Pension Benefits Standards Regulations, 1985 (SOR/87-19)

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

DISTRESSED PENSION PLAN WORKOUT SCHEME

Election

 An election under subsection 29.03(1) of the Act may only be made once every 48 months.

  • SOR/2011-85, s. 6.

 For the purposes of subsection 29.03(3) of the Act,

  • SOR/2011-85, s. 6.

 An election under section 29.03 of the Act shall not be made in respect of a plan that is subject to the Air Canada Pension Plan Funding Regulations, 2014 or the Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010.

  • SOR/2011-85, s. 6;
  • SOR/2013-244, s. 13.

Information to be Provided to Members and Beneficiaries

 The employer shall provide the following information to the members and beneficiaries within 10 days after the beginning of the negotiation period:

  • (a) notice that the employer has entered into a distressed pension plan workout scheme;

  • (b) a statement indicating that a request for approval by the Minister of a funding schedule may only be made if less than one third of the members and less than one third of the beneficiaries object;

  • (c) a statement indicating that a collective bargaining agent may object or consent to a proposed workout agreement on behalf of the members that it represents;

  • (d) a statement indicating that a court-appointed representative may consent to a proposed workout agreement if less than one third of the members or one third of the beneficiaries that they represent object to the agreement;

  • (e) a statement indicating that the Minister’s approval is required to give effect to the funding schedule; and

  • (f) written notice of their right to examine the copies of the documents and information referred to in paragraph 28(1)(c) of the Act.

  • SOR/2011-85, s. 6.

 The representative, or the employer if the representative consents, shall, in writing, inform the members or beneficiaries that they represent of their representation within 10 business days after their appointment by the Federal Court or the court referred to in section 10.8.

  • SOR/2011-85, s. 6.