Air Canada Pension Plan Funding Regulations, 2009 (SOR/2009-211)
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Regulations are current to 2013-04-29
Air Canada Pension Plan Funding Regulations, 2009
SOR/2009-211
PENSION BENEFITS STANDARDS ACT, 1985
Registration 2009-07-24
Air Canada Pension Plan Funding Regulations, 2009
P.C. 2009-1188 2009-07-24
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 9(1), paragraph 10.1(2)(b)Footnote a, subsection 12(3), paragraph 28(1)(b)Footnote b and section 39Footnote c of the Pension Benefits Standards Act, 1985Footnote d, hereby makes the annexed Air Canada Pension Plan Funding Regulations, 2009.
Return to footnote aS.C. 1998, c. 12, s. 10
Return to footnote bS.C. 2000, c. 12, par. 263(d)
Return to footnote cS.C. 2007, c. 35, s. 142
Return to footnote dR.S., c. 32 (2nd Supp.)
INTERPRETATION
1. (1) The following definitions apply in these Regulations.
- “Air Canada pension plan”
“Air Canada pension plan” or “plan” means a defined benefit plan that was established before April 1, 2009 in respect of which Air Canada is the administrator. (régime de pension d’Air Canada)
- “beneficiary”
“beneficiary” means a member or a former member of the plan or any other person who is entitled to pension benefits under the plan except
(a) a former member who has transferred all of their pension benefit credits under section 26 of the Act; and
(b) a former member for whom the administrator has purchased an immediate or deferred life annuity. (bénéficiaire)
- “solvency deficit”
“solvency deficit” means the amount by which the liabilities of a plan, determined on the basis that the plan is terminated or on a basis that is certified by an actuary to be reasonably approximate to a termination basis and taking into account any significant increases or decreases in benefits to the plan members as a result of the termination, exceed the aggregate of the value of the assets of the plan, determined on the basis of market value. (déficit de solvabilité)
- “solvency ratio”
“solvency ratio” means the lesser of one and the ratio of the assets of the plan as determined in accordance with the definition of “solvency deficit” to the liabilities of the plan as determined in accordance with that definition, based on the most recent actuarial report filed with the Superintendent pursuant to section 12 of the Act. (ratio de solvabilité)
- “special payment”
“special payment” means a payment made under section 7. (paiement spécial)
(2) Except as otherwise provided in these Regulations, words and expressions used in these Regulations have the same meaning as in the Pension Benefits Standards Regulations, 1985.
APPLICATION
2. These Regulations apply in respect of Air Canada pension plans.
SOLVENCY STANDARDS
3. The funding of a plan shall be considered to meet the standards for solvency if the funding is in accordance with these Regulations.
INFORMATION TO BE FILED WITH SUPERINTENDENT
4. A plan may be funded in accordance with these Regulations if the following information is filed by the administrator with the Superintendent no later than August 14, 2009:
(a) an actuarial report that values the plan as at January 1, 2009;
(b) a statement by Air Canada confirming that the collective bargaining agents have not objected to the funding of the solvency deficits of the plan in accordance with these Regulations on behalf of more than one third of the members of the plans who are represented by collective bargaining agents and that less than one third of all other beneficiaries have objected in writing to that funding; and
(c) a certified copy of a resolution of the board of directors of Air Canada agreeing to the funding of the plan in accordance with these Regulations.
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