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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 38 of the Office of the Superintendent of Financial Institutions Act; and(b) section 39 of the Pension Benefits Standards Act, 1985.notenotenotenote
Interpretation
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(1)The following definitions apply in these Regulations.
Act means the Office of the Superintendent of Financial Institutions Act; (Loi)
beneficiary means
(b)in respect of a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, a person who is entitled to a pension benefit, but it does not include a person who has transferred all of their pension benefit credit or purchased an immediate or deferred life annuity under section 26 of that Act or for whom, after approval of the plan’s termination report under subsection 29(10) of that Act, an immediate or deferred life annuity is purchased by the plan administrator. (bénéficiaire)
cessation of membership [Repealed, SOR/2019-53, s. 1]
member [Repealed, SOR/2019-53, s. 1]
(a)in respect of a pension plan that is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, on the day on which a copy of it is filed; and
(b)in respect of a pension plan that has been registered under section 10 of the Pension Benefits Standards Act, 1985 or section 12 of the Pooled Registered Pension Plans Act, at the end of the preceding pension plan year. (nombre de bénéficiaires)
pension plan year, in respect of
(a)a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the meaning assigned by plan year in subsection 2(1) of that Act; and
(b)a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, means a calendar year. (exercice du régime de pension)
plan [Repealed, SOR/2016-275, s. 2]
retire [Repealed, SOR/2019-53, s. 1]
survivor [Repealed, SOR/2019-53, s. 1]
termination, in respect of
(a)a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and
(b)a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, means termination of the plan in any of the situations described in subsections 62(1), (2) and (6) of that Act. (cessation)
winding-up, in respect of
(a)a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and
(b)a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, has the same meaning as in subsection 2(1) of that Act. (liquidation)
(2)[Repealed, SOR/2016-275, s. 2] (repealed)
Assessment to Be Paid
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(2)[Repealed, SOR/2019-53, s. 2] (repealed)
(3)Despite subsection (1), the assessment to be paid is equal to zero if,
(a)in the case of a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, the plan is terminated and wound up no later than four months after the end of the pension plan year; and
(b)in the case of a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985,
(i)the plan is terminated and wound up no later than six months after the end of the pension plan year,
(iii)the plan is terminated with a solvency deficit, as defined in subsection 24.1(1) of the Pension Benefits Standards Regulations, 1985, and the plan is a negotiated contribution plan, as defined in subsection 2(1) of the Pension Benefits Standards Act, 1985, or the employer who is required to pay into the plan under subsection 9(1.1) of that Act is
(A)a bankrupt, as defined in section 2 of the Bankruptcy and Insolvency Act,
(B)an insolvent person in respect of whom a partial or complete stay of proceedings applies under subsection 69(1) or 69.1(1) of that Act, or
(C)a debtor company in respect of which an order under subsection 11.02(1) or (2) of the Companies’ Creditors Arrangements Act has been made and in respect of which any stay of proceedings under that order remains in effect.
Determination of Pension Plan Assessment Base
Determination of the Basic Rate
Publication of Basic Rate
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(1)The Superintendent shall publish in the Canada Gazette, Part I, no later than 180 days before the beginning of each fiscal year, a notice setting out the basic rate that is in effect for that fiscal year.
(2)Despite subsection (1), the notice setting out the basic rates that are in effect for the fiscal years beginning on April 1, 2016 and April 1, 2017 in respect of pooled registered pension plans shall be published no later than January 31, 2017.
Notice of Assessment
Coming into Force
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.