Assessment of Pension Plans Regulations (SOR/2011-317)
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Regulations are current to 2013-05-26 and last amended on 2011-12-31. Previous Versions
Assessment of Pension Plans Regulations
SOR/2011-317
PENSION BENEFITS STANDARDS ACT, 1985
OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT
Registration 2011-12-16
Assessment of Pension Plans Regulations
P.C. 2011-1667 2011-12-15
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, hereby makes the annexed Assessment of Pension Plans Regulations pursuant to
(a) section 38Footnote a of the Office of the Superintendent of Financial Institutions ActFootnote b; and
(b) section 39Footnote c of the Pension Benefits Standards Act, 1985Footnote d.
Return to footnote aS.C. 2001, c. 9, s. 477
Return to footnote bR.S.C., 1985, c. 18 (3rd Supp.)
Return to footnote cS.C. 2010, c. 25, ss. 196 and 198(8)
Return to footnote dR.S., c. 32 (2nd Supp.)
INTERPRETATION
1. (1) The following definitions apply in these Regulations.
- “Act”
“Act” means the Office of the Superintendent of Financial Institutions Act; (Loi)
- “beneficiary”
“beneficiary” means a member, a survivor, a person who has either ceased membership in a pension plan or retired and any other person who is entitled to pension benefits and has not, before the termination of the plan, transferred their pension benefit credit under section 26 of the Pension Benefits Standards Act, 1985 or purchased an immediate or deferred life annuity. (bénéficiaire)
- “number of beneficiaries”
“number of beneficiaries” means the total number of beneficiaries
(a) in respect of a plan that is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, at the time the plan is filed for registration, or
(b) in respect of a plan that has been registered under the Pension Benefits Standards Act, 1985, at the end of last plan year. (nombre de bénéficiaires)
- “plan”
“plan” means a registered pension plan and a pension plan that has been filed for registration under section 10 of the Pension Benefits Standards Act, 1985. (régime)
(2) The expressions “cessation of membership”, “member”, “plan year”, “survivor”, “termination” and “winding-up” have the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985.
ASSESSMENT TO BE PAID
2. (1) For the purposes of subsection 23(5) of the Act, the amount of the assessment is determined by multiplying the plan assessment base by the basic rate that is in effect for the fiscal year in which the assessment is due to be paid.
(2) The assessment shall be paid no later than
(a) the day on which the plan is filed under section 10 of the Pension Benefits Standards Act, 1985, if a new plan is established; or
(b) within six months after the end of each plan year, in any other case.
(3) Despite subsection (1), if a plan terminates and winds up within six months after the end of a plan year, then the assessment to be paid is equal to zero.
- Date modified:
