. The payment of a pension or pension benefit under a pension plan that has been established or maintained for less than three years at the date of wind up.

2. Any increase to a pension or pension benefit or the value of a pension or pension benefit that became effective within three years before the date of wind up.

3. The amount of any pension or pension benefit, including any bridging supplement, in excess of $1,000 per month or such greater amount as is prescribed by the regulations.

4. Pension benefits provided under a multi-employer pension plan.

5. Pension benefits provided under a pension plan that provides defined benefits, if the obligation of the employer to contribute to the pension fund is limited to a fixed amount set out in a collective agreement.

6. Pension benefits provided by prescribed pension plans or prescribed classes of pension plans. R.S.O. 1990, c. P.8, s. 85.

Lien for payment out of Guarantee Fund

86.(1)Where money is paid out of the Guarantee Fund as a result of the wind up, in whole or in part, of a pension plan, the Superintendent has a lien and charge on the assets of the employer or employers who provided the pension plan. R.S.O. 1990, c. P.8, s. 86 (1); 1997, c. 28, s. 206.

Amount of lien

(2)The lien and charge is in an amount equal to the amount of the payment out of the Guarantee Fund plus interest thereon calculated at the rate and in the manner prescribed by the regulations. R.S.O. 1990, c. P.8, s. 86 (2).

Real property

(3)The lien and charge does not affect assets that are real property until a notice of the lien and charge that includes a description of the real property is registered in the proper land registry office, and the Superintendent may so register notice of the lien and charge. R.S.O. 1990, c. P.8, s. 86 (3); 1997, c. 28, s. 206.

Subrogation

(4)The Superintendent is subrogated to the rights of the administrator of a pension plan in respect of which the Superintendent authorizes payment from the Guarantee Fund in satisfaction of a pension, deferred pension, pension benefit or contribution guaranteed under section 84 (guaranteed benefits). R.S.O. 1990, c. P.8, s. 86 (4); 1997, c. 28, s. 206.

Orders

Order by Superintendent

87.(1)The Superintendent, in the circumstances mentioned in subsection (2) and subject to section 89 (hearing and appeal), by a written order may require an administrator or any other person to take or to refrain from taking any action in respect of a pension plan or a pension fund.

Condition precedent to order

(2)The Superintendent may make an order under this section if the Superintendent is of the opinion, upon reasonable and probable grounds,

(a) that the pension plan or pension fund is not being administered in accordance with this Act, the regulations or the pension plan;

(b) that the pension plan does not comply with this Act and the regulations; or

(c) that the administrator of the pension plan, the employer or the other person is contravening a requirement of this Act or the regulations.

Time

(3)In an order under this section, the Superintendent may specify the time or times when or the period or periods of time within which the person to whom the order is directed must comply with the order.

Reasons for order

(4)An order under this section is not effective unless the reasons for the order are set out in the order. R.S.O. 1990, c. P.8, s. 87.

Order by Superintendent

88.(1)The Superintendent, in the circumstances mentioned in subsection (2) and subject to section 89 (hearing and appeal), by order may require an administrator to take the action specified in subsection (3). R.S.O. 1990, c. P.8, s. 88 (1); 1997, c. 28, s. 207 (1).

Grounds for order

(2)The Superintendent may make an order under this section where the Superintendent is of the opinion,

(a) that the assumptions or methods used in the preparation of a report required under this Act or the regulations in respect of a pension plan are inappropriate for a pension plan;

(b) that the assumptions or methods used in the preparation of a report required under this Act or the regulations in respect of a pension plan are not consistent with accepted actuarial practice; or

(c) that a report submitted in respect of a pension plan does not meet the requirements and qualifications of this Act, the regulations or the pension plan. R.S.O. 1990, c. P.8, s. 88 (2); 1997, c. 28, s. 207 (2); 1999, c. 15, s. 15.

