Assessment of Pension Plans Regulations (SOR/2011-317)

Regulations are current to 2014-09-01 and last amended on 2011-12-31. Previous Versions

Assessment of Pension Plans Regulations

SOR/2011-317

PENSION BENEFITS STANDARDS ACT, 1985

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

Registration 2011-12-16

Assessment of Pension Plans Regulations

P.C. 2011-1667 2011-12-15

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, hereby makes the annexed Assessment of Pension Plans Regulations pursuant to

INTERPRETATION

  •  (1) The following definitions apply in these Regulations.

    “Act”

    “Act” means the Office of the Superintendent of Financial Institutions Act; (Loi)

    “beneficiary”

    “beneficiary” means a member, a survivor, a person who has either ceased membership in a pension plan or retired and any other person who is entitled to pension benefits and has not, before the termination of the plan, transferred their pension benefit credit under section 26 of the Pension Benefits Standards Act, 1985 or purchased an immediate or deferred life annuity. (bénéficiaire)

    “number of beneficiaries”

    “number of beneficiaries” means the total number of beneficiaries

    “plan”

    “plan” means a registered pension plan and a pension plan that has been filed for registration under section 10 of the Pension Benefits Standards Act, 1985. (régime)

  • (2) The expressions “cessation of membership”, “member”, “plan year”, “survivor”, “termination” and “winding-up” have the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985.

ASSESSMENT TO BE PAID

  •  (1) For the purposes of subsection 23(5) of the Act, the amount of the assessment is determined by multiplying the plan assessment base by the basic rate that is in effect for the fiscal year in which the assessment is due to be paid.

  • (2) The assessment shall be paid no later than

    • (a) the day on which the plan is filed under section 10 of the Pension Benefits Standards Act, 1985, if a new plan is established; or

    • (b) within six months after the end of each plan year, in any other case.

  • (3) Despite subsection (1), if a plan terminates and winds up within six months after the end of a plan year, then the assessment to be paid is equal to zero.

DETERMINATION OF PLAN ASSESSMENT BASE

 The plan assessment base is determined in accordance with the following formula:

A + B + 50

where

A 
is the lesser of
  • (a) the number of beneficiaries in excess of 50, and

  • (b) 950; and

B 
is the lesser of
  • (a) 75% of the number of beneficiaries in excess of 1,000, and

  • (b) 19,000.

DETERMINATION OF THE BASIC RATE

 The basic rate for a fiscal year is the rate determined in accordance with the following formula:

(A + B)/C

where

A 
is the estimated total of expenses to be incurred by the Office during the fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985;
B 
is 20% of the difference between
  • (a) the aggregate amount of expenses incurred by the Office for or in connection with the administration of the Pension Benefits Standards Act, 1985 and those expenses that were incurred by the Superintendent for the registration of plans and their supervision under that Act, including inspection, in the second to sixth preceding fiscal years; and

  • (b) the aggregate amount of assessments received by the Office as well as the fees collected under the Pension Benefits Standards Act, 1985 in the second to sixth preceding fiscal years; and

C 
is the estimated total amount of the plan assessment bases of all plans.

PUBLICATION OF BASIC RATE

 The Superintendent shall publish in the Canada Gazette, Part I, a notice setting out the basic rate that is in effect

  • (a) for the fiscal year beginning on April 1, 2012, no later than 60 days before the beginning of that fiscal year, and

  • (b) for each fiscal year beginning on or after April 1, 2013, no later than 180 days before the beginning of that fiscal year.

CONSEQUENTIAL AMENDMENT TO THE PENSION BENEFITS STANDARDS REGULATIONS, 1985

 [Amendment]

COMING INTO FORCE

Footnote * These Regulations come into force on the day on which section 175 of the Sustaining Canada’s Economic Recovery Act, chapter 25 of the Statutes of Canada, 2010, comes into force.