EFFECT OF SALE, ETC., OF BUSINESS
Marginal note:Effect of sale, etc., of business
30. (1) Where
(a) an employer who is a party to a pension plan sells, assigns or otherwise disposes of all or part of its business or undertaking or all or part of the assets of its business or undertaking,
(b) an employee of that employer becomes an employee of the person acquiring the business, undertaking or assets (in this section called the “successor employer”), and
(c) the successor employer does not assume responsibility for the accrued benefits of the employer’s pension plan,
the employee continues to be entitled to the benefits provided under the employer’s plan in respect of the period of membership in that employer’s plan, without further accrual.
(2) Where the events described in paragraphs (1)(a) and (b) occur, whether or not the successor employer assumes responsibility for the accrued benefits of the employer’s plan, then,
(a) for the purposes of the employer’s plan, membership in the employer’s plan of an employee referred to in paragraph (1)(b) shall be deemed not to have ceased by reason of those events; and
(b) for the purposes of
(i) determining the period of employment with respect to any eligibility condition of the successor employer’s pension plan, and
(ii) determining whether such an employee is entitled to a benefit under a pension plan of the employer or of the successor employer,
the period of employment shall be deemed to include employment with both the employer and the successor employer without any interruption.
- R.S., 1985, c. 32 (2nd Supp.), s. 30;
- 2010, c. 12, s. 1824(F).
PAYMENT OF BENEFITS AND DESIGNATION OF BENEFICIARIES
Marginal note:Certain provisions of provincial law to apply
31. Except to the extent that they are inconsistent with this Act, any provisions of any provincial law respecting the payment of benefits or the designation of beneficiaries under pension plans that would be applicable to a pension plan organized and administered to provide pension benefits to employees employed in included employment if that provincial law were applicable to such a pension plan shall be deemed to apply to such a pension plan as though that employment were not included employment.
OBJECTIONS AND APPEALS
Marginal note:Notice of objection
32. (1) An administrator who is notified under subsection 10(4) or section 11.1 may, within sixty days after the day the notification is given, serve on the Superintendent a notice of objection in the prescribed form and manner, setting out the reasons for the objection and all facts relevant to it.
Marginal note:Reconsideration by Superintendent
(2) On receipt of a notice of objection, the Superintendent shall immediately reconsider the refusal or the revocation and cancellation, as the case may be, and vary or confirm the action taken, and shall immediately notify the administrator of the decision.
- R.S., 1985, c. 32 (2nd Supp.), s. 32;
- 1998, c. 12, s. 20.
- Date modified: