5. If the information referred to in section 4 is filed with the Superintendent in respect of a plan,
(a) subsections 8(1) and (2) of the Act do not apply in respect of the plan except in relation to
(i) moneys in the pension fund,
(ii) amounts deducted by the employer from members’ remuneration but not remitted to the pension fund, and
(iii) contributions and special payments that are accrued and due to the plan but not remitted to the pension fund in accordance with section 8;
(b) section 9 of the Pension Benefits Standards Regulations, 1985 does not apply in respect of the plan; and
(c) section 18 and paragraph 21(d) of the Air Canada Pension Plan Solvency Deficiency Funding Regulations do not apply in respect of the plan.
6. A plan shall be funded in each plan year by a contribution equal to the normal cost of the plan.
7. (1) No special payment is required to be made in respect of the period beginning April 1, 2009 and ending December 31, 2009 and in respect of the 2010 plan year.
(2) The amount payable to each plan for a plan year is equal to the amount determined by the formula
A × B/C
- is the lesser of
(a) the maximum past service contribution permitted under the Income Tax Act for the plan year, and
(b) one of the following amounts:
(i) in respect of the 2011 plan year, $150,000,000,
(ii) in respect of the 2012 plan year, $175,000,000, or
(iii) in respect of the 2013 plan year, $225,000,000;
- is the amount of the solvency deficit of the plan as at January 1 of the plan year; and
- is the aggregate amount of the solvency deficits for all plans as at January 1 of the plan year.
(3) An actuarial gain shall not be used to reduce the amount of any special payments due to the pension fund.
8. Payments to a plan shall be made as follows:
(a) the normal cost contributions shall be paid as an equal percentage of the anticipated remuneration to be paid to the members during the plan year and shall be paid monthly and not later than 30 days after the end of the month;
(b) the special payments shall be made in equal monthly instalments, with each instalment being due 30 days after the end of each month;
(c) the contributions of plan members shall be remitted to the administrator not later than 30 days after the end of the period in respect of which contributions were deducted; and
(d) the administrator shall immediately pay into a plan any amount remitted to the administrator.
- Date modified: