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

Act current to 2017-12-11 and last amended on 2016-06-30. Previous Versions

Registration of Pension Plans

Marginal note:Duty of administrator to file documents
  •  (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.

  • Marginal note:Notification

    (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
  •  (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.
Marginal note:Negotiated contribution plans

 The administrator of a negotiated contribution plan may, subject to section 10.1 and despite the terms of the pension plan, make an amendment to any document referred to in paragraph 10(1)(a) or (b) that has the effect of reducing pension benefits or pension benefit credits.

  • 2010, c. 12, s. 1798, c. 25, s. 188.

Transfer of Funds

Marginal note:No transfer without permission
  •  (1) Subject to section 26, the administrator may transfer or permit the transfer of any part of the assets of the pension plan that relate to defined benefit provisions to another pension plan, including a pension plan to which this Act does not apply, only with the Superintendent’s permission.

  • Marginal note:Transfer to pooled registered pension plan

    (2) Subject to section 26, the administrator may transfer or permit the transfer of any part of the assets of the pension plan to a pooled registered pension plan, within the meaning of subsection 2(1) of the Pooled Registered Pension Plans Act, only with the Superintendent’s permission.

  • 1998, c. 12, s. 10;
  • 2010, c. 12, s. 1799;
  • 2012, c. 16, s. 87.
Marginal note:Designated entity
  •  (1) The Minister may, with the approval of the Governor in Council, designate an entity, as defined in section 2 of the Bank Act, for the purposes, among others, of receiving and holding the pension benefit credit of any person who cannot be located, as well as the assets of a pension plan relating to that credit, and of disbursing that credit in a lump sum.

  • Marginal note:Transfer

    (2) The administrator of a pension plan may transfer to the designated entity the pension benefit credit of any person who cannot be located, as well as the assets of a pension plan relating to that credit.

  • Marginal note:If transfer impairs solvency

    (3) However, the administrator of a pension plan must obtain the consent of the Superintendent to transfer pension benefit credits and assets to the designated entity if, in the Superintendent’s opinion, the transfer would impair the solvency of the pension fund.

  • Marginal note:Transfer to Her Majesty

    (4) A designated entity that holds, for the prescribed period of time, the assets relating to the pension benefit credit of a person who cannot be located, must transfer those assets to Her Majesty in right of Canada.

  • Marginal note:Limitation period or prescription

    (5) Upon transfer of assets to Her Majesty in right of Canada, a claim to the pension benefit credit associated with those assets can no longer be made.

  • 2010, c. 25, s. 189.

Separate Pension Plan

Marginal note:Establishment of separate pension plan
  •  (1) The Superintendent may direct the administrator of a pension plan that is subject to the pension legislation of more than one jurisdiction to

    • (a) establish a separate pension plan for members employed in included employment, former members who were employed in included employment and any survivors of those members or former members; and

    • (b) transfer assets and liabilities relating to the members and former members of the separate pension plan, as well as to any survivors of those members or former members, from the original pension plan to the separate pension plan.

  • Marginal note:Comparable plan

    (2) A separate pension plan must be comparable, in the opinion of the Superintendent, to the original pension plan.

  • 2010, c. 25, s. 189.

Directions of Compliance

Marginal note:Superintendent’s directions to administrators
  •  (1) If, in the opinion of the Superintendent, an administrator, an employer or any person is, in respect of a pension plan, committing or about to commit an act, or pursuing or about to pursue any course of conduct, that is contrary to safe and sound financial or business practices, the Superintendent may direct the administrator, employer or other person to

    • (a) cease or refrain from committing the act or pursuing the course of conduct; and

    • (b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation.

  • Marginal note:Directions in the case of non-compliance

    (2) If, in the opinion of the Superintendent, a pension plan does not comply with this Act or the regulations or is not being administered in accordance with this Act, the regulations or the plan, the Superintendent may direct the administrator, the employer or any person to

    • (a) cease or refrain from committing the act or pursuing the course of conduct that constitutes the non-compliance; and

    • (b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation.

  • Marginal note:Opportunity for representations

    (3) Subject to subsection (4), no direction shall be issued under subsection (1) or (2) unless the Superintendent gives the administrator, employer or other person a reasonable opportunity to make written representations.

  • Marginal note:Temporary direction

    (4) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (3) might be prejudicial to the interests of the members, former members or any other persons entitled to pension benefits under the pension plan, the Superintendent may make a direction with respect to the matters referred to in subsection (1) or (2) that has effect for a period of not more than 15 days.

  • Marginal note:Continued effect

    (5) A temporary direction under subsection (4) continues to have effect after the expiry of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the administrator, employer or other person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.

  • R.S., 1985, c. 32 (2nd Supp.), s. 11;
  • 1998, c. 12, s. 10;
  • 2010, c. 12, s. 1800.
 
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