Pension Benefits Standards Act, 1985 (R.S.C., 1985, c. 32 (2nd Supp.))

Act current to 2014-07-22 and last amended on 2012-12-14. Previous Versions

Marginal note:If transfer or purchase impairs solvency

 The administrator of a pension plan must obtain the consent of the Superintendent to transfer moneys out of the pension fund under section 26 or purchase an immediate or deferred life annuity if, in the Superintendent’s opinion, the transfer or purchase would impair the solvency of the pension fund. The Superintendent may consent to the transfer or purchase or may direct the administrator to carry out the transfer or purchase.

  • 2010, c. 12, s. 1814.

Sex Discrimination Prohibited

Marginal note:Sex discrimination prohibited
  •  (1) The sex of a member or former member or of their spouse, former spouse, common-law partner or former common-law partner may not be taken into account in determining

    • (a) the amount of any contribution required to be paid by the member under a pension plan after December 31, 1986; or

    • (b) the amount of any benefit to which any of those persons becomes entitled under the plan after December 31, 1986.

  • Marginal note:Compliance

    (2) In order to comply with subsection (1), a pension plan may

    • (a) use annuity factors that do not differentiate as to sex;

    • (b) provide for employer contributions that vary according to the sex of the employee; or

    • (c) use any other method approved by the Superintendent.

  • Marginal note:Transfer under section 26

    (3) Notwithstanding subsection (1), amounts transferred pursuant to section 26 may vary according to the sex of the member if the variation is such that the pension benefit payable at pensionable age, based on the amount so transferred, does not vary materially according to the sex of the member.

  • R.S., 1985, c. 32 (2nd Supp.), s. 27;
  • 2000, c. 12, s. 260.

Rights to Information

Marginal note:Provisions respecting information to member and spouse or common-law partner
  •  (1) A pension plan shall provide

    • (a) that each member of the plan and each employee who is eligible to join the plan, and that person’s spouse or common-law partner, will be given, in the prescribed circumstances and in the prescribed manner,

      • (i) a written explanation of the provisions of the plan and of any applicable amendments to the plan, within 60 days after the establishment of the plan or after the making of the amendment, as the case may be, and

      • (ii) such other information as is prescribed;

    • (b) that each member of the plan and the member’s spouse or common-law partner will be given, in the prescribed circumstances and manner and within six months — or any longer period permitted by the Superintendent — after the end of each year of operation of the plan, a written statement showing

      • (i) in the case of a defined benefit plan, the pension benefits to which the member is entitled under the plan at the end of that year,

      • (ii) the value of accumulated contributions made under the plan by the member (or, in the case of a defined contribution provision, by or in respect of the member) since the member became a member, expressed in prescribed manner,

      • (iii) the prescribed ratio of the plan or, if there is no prescribed ratio, the funded ratio, if applicable, and

      • (iv) such other information as is prescribed;

    • (b.1) that each former member of the plan and the former member’s spouse or common-law partner will be given, in the prescribed circumstances and manner and within six months — or any longer period permitted by the Superintendent — after the end of each year of operation of the plan, a written statement showing

      • (i) the prescribed ratio of the plan or, if there is no prescribed ratio, the funded ratio, if applicable, and

      • (ii) any other prescribed information;

    • (c) that each member and former member of the plan, every other person entitled to pension benefits under the plan and their spouses or common-law partners may, once in each year of operation of the plan, either personally or by an agent or mandatary authorized in writing for that purpose,

      • (i) examine copies of the documents or information filed with the Superintendent under subsection 9.01(5), 10(1) or 10.1(1), section 12 or subsection 29.03(4) or any regulations made under paragraph 39(1)(i), the reports provided under subsection 9.01(6), the letters of credit referred to in subsection 9.11(1), the documents submitted under subsection 29.3(3), and of any other prescribed documents, at the Canadian head office of the administrator or at any other place that is agreed to by the administrator and the person requesting to examine the documents, and

      • (ii) order, in writing, a copy of any of those documents;

    • (d) that, if a member of the plan retires or ceases to be a member of the plan for any reason other than the termination of the whole of the plan, the administrator shall give to that member and to the member’s spouse or common-law partner a written statement, in the prescribed form, of the member’s pension benefits and other benefits payable under the plan, within 30 days after the date of the retirement or cessation of membership, or any longer period permitted by the Superintendent; and

    • (e) that, if a member of the plan dies, the administrator shall give the written statement referred to in paragraph (d) in the prescribed form within 30 days after the date of the death — or any longer period permitted by the Superintendent — to the survivor, if there is one, to the member’s designated beneficiary, if the administrator has been notified of the designation and there is no survivor, or, in every other case, to the executor, administrator or liquidator of the member’s estate or succession.

  • Meaning of “funded ratio”

    (2) In subparagraph (1)(b)(iii), “funded ratio” means the ratio of the assets of a pension plan to the liabilities of the pension plan on a going-concern basis, as reported in the latest actuarial report respecting the pension plan filed with the Superintendent.

  • Marginal note:Information on plan termination

    (2.1) A pension plan shall provide that if the whole of the plan is terminated, the administrator shall give to each member and former member and to the spouse or common-law partner of each member and former member, a written statement, in the prescribed form, informing them of

    • (a) the termination of the plan within 30 days or any longer period permitted by the Superintendent; and

    • (b) the member’s pension benefits and other benefits payable under the plan within 120 days after the termination or any longer period that the Superintendent may allow.

  • Marginal note:Administrator’s duty

    (3) The administrator shall forthwith

    • (a) permit any examination of documents that is requested under subparagraph (1)(c)(i); and

    • (b) comply, on condition of payment of such reasonable fee as the administrator may fix, with any written order for a photocopy placed under subparagraph (1)(c)(ii).

  • R.S., 1985, c. 32 (2nd Supp.), s. 28;
  • 1998, c. 12, s. 17;
  • 2000, c. 12, s. 263;
  • 2001, c. 34, s. 75;
  • 2010, c. 12, s. 1815, c. 25, s. 193.