FUNDING AND SURPLUS
Marginal note:Funding of pension plan
9. (1) A pension plan shall be funded in accordance with the prescribed tests and standards for solvency.
Marginal note:Payments by employer
(1.1) In respect of a pension plan that is not a multi-employer pension plan, the employer shall pay into the pension fund all amounts required to meet the prescribed tests and standards for solvency.
Marginal note:Multi-employer pension plan
(1.2) In respect of a multi-employer pension plan, each participating employer shall pay into the pension fund all contributions that they are required to pay under an agreement between participating employers or a collective agreement, statute or regulation.
Marginal note:Actuarial reports
(2) In the case of an actuarial report required under subsection 12(2), if the Superintendent is of the opinion that the report has not been prepared
(a) on the basis of actuarial assumptions or methods that are adequate and appropriate, and
(b) in accordance with the standards of practice adopted by the Canadian Institute of Actuaries, except as otherwise specified by the Superintendent,
the Superintendent shall notify the administrator in writing of this opinion and shall direct the administrator to cause the appropriate changes to be made to the report, and the administrator shall forthwith comply with such a direction.
Marginal note:Amended report
(3) A pension plan shall be funded in accordance with the report referred to in subsection (2) as amended pursuant to any direction of the Superintendent under that subsection.
(4) to (6) [Repealed, 1998, c. 12, s. 8]
- R.S., 1985, c. 32 (2nd Supp.), s. 9;
- 1998, c. 12, s. 8;
- 2010, c. 12, s. 1793.
Marginal note:Designation of actuary
9.01 (1) If the Superintendent is of the opinion that it is in the best interests of the members or former members, or any other persons entitled to pension benefits under a pension plan, the Superintendent may designate an actuary to prepare, in accordance with subsection 12(3.1), an actuarial report or a termination report required under subsection 12(2) or 29(9), respectively, and to provide the administrator with the report within the period specified by the Superintendent.
(2) The Superintendent must notify the administrator in writing of the designation. If the administrator is not the employer, the administrator must notify the employer in writing.
Marginal note:Obligation to provide information
(3) The administrator and employer must, if requested to do so, provide the designated actuary with any information in their possession or control that the designated actuary considers necessary for the preparation of the report.
Marginal note:Comments on draft report
(4) Before finalizing the report, the designated actuary must provide the administrator with a copy of the draft report and give the administrator an opportunity to submit comments.
Marginal note:Report to be filed
(5) The administrator must file with the Superintendent the report prepared by the designated actuary within the period specified by the Superintendent.
Marginal note:Power of Superintendent
(6) If the administrator fails to file the report within the specified period, the Superintendent may require the designated actuary to provide a copy of the report.
Marginal note:Replacement report
(7) If the administrator has already filed the report in respect of which an actuary is designated, subsection 9(2) does not apply to that report and the designated actuary’s report replaces it.
Marginal note:Funding of pension plan
(8) A pension plan must be funded in accordance with the report prepared by the designated actuary, once the report has been filed under subsection (5) or provided to the Superintendent under subsection (6).
Marginal note:Fees and expenses
(9) The administrator must pay out of the pension fund the reasonable fees and expenses of the designated actuary that are associated with the preparation of the report.
- 2010, c. 12, s. 1794.
- Date modified: