Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

PART 8R.S., c. 18, Part I (3rd Supp.)OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

Amendments to the Act

 The heading before section 23 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

ASSESSMENT
Marginal note:1997, c. 15, s. 339
  •  (1) Subsection 23(2) of the Act is replaced by the following:

    • Marginal note:Expenses — pension plans

      (1.1) In every fiscal year, the Superintendent shall

      • (a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985; and

      • (b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985.

    • Marginal note:Amount conclusive

      (2) Any amount ascertained or estimated by the Superintendent under subsection (1) or (1.1), as the case may be, is final and conclusive for the purposes of this section.

  • (2) Section 23 of the Act is amended by adding the following after subsection (4):

    • Marginal note:Assessment — pension plans

      (5) In every fiscal year, the Superintendent shall assess, in the prescribed manner, an amount against the administrator of a pension plan. The amount is to be determined as prescribed.

    • Marginal note:Determination of amount assessed

      (6) The determination of the amount referred to in subsection (5) shall take into account the amounts referred to in subsection (1.1).

Marginal note:2001, c. 9, s. 476

 The portion of subsection 24(1) of the Act before the definition “entity” is replaced by the following:

Marginal note:Definitions
  • 24. (1) The following definitions apply in this section and in sections 25 to 37.2.

 The Act is amended by adding the following after section 37:

REMISSION AND WRITE-OFF

Marginal note:Remission
  • 37.1 (1) The Superintendent may remit all or part of any assessment or interim assessment made under section 23 or 23.1 or any penalty imposed under this Act, including any interest on that assessment, interim assessment or penalty.

  • Marginal note:Conditions

    (2) A remission may be conditional or unconditional.

Marginal note:Debt write-off
  • 37.2 (1) The Superintendent may write off from the accounts of the Office all or part of any debt referred to in subsection 23.2(2) or 31(1) that has been determined to be uncollectible or for which further administrative expense or other costs of collecting the debt are not justifiable in relation to the amount of the debt or the probability of collection.

  • Marginal note:Effect of write-off

    (2) The writing-off of any debt does not affect any right of Her Majesty to collect or recover the debt.

  • Marginal note:Financial Administration Act

    (3) The regulations made under subsection 25(1) of the Financial Administration Act do not apply to the writing off of a debt under this section.

Coming into Force

Marginal note:Order in council

 Sections 174 and 175 come into force on a day to be fixed by order of the Governor in Council.

PART 9R.S., c. 32 (2nd Supp.)PENSION BENEFITS STANDARDS ACT, 1985

Amendments to the Act

  •  (1) The definition “designated province” in subsection 2(1) of the Pension Benefits Standards Act, 1985 is replaced by the following:

    “designated province”

    « province désignée »

    “designated province” means a province prescribed as a province in which there is in force pension legislation applicable to private superannuation plans;

  • (2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

    “electronic document”

    « document électronique »

    “electronic document” means any form of representation of information or of concepts fixed in any medium by electronic, optical or other similar means that can be read or perceived by a person or by any means;

    “information system”

    « système d’information »

    “information system” means a system used to generate, send, receive, store or otherwise process an electronic document;

    “multilateral agreement”

    « accord multilatéral »

    “multilateral agreement” means an agreement entered into under subsection 6.1(1);

    “negotiated contribution plan”

    « régime à cotisations négociées »

    “negotiated contribution plan” means a multi-employer pension plan that includes at least one defined benefit provision and under which a participating employer’s contributions are limited to an amount determined in accordance with an agreement entered into by the participating employers or a collective agreement, statute or regulation, and which amount does not vary as a function of the prescribed tests and standards for solvency referred to in subsection 9(1);

  • (3) Section 2 of the Act is amended by adding the following after subsection (4):

    • Marginal note:Negotiated contribution plan

      (5) Even though a pension plan — established as a negotiated contribution plan — is no longer a negotiated contribution plan because it has only one participating employer or more than 95% of its members are employed by participating employers who are incorporated and are affiliates within the meaning of the Canada Business Corporations Act, that pension plan is deemed to be a negotiated contribution plan for a period of one year after the day it is no longer a negotiated contribution plan, or for any longer period that may be specified by the Superintendent.