Contents of order

(3)An order under this section may include, but is not limited to, requiring the preparation of a new report and specifying the assumptions or methods or both that shall be used in the preparation of the new report. R.S.O. 1990, c. P.8, s. 88 (3).

Hearing and Appeal

Notices and hearings

Notice of proposal to refuse or revoke

89.(1)Where the Superintendent proposes to refuse to register a pension plan or an amendment to a pension plan or to revoke a registration, the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant or administrator of the plan. R.S.O. 1990, c. P.8, s. 89 (1).

Notice of proposal to make or refuse to make order

(2)Where the Superintendent proposes to make or to refuse to make an order in relation to,

(a) subsection 42 (9) (repayment of money transferred out of pension fund);

(b) subsection 43 (5) (repayment of money paid to purchase pension, deferred pension or ancillary benefit);

(c) subsection 80 (6) (return of assets transferred to pension fund of successor employer);

(d) subsection 81 (6) (return of assets transferred to new pension fund);

(d.1) section 83 (the Guarantee Fund applies to a pension plan);

(e) section 87 (administration of pension plan in contravention of Act or regulation); or

(f) section 88 (preparation of a report),

the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the administrator and on any other person to whom the Superintendent proposes to direct the order. R.S.O. 1990, c. P.8, s. 89 (2); 1997, c. 28, s. 208 (1-3).

Notice of proposal re membership

(3)Where the Superintendent proposes to make or to refuse to make an order requiring an administrator to accept an employee as a member of a class of employees for whom a pension plan is established or maintained, the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the administrator, and the Superintendent shall serve or require the administrator to serve a copy of the notice and the written reasons on the employee. R.S.O. 1990, c. P.8, s. 89 (3).

Notice re payment of surplus

(3.1)Where an application is filed in accordance with subsection 78 (2) for the payment of surplus to the employer and the Superintendent proposes to consent or refuse to consent under subsection 78 (1), the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant and on any person who made written representations to the Superintendent in accordance with subsection 78 (3).

Notice re return of excess amount

(3.2)Where an application is filed in accordance with subsection 78 (4) and the Superintendent proposes to consent or refuse to consent under subsection 78 (4), the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant and the Superintendent may require the applicant to transmit a copy of the notice and the written reasons on such other persons or classes of persons or both as the Superintendent specifies in the notice to the applicant. 1997, c. 28, s. 208 (4).

Notice of proposal to attach terms and conditions to approval or consent

(4)Where the Superintendent proposes to refuse to give an approval or consent or proposes to attach terms and conditions to an approval or consent under this Act or the regulations, other than a consent referred to in subsection (3.1) or (3.2), the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant for the approval or consent. R.S.O. 1990, c. P.8, s. 89 (4); 1997, c. 28, s. 208 (5).

Notice of proposed wind up order

(5)Where the Superintendent proposes to make an order requiring the wind up of a pension plan or declaring a pension plan wound up, the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the administrator and the employer, and the Superintendent may require the administrator to transmit a copy of the notice and the written reasons on such other persons or classes of persons or both as the Superintendent specifies in the notice to the administrator. R.S.O. 1990, c. P.8, s. 89 (5).

Notice requiring hearing

(6)A notice under subsection (1), (2), (3), (3.1), (3.2), (4) or (5) shall state that the person on whom the notice is served is entitled to a hearing by the Tribunal if the person delivers to the Tribunal, within thirty days after service of the notice under that subsection, notice in writing requiring a hearing, and the person may so require such a hearing. R.S.O. 1990, c. P.8, s. 89 (6); 1997, c. 28, s. 208 (6).

Power of Superintendent

(7)Where the person on whom the notice is served does not require a hearing in accordance with subsection (6), the Superintendent may carry out the proposal stated in the notice. R.S.O. 1990, c. P.8, s. 89 (7).

Hearing

(8)Where the person requires a hearing by the Tribunal in accordance with subsection (6), the Tribunal shall appoint a time for and hold the hearing. R.S.O. 1990, c. P.8, s. 89 (8); 1997, c. 28, s. 208 (7).

