REGISTRATION OF PENSION PLANS
Marginal note:Duty of administrator to file documents
10. (1) The administrator of a pension plan shall file with the Superintendent, within 60 days after the plan is established and in the form and manner, if any, that the Superintendent directs,
(a) a copy of the plan;
(b) a copy of every document that creates or supports the plan or the pension fund; and
(c) a declaration signed by the administrator that the plan complies with this Act and the regulations.
Marginal note:Registration of pension plan
(2) Subject to subsection (3), the Superintendent shall register a pension plan and issue a certificate of registration in respect of the plan if the administrator has filed the documents under subsection (1).
Marginal note:Refusal to register
(3) The Superintendent may refuse to register a pension plan if the plan does not comply with this Act or the regulations.
(4) If the Superintendent refuses to register a pension plan, the Superintendent shall notify the administrator of the particulars of the non-compliance.
Marginal note:Administration of plan prohibited
(5) An administrator shall not administer a pension plan before complying with subsection (1) and shall, while the plan remains in force, ensure that it complies with this Act and the regulations.
Marginal note:Treatment of surplus
(6) Every pension plan that is filed for registration must provide for the use of surplus during the continuation of the plan and on its termination.
- R.S., 1985, c. 32 (2nd Supp.), s. 10;
- 1998, c. 12, s. 10;
- 2010, c. 25, s. 186.
Marginal note:Filing of amendments
10.1 (1) The administrator of a pension plan must file with the Superintendent, within 60 days after an amendment is made to any document referred to in subsection 10(1), in the form and manner, if any, that the Superintendent directs, a copy of the amendment and a declaration, signed by the administrator that the plan as amended complies with this Act and the regulations.
Marginal note:Void amendments
(2) Unless the Superintendent authorizes the amendment, an amendment is void or, in Quebec, null if
(a) it would have the effect of reducing
(i) pension benefits accrued before the date of the amendment or pension benefit credits relating to pension benefits accrued before the date of the amendment, or
(ii) an immediate or deferred pension benefit to which a member, former member or any other person was entitled before the date of the amendment;
(b) the solvency ratio of the pension plan would fall below the prescribed solvency ratio level;
(c) the amendment would reduce the solvency ratio of the pension plan and the solvency ratio would be below the prescribed solvency ratio level once the amendment is made; or
(d) the solvency ratio of the pension plan is below the prescribed solvency ratio level and the amendment would increase pension benefits or pension benefit credits.
- 1998, c. 12, s. 10;
- 2010, c. 12, s. 1797, c. 25, s. 187.
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