Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 (SOR/2010-245)

Termination of Plan

16 On the termination of the whole of the Canadian Press pension plan, the aggregate amount of deferred special payments, less any reductions made under section 8, shall be immediately paid to the pension fund.

Ceasing Funding

• 17 (1) The employer may cease to be governed by these Regulations if it gives written notice to the Superintendent.

• (2) If notice is given on or before December 31, 2018

  • (a) these Regulations, other than this subsection, cease to apply effective the first plan year following the date of the notice;

  • (b) the aggregate amount of deferred special payments shall be paid into the pension fund in equal monthly instalments during the first plan year following the date of the notice; and

  • (c) the actuarial report required under subsection 12(2) of the Act shall not include the present value of the special payments determined under these Regulations.

• (3) If notice is given after December 31, 2018

  • (a) these Regulations, other than this subsection, cease to apply effective the first plan year following the date of the notice;

  • (b) the aggregate amount of deferred special payments shall be paid to the pension fund in equal monthly instalments during the first plan year following the date of the notice

  • (c) the special payments determined under section 7 shall continue to be made.

Transitional Provision

18 Despite section 13 of the Canadian Press Pension Plan Solvency Deficiency Funding Regulations, the obligation to pay or remit deferred special payments to the pension fund under section 7 of those Regulations is deferred until December 1, 2010. Special payments and normal costs that have been deferred until that date and that have not been paid into the pension fund shall be considered to be owed to the pension fund under section 8 of the Canadian Press Pension Plan Solvency Deficiency Funding Regulations.

Cease to Be in Force

19 These Regulations cease to be in force on January 1, 2024.

Repeal

20 [Repeal]

Coming into Force

• Footnote ^*21 (1) These Regulations, other than subsection 15(2), come into force on November 1, 2010.

• (2) Subsection 15(2) of these Regulations comes into force on the day on which subsection 1815(2) of the Jobs and Economic Growth Act, chapter 12 of the Statutes of Canada, 2010, comes into force.

• Return to footnote ^*[Note: Subsection 15(2) in force April 1, 2011, see SI/2011-21.]