Power of Tribunal

(9)At or after the hearing, the Tribunal by order may direct the Superintendent to carry out or to refrain from carrying out the proposal and to take such action as the Tribunal considers the Superintendent ought to take in accordance with this Act and the regulations, and for such purposes, the Tribunal may substitute its opinion for that of the Superintendent. R.S.O. 1990, c. P.8, s. 89 (9); 1997, c. 28, s. 208 (7).

(10)Repealed: 1997, c. 28, s. 208 (8).

Parties

(11)The Superintendent, the person who requires a hearing and such other persons as the Tribunal specifies are parties to the proceeding before the Tribunal under this section. R.S.O. 1990, c. P.8, s. 89 (11); 1997, c. 28, s. 208 (9).

(12), (13) Repealed: 1997, c. 28, s. 208 (10).

Release of documentary evidence

(14)Documents and things put in evidence at a hearing shall, upon the request of the person who produced them, be released to the person within a reasonable time after the matter in issue has been finally determined. R.S.O. 1990, c. P.8, s. 89 (14).

90.Repealed: 1997, c. 28, s. 209.

Appeal to court

91.(1)A party to a proceeding before the Tribunal under section 89 may appeal to the Divisional Court from the decision or order of the Tribunal. 1997, c. 28, s. 210 (1).

Certified copy of record

(2)Upon the request of a party desiring to appeal to the Divisional Court and upon payment of the fee established by the Minister, the Tribunal shall furnish the party with a certified copy of the record of the proceeding, including the documents received in evidence and the decision or order appealed from. R.S.O. 1990, c. P.8, s. 91 (2); 1997, c. 28, s. 210 (2).

92.Repealed: 1997, c. 28, s. 211.

Financial Services Commission of Ontario

Agreements governing multi-jurisdictional pension plans

93. (1) In this section,

“multi-jurisdictional pension plan” means a pension plan to which this Act and the regulations apply and to which pension benefits legislation of one or more prescribed jurisdictions in Canada also applies. 1999, c. 15, s. 16.

Authority for agreements

(2) With the approval of the Lieutenant Governor in Council, the Minister may enter into one or more agreements described in subsection (3) with the government of a prescribed jurisdiction in Canada, with a government agency of such a jurisdiction or with another person who has supervisory or regulatory powers under pension benefits legislation of such a jurisdiction. 1999, c. 15, s. 16.

Same

(3) An agreement may provide for matters relating to the application of this Act and the regulations to multi-jurisdictional pension plans, the application of pension benefits legislation of a prescribed jurisdiction in Canada to such pension plans and the supervision and regulation of such pension plans. 1999, c. 15, s. 16.

Same

(4) Without limiting the generality of subsection (3), an agreement may provide for,

(a) matters respecting the administration and enforcement of this Act and the regulations and of the pension benefits legislation of a prescribed jurisdiction in Canada;

(b) the delegation of any powers and duties of the Superintendent under this Act and the regulations to a person who has supervisory or regulatory powers under pension benefits legislation of a prescribed jurisdiction;

(c) the delegation to the Superintendent of any powers and duties under pension benefits legislation of a prescribed jurisdiction of a person who has supervisory or regulatory powers under that legislation. 1999, c. 15, s. 16.

Effect of agreement

(5) If an agreement specifies that the pension benefits legislation of a prescribed jurisdiction in Canada governs multi-jurisdictional pension plans instead of all or part of this Act and the regulations,

(a) this Act and the regulations cease to apply to the multi-jurisdictional pension plans to the extent specified in the agreement; and

(b) the pension benefits legislation of the prescribed jurisdiction applies, in lieu of this Act and the regulations, to the multi-jurisdictional pension plans to the extent and in the manner specified in the agreement. 1999, c. 15, s. 16.

Termination of agreement

(6) Subsection (5) ceases to apply if the Minister ceases to be a party to the agreement. 1999, c. 15, s. 16.

