10.99 For the purposes of section 9, an unfunded liability that emerges after the day on which the funding schedule was approved by the Minister under section 29.3 of the Act shall be calculated as the amount by which the going concern deficit of a plan as determined at the valuation date exceeds the aggregate of

• (a) the present value of going concern special payments established in respect of a period after the valuation date,

• (b) the present value of the going concern payments set out in the funding schedule, established in respect of a period after the valuation date, and

• (c) the present value of the solvency payments set out in the funding schedule, established in respect of a period after the valuation date.

• 10.991 (1) For the purposes of section 9, a solvency deficiency that emerges after the day on which a funding schedule is approved by the Minister under section 29.3 of the Act shall be calculated as the amount by which the solvency liabilities exceed the aggregate of

  • (a) the adjusted solvency asset amount,

  • (b) the present value of the solvency payments set out in the funding schedule, established in respect of a period after the valuation date, and

  • (c) the present value of the going concern payments set out in the funding schedule, established in respect of a period beginning after the valuation date and ending on the date of the last solvency payment referred to in paragraph (b).

• (2) For the purposes of section 9, a solvency excess that emerges after the day on which a funding schedule is approved by the Minister under section 29.3 of the Act shall be calculated as the amount by which the aggregate of the following amounts exceeds the solvency liabilities:

  • (a) the adjusted solvency asset amount,

  • (b) the present value of the solvency payments set out in the funding schedule, established in respect of a period after the valuation date, and

  • (c) the present value of the going concern payments set out in the funding schedule, established in respect of a period beginning after the valuation date and ending on the date of the last solvency payment referred to in paragraph (b).

• 11. (1) An application for the registration of a plan shall include

  • (a) a copy of the plan, insurance contract, trust agreement, resolution, collective agreement on pensions, by-law and any other document that creates or supports the plan, the pension fund and any amendments to them;

  • (b) a copy of a written explanation referred to in subparagraph 28(1)(a)(i) of the Act;

  • (c) a cost certificate, prepared as of the effective date of the plan or, if a cost certificate has been prepared as of a date more recent than the effective date of the plan, the most recent cost certificate, in the case of

    • (i) a defined contribution plan where the contributions under the plan are allocated to individual plan members, and

    • (ii) a defined benefit plan that is an insured plan;

  • (d) an actuarial report, in the case of a plan, other than a plan described in paragraph (c), prepared as of the effective date of the plan or, if an actuarial report has been prepared as of a date more recent than the effective date of the plan, the most recent actuarial report;

  • (e) a written statement, signed by the administrator, as to whether a statement of investment policies and procedures referred to in subsection 7.1(1) has been established; and

  • (f) [Repealed, SOR/2011-196, s. 31]

  • (g) in respect of a simplified pension plan, a declaration by the administrator that states that the plan constitutes a simplified pension plan.

• (2) A cost certificate referred to in paragraph (1)(c) shall be prepared by an actuary, accountant or other professional adviser and shall include

  • (a) the estimated cost of benefits under the plan and the contributions to the plan, showing separately employer and plan member contributions during the plan year in respect of which the cost certificate is prepared; and

  • (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members for subsequent plan years.

• (3) An actuarial report referred to in paragraph (1)(d) shall be prepared by an actuary in accordance with the Standard of Practice for Valuation of Pension Plans published by the Canadian Institute of Actuaries in January 1994, as amended from time to time and shall include

  • (a) the estimated cost of benefits under the plan, showing separately employer and plan member contributions in respect of service

    • (i) for the plan year following the date as of which the report is prepared, where that date falls on the last day of a plan year, and

    • (ii) for the plan year in which the date as of which the report is prepared falls, where that date falls on any other day of a plan year;

  • (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members in respect of service for that plan year and subsequent plan years;

  • (c) the outstanding amount of unfunded liabilities existing on the date as of which the report is prepared and the special payments to be made in accordance with paragraph 9(4)(b);

  • (d) a certification that the plan does not have a solvency deficiency or a determination of the solvency deficiency of the plan and the special payments to be made in accordance with paragraph 9(4)(c); and

  • (e) the solvency ratio of the plan and the method to be used to calculate the solvency ratio of the plan for the succeeding three plan years.

• (4) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a multi-employer pension plan or any other plan established pursuant to one or more collective agreements, the actuarial report shall, if the funding of the plan fails to meet the standards of solvency referred to in section 8, contain the options available in respect of such funding that would result in the funding of the plan meeting the standards for solvency.

• (5) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a plan that provides benefits based on a rate of remuneration at the date of commencement of the payment of the pension benefit or on an average of the rates of remuneration over a specified and limited period, the current remuneration of each plan member shall be projected to estimate the remuneration on which the pension benefits payable at retirement will be based.

• (6) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a plan that provides for an increase in pension benefits after cessation of membership or after retirement, the actuarial report shall take into account the value of the increase in determining the value of pension benefits under the plan.