Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 (SOR/2010-245)

• 11 (1) The amount of any secured borrowing obtained by the employer once it has obtained an aggregate of $1.5 million of secured borrowing after January 31, 2009 must be subordinated to the aggregate amount of deferred special payments.

• (2) If the employer does not comply with subsection (1), it shall immediately notify the Superintendent in writing of its non-compliance and immediately pay to the pension fund the aggregate amount of deferred special payments. These Regulations will then no longer apply.

Void Amendments

12 For the purposes of paragraph 10.1(2)(d) of the Act, the prescribed solvency ratio level is one.

Statement of Investment Policies and Procedures

13 Despite subsection 7.2(1) of the Pension Benefits Standards Regulations, 1985, the administrator shall review and confirm or amend the statement of investment policies and procedures referred to in subsection 7.1(1) of those Regulations at least once every quarter.

Information to Be Provided

14 For the purpose of subsection 12(2) of the Act, the administrator shall file with the Superintendent

• (a) the financial statements of the employer; and

• (b) a copy of the minutes of Board of Director meetings documenting results of reviews of the statement of investment policies and procedures.

• 15 (1) The written statement to be provided under paragraph 28(1)(b) of the Act shall, in addition to the information referred to in subsection 23(1) of the Pension Benefits Standards Regulations, 1985, include

  • (a) the aggregate value of the subsidized portion of early retirement benefits consented to in the preceding plan year and the number of members who were granted subsidized early retirement in the preceding plan year;

  • (b) the rate of return of the plan’s portfolio of investments and loans for the previous plan year and the asset mix as at the last plan year end;

  • (c) the amount that the employer paid to the pension fund during the preceding plan year; and

  • (d) the amount that the employer would have paid to the pension fund in the absence of these Regulations based on the most recently filed actuarial report under subsection 12(2) of the Act.

• (2) The written statement required to be provided in accordance with paragraph 28(1)(b.1) of the Act shall include all information referred to in paragraphs (1)(b) to (d).

Termination of Plan

16 On the termination of the whole of the Canadian Press pension plan, the aggregate amount of deferred special payments, less any reductions made under section 8, shall be immediately paid to the pension fund.

Ceasing Funding

• 17 (1) The employer may cease to be governed by these Regulations if it gives written notice to the Superintendent.

• (2) If notice is given on or before December 31, 2018

  • (a) these Regulations, other than this subsection, cease to apply effective the first plan year following the date of the notice;

  • (b) the aggregate amount of deferred special payments shall be paid into the pension fund in equal monthly instalments during the first plan year following the date of the notice; and

  • (c) the actuarial report required under subsection 12(2) of the Act shall not include the present value of the special payments determined under these Regulations.

• (3) If notice is given after December 31, 2018

  • (a) these Regulations, other than this subsection, cease to apply effective the first plan year following the date of the notice;

  • (b) the aggregate amount of deferred special payments shall be paid to the pension fund in equal monthly instalments during the first plan year following the date of the notice

  • (c) the special payments determined under section 7 shall continue to be made.

Transitional Provision

18 Despite section 13 of the Canadian Press Pension Plan Solvency Deficiency Funding Regulations, the obligation to pay or remit deferred special payments to the pension fund under section 7 of those Regulations is deferred until December 1, 2010. Special payments and normal costs that have been deferred until that date and that have not been paid into the pension fund shall be considered to be owed to the pension fund under section 8 of the Canadian Press Pension Plan Solvency Deficiency Funding Regulations.

Cease to Be in Force

19 These Regulations cease to be in force on January 1, 2024.

Repeal

20 [Repeal]

Coming into Force

• Footnote ^*21 (1) These Regulations, other than subsection 15(2), come into force on November 1, 2010.

• (2) Subsection 15(2) of these Regulations comes into force on the day on which subsection 1815(2) of the Jobs and Economic Growth Act, chapter 12 of the Statutes of Canada, 2010, comes into force.

• Return to footnote ^*[Note: Subsection 15(2) in force April 1, 2011, see SI/2011-21.]