Publication of agreements

(7) The Minister shall publish each agreement and any amendments to an agreement in The Ontario Gazette. 1999, c. 15, s. 16.

Effective date

(8) An agreement or an amendment to an agreement does not come into effect in Ontario until the date on which it is published in The Ontario Gazette or the date specified in the agreement or the amendment, whichever date is later. 1999, c. 15, s. 16.

Inspection

(9) The Superintendent shall make a copy of each agreement and any amendments to an agreement available for inspection by the public upon request. 1999, c. 15, s. 16.

Status of agreements

(10) An agreement and any amendment to an agreement is not a regulation within the meaning of the Regulations Act. 1999, c. 15, s. 16.

Note: Effective October 19, 2007 or on an earlier day to be named by proclamation of the Lieutenant Governor, subsection (10) is amended by the Statutes of Ontario, 2006, chapter 21, Schedule F, subsection 136 (1) by striking out “the Regulations Act” and substituting “Part III (Regulations) of the Legislation Act, 2006. See: 2006, c. 21, Sched. F, ss. 136 (1), 143 (1).

Delegation to the Superintendent

(11) The Superintendent may accept a delegation described in clause (4) (c). 1999, c. 15, s. 16.

94.Repealed: 1997, c. 28, s. 213 (1).

Reciprocal agreements

95.(1)The Commission may, subject to the approval of the Lieutenant Governor in Council,

(a) enter into agreements with the authorized representatives of another province or the Government of Canada to provide for the reciprocal application and enforcement of pension benefits legislation, the reciprocal registration, audit and inspection of pension plans and for the establishment of a Canadian association of pension supervisory authorities;

(b) authorize a Canadian association of pension supervisory authorities to carry out such duties on behalf of the Commission as the Commission may require; and

(c) delegate to a pension supervisory authority or the government of a designated province such functions and powers under this Act as the Commission may determine and the Commission may accept similar delegations of functions and powers from a pension supervisory authority or the government of a designated province. R.S.O. 1990, c. P.8, s. 95 (1).

Same

(2)Without limiting the generality of subsection (1), an agreement may provide for,

(a) the delegation of any powers and duties of the Superintendent under this Act and the regulations to a pension supervisory authority or the government of a designated province;

(b) the delegation to the Superintendent of any powers and duties of a pension supervisory authority or of the government of a designated province under pension benefits legislation.

Delegation to the Superintendent

(3)The Superintendent may accept a delegation described in clause (2) (b). 1999, c. 15, s. 17.

96. Repealed: 1997, c. 28, s. 213 (1).

Research

97.(1)It is a function of the Superintendent to conduct surveys and research programs and to compile statistical information related to pensions and pension plans. R.S.O. 1990, c. P.8, s. 97 (1); 1997, c. 28, s. 214.

Provision of information

(2)The Superintendent may request an employer or an administrator or a member of a pension plan to provide information necessary to compile the statistical information and such persons shall comply with the request within a reasonable period of time. R.S.O. 1990, c. P.8, s. 97 (2); 1997, c. 28, s. 214.

Confidentiality

(3)The Superintendent shall use the information only for the purpose of compiling the statistical information. R.S.O. 1990, c. P.8, s. 97 (3); 1997, c. 28, s. 214.

Information

98.(1)The Superintendent may require an employer, an administrator or any other person to supply to the Superintendent such information in such form as is acceptable to the Superintendent and within such time limits as specified for the purpose of ascertaining whether or not this Act and the regulations are being complied with. R.S.O. 1990, c. P.8, s. 98 (1); 1997, c. 28, s. 215.

Idem

(2)A person to whom a request is made under subsection (1) shall comply with the request within the time specified by the Superintendent or other person designated by the Superintendent.

Appraisal

(3)The Superintendent may require the administrator to secure an appraisal of any or all of the assets of the pension fund by one or more independent valuators or the Superintendent may obtain the appraisal at the expense of the administrator.

