Pension Benefits Standards Regulations, 1985 (SOR/87-19)

• 10.91 (1) For the purposes of subsection 29.2(1) of the Act, the members and beneficiaries shall be provided with the following information within 10 days after the day on which the employer and the representatives enter into the proposed workout agreement:

  • (a) written notice that the representatives and the employer have negotiated a proposed workout agreement respecting the funding schedule;

  • (b) the amount of the going concern deficit and of the solvency deficiency subject to the proposed workout agreement and the proposed funding schedule for those amounts;

  • (c) the special payments that would have been payable in the current plan year if the going concern deficit and the solvency deficiency had been funded in accordance with section 9;

  • (d) a written notice indicating that the funding schedule set out in the proposed workout agreement may only be submitted to the Minister for approval if less than one third of the members and less than one third of beneficiaries of the plan object; and

  • (e) if members and beneficiaries are represented by a representative that is not a bargaining agent, a description of how the members or beneficiaries may object to the proposed agreement and the period during which an objection may be made.

• (2) For the purposes of subsection 29.09(1) of the Act, the employer and administrator shall provide the representatives with any information required to comply with subsection (1).

10.92 A period of 30 days beginning on the day on which the information is provided under section 10.91 is prescribed for the purposes of subsection 29.2(2) of the Act.

10.93 A period of 40 days beginning on the day on which the information is provided under section 10.91 is prescribed for the purposes of subsection 29.3(2) of the Act.

10.94 For the purposes of subsection 29.3(3) of the Act, the request for approval of the funding schedule shall be submitted to the Minister within 15 days after the end of the period referred to in section 10.93 and shall be accompanied by a description of how the funding schedule addresses the criteria referred to in section 10.95.

10.95 For the purposes of subsection 29.3(4) of the Act, the Minister shall consider

• (a) the extent to which the defined benefit provisions of the plan have been amended and the extent to which those amendments have changed the cost structure of the plan; and

• (b) the manner in which the proposed workout agreement addresses the sustainability of the plan with reference to such factors as the investment policies of the plan, the demographic profile of the plan’s membership and the nature of the plan’s benefits.

10.96 The administrator, or the representative if the representative consents, shall notify all members and beneficiaries of the Minister’s decision under subsection 29.3(4) of the Act within five business days after receiving notification from the Minister.