 Subsection 5(2) of the Act is amended by striking out “and” at the end of paragraph (b), by adding “and’’ at the end of paragraph (c) and by adding the following after paragraph (c):

  • (d) collect information from a pension supervisory authority of a designated province and disclose information to that authority for the purposes of implementing a multilateral agreement.

Marginal note:1998, c. 12, s. 4

 Section 6 of the Act and the heading before it are replaced by the following:

AGREEMENTS

Marginal note:Bilateral agreement

6. The Minister may, with the approval of the Governor in Council, enter into a bilateral agreement with a designated province to

  • (a) authorize the pension supervisory authority of that province to exercise any of the Superintendent’s powers under this Act; and

  • (b) authorize the Superintendent to exercise any powers of that pension supervisory authority.

Marginal note:Multilateral agreement
  • 6.1 (1) The Minister may, with the approval of the Governor in Council, enter into an agreement with two or more designated provinces respecting any matter relating to pension plans that are subject to the pension legislation of at least one designated province that is a party to the agreement.

  • Marginal note:Content of agreement

    (2) A multilateral agreement may, among other things,

    • (a) limit the application of the pension legislation of a designated province that is a party to the agreement to a pension plan and adapt that legislation to that pension plan;

    • (b) limit the application of this Act and the regulations to a pension plan and adapt them to that pension plan;

    • (c) exempt a pension plan from the application of this Act and the regulations or the pension legislation of a designated province that is a party to the agreement;

    • (d) provide for the administration and enforcement of this Act, the regulations and the pension legislation of a designated province that is a party to the agreement;

    • (e) authorize a pension supervisory authority of a designated province that is a party to the agreement or the association referred to in section 6.4 to exercise any of the Superintendent’s powers under this Act;

    • (f) authorize the Superintendent to exercise any powers of a pension supervisory authority of a designated province that is a party to the agreement or the association referred to in section 6.4;

    • (g) establish requirements — in addition to any other requirements under this Act, the regulations and the pension legislation of a designated province that is a party to the agreement — with respect to a pension plan, administrator or employer; and

    • (h) confer powers on the Superintendent.

  • Marginal note:Tabling in Parliament

    (3) The Minister must cause to be tabled in each House of Parliament every multilateral agreement.

  • Marginal note:Publication — Canada Gazette

    (4) The Minister must cause to be published in the Canada Gazette

    • (a) every multilateral agreement and a notice of the date on which the agreement comes into effect with respect to pension plans;

    • (b) every amendment to a multilateral agreement and a notice of the date on which the amendment comes into effect with respect to pension plans; and

    • (c) a notice of the effective date of the Government of Canada’s withdrawal from the multilateral agreement or of the effective date of termination of that agreement, whichever comes first.

  • Marginal note:Publication — other

    (5) In addition to the publishing requirements under subsection (4), the Minister must ensure that every multilateral agreement and every amendment to a multilateral agreement is accessible to the public through the Internet or by any other means that the Minister considers appropriate.

Marginal note:Force of law
  • 6.2 (1) The provisions of a multilateral agreement, other than those exempted from the application of this subsection by regulation, have the force of law during the period that the agreement is in effect with respect to pension plans and are enforceable during that period as if those provisions formed part of this Act.

  • Marginal note:Inconsistency with agreement

    (2) The provisions of a multilateral agreement that have the force of law prevail over any provision of this Act and the regulations to the extent of any inconsistency or conflict between them.

Marginal note:Review by Federal Court
  • 6.3 (1) A decision of a pension supervisory authority of a designated province that is made under the authority of a multilateral agreement and that relates to the application of this Act or the regulations is deemed to be a decision of a federal board, commission or other tribunal, as defined in subsection 2(1) of the Federal Courts Act, and is subject to judicial review under that Act.

  • Marginal note:No review by Federal Court

    (2) A decision of the Superintendent that is made under the authority of a multilateral agreement and that relates to the application of the pension legislation of a designated province is deemed to be a decision of the pension supervisory authority of that province and is not subject to judicial review under the Federal Courts Act.

Marginal note:Association of pension supervisory authorities

6.4 The Minister may, with the approval of the Governor in Council, enter into an agreement with a designated province respecting the establishment and operation in Canada of an association of pension supervisory authorities.

 
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