Time

(4)The administrator shall deliver the appraisal to the Superintendent within the period of time specified by the Superintendent in the requirement or within such other period of time as the Superintendent may specify. R.S.O. 1990, c. P.8, s. 98 (2-4).

Security

99.Every person entrusted by the Superintendent with the custody or control of money in the course of employment shall give security in the manner and form provided by the Public Officers Act. R.S.O. 1990, c. P.8, s. 99; 1997, c. 28, s. 216.

100.-102.Repealed: 1997, c. 28, s. 217.

General

Pension agency

103.The Lieutenant Governor in Council may establish or designate an agency for the purposes, among others, of receiving, holding and disbursing pension benefits under this Act. R.S.O. 1990, c. P.8, s. 103.

Transitional

104.Every pension plan that was registered and that continued to be qualified for registration under the Pension Benefits Act, being chapter 373 of the Revised Statutes of Ontario, 1980, immediately before the 1st day of January, 1988 is deemed to be registered. R.S.O. 1990, c. P.8, s. 104.

Extension of time

105.(1)Upon application by an affected person, the Superintendent may, before or after its expiration, extend any procedural time limit related to the powers conferred on or duties assigned to the Superintendent under this Act or the regulations if the Superintendent is satisfied that there are reasonable grounds for applying for the extension.

Terms

(2)In granting the extension, the Superintendent may impose such terms or conditions as the Superintendent considers proper. 1997, c. 28, s. 218.

Examinations, investigations and inquiries

Interpretation, persons

106.(1)The persons referred to in subsections (3) to (5) and (8) to (10) are the following:

1. The Superintendent.

2. Any person designated by the Superintendent. R.S.O. 1990, c. P.8, s. 106 (1); 1997, c. 28, s. 219.

Interpretation, purposes

(2)The purposes mentioned in subsections (3) to (5) and (10) are the following:

1. The administration of this Act and the regulations.

2. The administration of the Guarantee Fund.

3. The enforcement of any section of this Act or the regulations.

4. The exercise of a power or the carrying out of a duty under this Act or the regulations.

5. The carrying out of an order made under this Act.

Entry

(3)For a purpose mentioned in subsection (2), a person mentioned in subsection (1) may enter and have access to, through and over any business premises, where the person has reasonable grounds to believe books, papers, documents or things are kept that relate to a pension plan or pension fund.

Examinations

(4)A person mentioned in subsection (1) may make examinations, investigations and inquiries and may require the production of any book, paper, document or thing related to a pension plan or pension fund.

Copies or extracts

(5)A person mentioned in subsection (1) may make, take and remove or require the making, taking and removal of copies or extracts related to an examination, investigation or inquiry for a purpose mentioned in subsection (2).

Reasonable times

(6)The authority under subsections (3) to (5) shall be exercised only at reasonable times.

Private residence

(7)Subsection (3) is not authority to enter a private residence without the consent of the occupier.

Removal of books, etc., for copying

(8)A person mentioned in subsection (1) who is making an examination, investigation or inquiry may, upon giving a receipt therefor, remove any books, papers, documents or things relating to the subject-matter of the examination, investigation or inquiry for the purpose of making copies of the books, papers, documents or things, but the copying shall be carried out with reasonable dispatch and the books, papers, documents or things shall be returned forthwith after the copying is completed.

Copies

(9)A copy of any written or recorded material found in an examination, investigation or inquiry and purporting to be certified by a person mentioned in subsection (1) is admissible in evidence in any action, proceeding or prosecution for all purposes for which the original would have been admissible.

Application for warrant

(10)If an occupier of premises,

(a) denies entry or access to, through or over the premises to a person mentioned in subsection (1);

(b) instructs a person mentioned in subsection (1) to leave the premises;

(c) obstructs a person mentioned in subsection (1) who is acting for a purpose mentioned in subsection (2);

(d) refuses to comply with a request for the production of any thing the production of which is requested for the purpose of an examination, investigation or inquiry or for a purpose mentioned in subsection (2),

a person mentioned in subsection (1) may apply to a justice of the peace for an inspection order under section 108.

