Pension Benefits Standards Regulations, 1985

23 (1) The written statement to be provided in accordance with paragraph 28(1)(b) of the Act shall include

• (a) the name of the plan member;

• (b) the period to which the statement applies;

• (c) the date of birth of the plan member;

• (d) the period that has been credited to the plan member for the purpose of calculating the pension benefit of the plan member;

• (e) the date on which the plan member attains pensionable age;

• (f) the date on which the plan member is first entitled to an immediate pension benefit pursuant to subsection 16(2) of the Act;

• (g) the name of the spouse or common-law partner of the plan member listed on the records of the administrator;

• (h) the name of any person on the records of the administrator designated as the beneficiary of the pension benefit of the member;

• (i) the additional voluntary contributions of the plan member made for the plan year and the accumulated additional voluntary contributions of the plan member as of the end of the plan year;

• (j) the required contributions of the plan member made for the plan year and the accumulated required contributions of the plan member as of the end of the plan year;

• (k) in the case of a plan with a defined contribution provision, the contributions of the employer in respect of the plan member made for the plan year and the accumulated contributions of the employer in respect of the plan member as of the end of the plan year;

• (l) the amount of any funds transferred to the plan in respect of the plan member and the benefit under the plan attributable to that amount or the length of service credited to the plan member in respect of that amount;

• (m) in the case of a plan other than a defined contribution plan,

  • (i) the annual amount of the pension benefit accrued in respect of the plan member at the end of the plan year and payable at pensionable age,

  • (ii) the total value of solvency assets and solvency liabilities of the plan on the valuation date, and

  • (iii) the total employer payments made to the plan for the plan year;

• (n) if applicable, the interest rates credited to the contributions of the plan member for the plan year;

• (o) the benefit payable on the death of the plan member and the extent to which that benefit would be reduced by a payment under a group life insurance plan;

• (p) a statement setting out the right to access the documents described in paragraph 28(1)(c) of the Act;

• (q) in respect of the defined benefit provisions of an uninsured defined benefit plan,

  • (i) if the ratio as calculated in accordance with paragraph (b) of the definition solvency ratio in subsection 2(1) is less than one,

    • (A) the value and description of the ratio, the valuation date and the date of the next valuation,

    • (B) except in the case of a negotiated contribution plan, a description of the measures the administrator has implemented or will implement to bring that ratio to one, and

    • (C) the extent to which the member’s benefit would be reduced if the plan were terminated and wound up with that solvency ratio; and

  • (ii) in any other case, the value and description of the ratio, the valuation date and the date of the next valuation;

• (r) for the assets of a plan that are not held in respect of member choice accounts,

  • (i) a list of the 10 largest asset holdings based on market value, each expressed as a percentage of the total assets, and

  • (ii) the target asset allocation expressed as a percentage of the total assets; and

• (s) in the case of a negotiated contribution plan, a description of the funding arrangement, including an indication that

  • (i) pension benefits or pension benefit credits may need to be reduced if negotiated contributions are insufficient to meet the funding requirements under the Act, and

  • (ii) the administrator may amend the plan to reduce, subject to the Superintendent’s authorization, pension benefits or pension benefit credits.

(1.1) The written statement to be given in accordance with paragraph 28(1)(b.1) of the Act shall show

• (a) the name of the former member;

• (b) the period to which the statement applies;

• (c) the name of the spouse or common-law partner of the former member listed on the records of the administrator;

• (d) the name of any person on the records of the administrator designated as the beneficiary;

• (e) in the case of a plan other than a defined contribution plan,

  • (i) the total employer payments made to the plan for the plan year, and

  • (ii) the total value of solvency assets and solvency liabilities of the plan on the valuation date;

• (f) in respect of the defined benefit provisions of an uninsured defined benefit plan,

  • (i) if the ratio as calculated in accordance with paragraph (b) of the definition solvency ratio in subsection 2(1) is less than one,

    • (A) the value and description of the ratio, the valuation date and the date of the next valuation,

    • (B) except in the case of a negotiated contribution plan, a description of the measures the administrator has implemented or will implement to bring that ratio to one, and

    • (C) the extent to which the former member’s benefit would be reduced if the plan were terminated and wound up with that solvency ratio, or

  • (ii) in any other case, the value and description of the ratio, its valuation date and the date of the next valuation;

• (g) for the assets of a plan that are not held in respect of member choice accounts,

  • (i) a list of the 10 largest asset holdings based on market value, each expressed as a percentage of the total assets, and

  • (ii) the target asset allocation expressed as a percentage of the total assets;

• (h) in the case of a negotiated contribution plan, a description of the funding arrangement, including an indication that

  • (i) pension benefits or pension benefit credits may need to be reduced if negotiated contributions are insufficient to meet the funding requirements under the Act, and

  • (ii) the administrator may amend the plan to reduce, subject to the Superintendent’s authorization, pension benefits or pension benefit credits;

• (i) for a former member who is receiving a variable benefit,

  • (i) the date of birth used to determine the minimum variable benefit payable for the year,

  • (ii) the date the variable benefit began to be paid,

  • (iii) the minimum and maximum allowable variable benefit payable, as well as the amount that the former member is receiving,

  • (iv) the investment from which the variable benefit was paid,

  • (v) the payment frequency over the year,

  • (vi) an indication of how the former member may change their election regarding the amount to be paid during the year and the investment from which the variable benefit is to be paid, and

  • (vii) a list of the transfer options available under subsection 16.4(1) of the Act; and

• (j) a statement setting out the right to access the documents described in paragraph 28(1)(c) of the Act.

(2) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a member who has retired from a plan, shall be in the form set out in Form 1 of Schedule IV.

(3) The written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who ceases to be a member of the plan for any reason other than the termination of the whole or part of the plan or retirement, shall be given in Form 2 of Schedule IV.

(4) The written statement referred to in paragraph 28(1)(e) of the Act shall be given in Form 3 of Schedule IV.

(5) [Repealed, SOR/2015-60, s. 14]