Identification

(11)A person exercising a power under this section shall provide identification at the time of entry. R.S.O. 1990, c. P.8, s. 106 (2-11).

Opinion, report, etc.

(12)The Superintendent may require a person exercising power under this section to prepare an opinion, report or professional attestation about the results of any examination, investigation or inquiry made by the person under this section.

Cost of examination, etc.

(13)The Superintendent may order any person to pay all or part of the cost of an examination, investigation or inquiry under this section and to pay all or part of the cost of any opinion, report or professional attestation prepared following such an examination, investigation or inquiry (whether or not the opinion, report or attestation was required by the Superintendent), if the Superintendent considers it to be reasonable and fair in the circumstances to do so.

Same

(14)Without limiting the generality of subsection (13), an administrator or employer may be required to make a payment under that subsection. 1999, c. 15, s. 18.

Payment for reports

106.1The Superintendent may order an administrator, an employer or any other person to pay all or part of the cost of preparing any report required by this Act or the regulations, if the Superintendent considers it to be reasonable and fair in the circumstances to do so. 1999, c. 15, s. 19.

Obstruction

107.(1)No person shall hinder or obstruct a person mentioned in subsection 106 (1) who is lawfully carrying out a duty under this Act.

Private residence

(2)A refusal of consent to enter a private residence is not and shall not be deemed to be hindering or obstructing within the meaning of subsection (1). R.S.O. 1990, c. P.8, s. 107.

Order by justice of the peace

108.(1)Where a justice of the peace is satisfied on evidence upon oath or affirmation,

(a) that there is reasonable and probable ground for believing that it is necessary,

(i) to enter and have access to, through and over any premises,

(ii) to make examinations, investigations or inquiries, and

(iii) to make, take and remove photographs, samples, copies or extracts related to an examination, investigation or inquiry,

or to do any of such things, for a purpose mentioned in subsection 106 (2); and

(b) that a person mentioned in subsection 106 (1),

(i) has been denied entry to the premises,

(ii) has reasonable grounds to believe that entry to the premises will be denied,

(iii) has been instructed to leave the premises,

(iv) has been obstructed, or

(v) has been refused production of any thing related to an examination, investigation or inquiry,

by the occupier of the premises,

the justice of the peace may issue an inspection order authorizing a person mentioned in subsection 106 (1) to act as mentioned in clause (a) in respect of the premises specified in the inspection order, by force if necessary, together with such police officer or officers as the person calls upon for assistance.

Execution of order

(2)An inspection order issued under this section shall be executed between 6 a.m. and 9 p.m. standard time unless the justice of the peace otherwise authorizes in the order.

Expiry of order

(3)An inspection order issued under this section shall state the date on which it expires, which shall be a date not later than fifteen days after the inspection order is issued.

Application without notice

(4)A justice of the peace may receive and consider an application for an inspection order under this section without notice to and in the absence of the owner or the occupier of the premises. R.S.O. 1990, c. P.8, s. 108.

Offence

109.(1)Every person who contravenes this Act or the regulations is guilty of an offence.

Idem

(2)Every person who contravenes an order made under this Act is guilty of an offence. R.S.O. 1990, c. P.8, s. 109.

Penalty

110. (1) Every person who is guilty of an offence under this Act is liable on conviction to a fine of not more than $100,000 for the first conviction and not more than $200,000 for each subsequent conviction. 1997, c. 28, s. 220 (1).

Persons re corporation

(2) Every director, officer, official or agent of a corporation and every person acting in a similar capacity or performing similar functions in an unincorporated association is guilty of an offence if the person,

(a) causes, authorizes, permits, acquiesces or participates in the commission of an offence referred to in section 109 by the corporation or unincorporated association; or

(b) fails to take all reasonable care in the circumstances to prevent the corporation or unincorporated association from committing an offence referred to in section 109. 1997, c. 28, s. 220 (1).

Penalty

(3) A person who is guilty of an offence described in subsection (2) is liable on a first conviction to a fine of not more than $100,000, and on each subsequent conviction to a fine of not more than $200,000, whether or not the corporation or unincorporated association has been prosecuted for or convicted of an offence arising from the same facts or circumstances. 1997, c. 28, s. 220 (1).

Order for payment

(4) Where a person is convicted of an offence related to the failure to submit or make payment to a pension fund or to an insurance company, the court that convicts the person may, in addition to any fine imposed, assess the amount not submitted or not paid and order the person to pay the amount to the pension fund or to the insurance company. R.S.O. 1990, c. P.8, s. 110 (4).

Enforcement

(5) An order for payment under subsection (4), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. R.S.O. 1990, c. P.8, s. 110 (5); 2006, c. 19, Sched. C, s. 1 (1).

Time limit

(6) No prosecution for an offence under this Act shall be commenced after five years after the date when the offence occurred or is alleged to have occurred. 1997, c. 28, s. 220 (2).

Power to restrain

111.Where a provision of this Act or the regulations or an order, approval or consent of the Superintendent under this Act is contravened, in addition to any other remedy and to any penalty imposed by law, the contravention may be restrained by action at the instance of the administrator of the pension plan affected by the contravention. 1997, c. 28, s. 221.

Service

112. (1) Any notice, order or other document under this Act or the regulations is sufficiently given, served or delivered if delivered personally or sent by regular mail addressed to the person to whom it is to be given, served or delivered at the person’s last known address. R.S.O. 1990, c. P.8, s. 112 (1); 2004, c. 31, Sched, 31, s. 6.

Deemed service

(2) A notice, order or other document sent by regular mail in accordance with subsection (1) shall be deemed to be given, served or delivered on the seventh day after the day of mailing, unless the person to whom it is sent establishes that, acting in good faith, the person did not receive the notice, order or other document, or did not receive it until a later date, through absence, accident, illness or other cause beyond the person’s control. R.S.O. 1990, c. P.8, s. 112 (2); 2004, c. 31, Sched, 31, s. 6.

General notice

(3) Where the Superintendent is of the opinion that because the persons who are to be given any notice or document under this Act or the regulations are so numerous or for any other reason it is not reasonable to give the notice or document to all or any of the persons individually, the Superintendent may authorize the giving of the notice or document or reasonable notice of the contents of the notice or document to the persons by public advertisement or otherwise as the Superintendent may direct and the date on which the notice or document or the reasonable notice of the contents is first published or otherwise given as directed shall be deemed to be the date on which the notice or document is given. R.S.O. 1990, c. P.8, s. 112 (3).

Time for actions by administrator

113.An administrator of a pension plan who is required to take an action under this Act or the regulations shall take the action within the prescribed period of time. R.S.O. 1990, c. P.8, s. 113.

Fees

113.1The Minister may require the payment of fees in relation to any matter under this Act and may approve the amount of those fees. 1997, c. 28, s. 223.

Forms

113.2(1)The Superintendent may approve forms for any purpose of this Act and require their use. 1997, c. 28, s. 223.

Content

(2) Any person required to use forms approved by the Superintendent shall provide the information specified in them. 2002, c. 18, Sched. H, s. 5 (2).

Conflict

114.In the event of a conflict between this Act and any other Act, except the Financial Services Commission of Ontario Act, 1997, this Act prevails unless the other Act states that it is to prevail over this Act. R.S.O. 1990, c. P.8, s. 114; 1997, c. 28, s. 222.

Regulations

115. (1) The Lieutenant Governor in Council may make regulations,

(a) prescribing any matter referred to in this Act as prescribed by the regulations;

(b) prescribing the times for filing or the last dates for filing of documents that are required to be filed under this Act;

(c) prescribing reports that shall be submitted to the Superintendent, the contents and the method of preparation of the reports and the persons or classes of persons by whom the reports must be prepared;

(d) prescribing pension benefits that are not guaranteed by the Guarantee Fund;

(e) prescribing assessments for the purposes of the Guarantee Fund and prescribing the classes of employers that shall pay such assessments;

(f) prescribing procedures that shall govern the appointments of members of pension committees;

(g) prescribing procedures that shall govern the establishment of advisory committees and the appointments of members of advisory committees;

(h) Repealed: 1997, c. 28, s. 224 (2).

(i) prescribing the methods of calculating the values of assets and liabilities of pension funds;

(j) prescribing criteria that must be complied with before any surplus may be paid out of a pension fund;

(k) prescribing the rate or the method of determining the rate at which an employer shall pay money due from the employer under this Act on the winding up of a pension plan, and prescribing the manner of payment and to whom the payments shall be made;

(l) regulating or prohibiting the investment of money from pension funds and prescribing investments or classes of investments in which such money may be invested;

(m) prescribing requirements for retirement savings contracts and life annuity contracts between members of pension plans and trustees to whom administrators may make payment when required in accordance with this Act, requiring such trustees to file specimens of such contracts before such payments may be made, and authorizing the Superintendent to refuse to file a specimen contract that does not meet the requirements;

(n) prescribing the rate of interest and the method of calculating interest payable under this Act or the regulations, if such rate or method is not specified in the requirement for payment of the interest;

(o) Repealed: 1997, c. 28, s. 224 (2).

(p) prescribing the time within which any document specified in the regulations that this Act requires to be given, transmitted, filed or served shall be given, transmitted, filed or served;

(q) prescribing requirements that shall be complied with in the administration of a pension plan;

(r) prescribing records that shall be kept by the administrator of a pension plan and the period of time for which such records shall be retained by the administrator;

(s) requiring the audit of pension plans or classes of pension plans and pension funds and classes of pension funds and prescribing the persons or classes of persons who may perform the audits and the manner of performing the audits;

(t) prescribing the manner of determining the portion of a pension benefit, pension, deferred pension or ancillary benefit that is attributable to employment before the 1st day of January, 1988 or that is attributable to employment on or after the 1st day of January, 1988;

(u) prohibiting or regulating the reduction of bridging benefits or the variation of pension benefits by reference to benefits payable under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada);

(v) governing the wind up of pension plans or classes of pension plans and prescribing priorities or the method of determining priorities on wind up, including priorities in allocation of assets;

(w) governing the receiving, holding and disbursing of pension benefits by any agency established or designated under this Act;

(x) exempting pension plans, pension funds, employees, administrators or other persons from the application of this Act or the regulations or from any section of this Act or the regulations. R.S.O. 1990, c. P.8, s. 115 (1); 1997, c. 28, s. 224.

Scope of regulations

(2) A regulation may be general or particular in its application and may be limited as to time or place or both. R.S.O. 1990, c. P.8, s. 115 (2).

Adoption of codes in regulations

(3) A regulation may adopt by reference, in whole or in part, with such changes as the Lieutenant Governor in Council considers necessary, any code, formula, standard or procedure, and may require compliance with a code, formula, standard or procedure so adopted. R.S.O. 1990, c. P.8, s. 115 (3).

Terms, conditions, qualifications, requirements

(4) Any provision of a regulation may be subject to such terms, conditions, qualifications or requirements as are specified in the regulation. R.S.O. 1990, c. P.8, s. 115 (4).

Transitional authority re jointly sponsored pension plans

(5) A regulation relating to a jointly sponsored pension plan, including a regulation under subsection 55 (2) or (4), may be made retroactive to December 31, 2004. 2005, c. 31, Sched. 18, s. 12.

Repeal of transitional authority

(6) Subsection (5) is repealed on January 1, 2007. 2005, c. 31, Sched. 18, s. 12.

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