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

Assented to 2010-12-15

Marginal note:1998, c. 12, s. 5

 Subsection 7.4(3) of the Act is replaced by the following:

  • Marginal note:Coordinates

    (3) The administrator of a pension plan shall, within 30 days after being constituted or becoming the administrator, inform the Superintendent, in the form and manner, if any, that the Superintendent directs, of

    • (a) the administrator’s name and address; or

    • (b) the names and addresses of the persons who together constitute the body that is the administrator.

    The administrator shall inform the Superintendent, in the form and manner, if any, that the Superintendent directs, of any change to that information within 30 days after the change.

 Section 8 of the Act is amended by adding the following after subsection (4.1):

  • Marginal note:Investment choices

    (4.2) A pension plan may permit a member, former member, survivor or former spouse or former common law partner of a member or former member to make investment choices with respect to their account maintained in respect of a defined contribution provision or with respect to their account maintained for additional voluntary contributions.

  • Marginal note:Administrator’s duty

    (4.3) If a pension plan permits a member, former member, survivor or former spouse or former common law partner of a member or former member to make investment choices, the administrator must offer investment options of varying degrees of risk and expected return that would allow a reasonable and prudent person to create a portfolio of investments that is well adapted to their retirement needs.

  • Marginal note:Deemed compliance with subsection (4.1)

    (4.4) With respect to the account for which an investment choice is made by a member, former member, survivor or former spouse or former common law partner of a member or former member, if an administrator offers investment options in accordance with subsection (4.3) and the regulations, that administrator is deemed to comply with subsection (4.1).

Marginal note:1998, c. 12, s. 9

 Section 9.1 of the Act is replaced by the following:

Marginal note:Notification of remittance
  • 9.1 (1) The administrator of a pension plan must notify in writing the trustee or custodian of the pension fund of all amounts that are to be remitted to the pension fund and the expected date of the remittance.

  • Marginal note:Effect of late remittance

    (2) If a payment to a pension fund is not remitted within 30 days after the date referred to in subsection (1),

    • (a) the administrator of the pension plan must immediately notify the Superintendent; and

    • (b) a trustee or custodian of the pension fund must, if the administrator is the employer, immediately notify the Superintendent.

  • Marginal note:Content

    (3) The Superintendent may direct the form and content of any notice referred to in subsection (2) as well as the manner of providing that notice.

Marginal note:1998, c. 12, s. 9; 2001, c. 34, s. 67(1)(F)
  •  (1) Subsection 9.2(4) of the Act is replaced by the following:

    • Marginal note:Submission to arbitration

      (4) Subject to subsection (5), if more than one half but fewer than two thirds of the persons in each of the categories referred to in subsection (3) consented to the proposal, the employer may, or if the whole of the pension plan is terminated shall, submit the proposal to arbitration. The employer shall notify the Superintendent, in the form and manner, if any, that the Superintendent directs, and the persons in those categories if the proposal is to be submitted to arbitration.

  • Marginal note:2010, c. 12, s. 1796

    (2) The portion of subsection 9.2(5) of the Act after paragraph (b) is replaced by the following:

    The employer shall notify the Superintendent, in the form and manner, if any, that the Superintendent directs, and the persons in the categories referred to in subsection (3) that the claim is to be submitted to arbitration.

Marginal note:1998, c. 12, s. 10
  •  (1) The portion of subsection 10(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Duty of administrator to file documents
    • 10. (1) The administrator of a pension plan shall file with the Superintendent, within 60 days after the plan is established and in the form and manner, if any, that the Superintendent directs,

  • Marginal note:1998, c. 12, s. 10

    (2) Paragraph 10(1)(c) of the Act is replaced by the following:

    • (c) a declaration signed by the administrator that the plan complies with this Act and the regulations.

Marginal note:1998, c. 12, s. 10

 Subsection 10.1(1) of the Act is replaced by the following:

Marginal note:Filing of amendments
  • 10.1 (1) The administrator of a pension plan must file with the Superintendent, within 60 days after an amendment is made to any document referred to in subsection 10(1), in the form and manner, if any, that the Superintendent directs, a copy of the amendment and a declaration, signed by the administrator that the plan as amended complies with this Act and the regulations.

Marginal note:2010, c. 12, s. 1798

 Section 10.11 of the Act is replaced by the following:

Marginal note:Negotiated contribution plans

10.11 The administrator of a negotiated contribution plan may, subject to section 10.1 and despite the terms of the pension plan, make an amendment to any document referred to in paragraph 10(1)(a) or (b) that has the effect of reducing pension benefits or pension benefit credits.

 The Act is amended by adding the following after section 10.2:

Marginal note:Designated entity
  • 10.3 (1) The Minister may, with the approval of the Governor in Council, designate an entity, as defined in section 2 of the Bank Act, for the purposes, among others, of receiving and holding the pension benefit credit of any person who cannot be located, as well as the assets of a pension plan relating to that credit, and of disbursing that credit in a lump sum.

  • Marginal note:Transfer

    (2) The administrator of a pension plan may transfer to the designated entity the pension benefit credit of any person who cannot be located, as well as the assets of a pension plan relating to that credit.

  • Marginal note:If transfer impairs solvency

    (3) However, the administrator of a pension plan must obtain the consent of the Superintendent to transfer pension benefit credits and assets to the designated entity if, in the Superintendent’s opinion, the transfer would impair the solvency of the pension fund.

  • Marginal note:Transfer to Her Majesty

    (4) A designated entity that holds, for the prescribed period of time, the assets relating to the pension benefit credit of a person who cannot be located, must transfer those assets to Her Majesty in right of Canada.

  • Marginal note:Limitation period or prescription

    (5) Upon transfer of assets to Her Majesty in right of Canada, a claim to the pension benefit credit associated with those assets can no longer be made.

SEPARATE PENSION PLAN

Marginal note:Establishment of separate pension plan
  • 10.4 (1) The Superintendent may direct the administrator of a pension plan that is subject to the pension legislation of more than one jurisdiction to

    • (a) establish a separate pension plan for members employed in included employment, former members who were employed in included employment and any survivors of those members or former members; and

    • (b) transfer assets and liabilities relating to the members and former members of the separate pension plan, as well as to any survivors of those members or former members, from the original pension plan to the separate pension plan.

  • Marginal note:Comparable plan

    (2) A separate pension plan must be comparable, in the opinion of the Superintendent, to the original pension plan.

Marginal note:2010, c. 12, s. 1801(1)
  •  (1) Subsection 12(1) of the Act is replaced by the following:

    Marginal note:Annual reporting requirements
    • 12. (1) The administrator of a pension plan shall file with the Superintendent — annually or at any other intervals or times that the Superintendent directs — an information return relating to that pension plan, containing the prescribed information.

  • Marginal note:2010, c. 12, s. 1801(2)(F)

    (2) Subsection 12(4) of the Act is replaced by the following:

    • Marginal note:Form and manner of filings and time limit

      (4) Every document required to be filed under this section shall be filed in the form and manner, if any, that the Superintendent directs, and unless otherwise directed by the Superintendent, within six months after the end of the plan year to which the document relates.

Marginal note:2000, c. 12, s. 256; 2001, c. 34, s. 69(3)(F)

 Paragraph 18(2)(c) of the Act is replaced by the following:

  • (c) that, if the pension benefit credit is less than 20% of the Year’s Maximum Pensionable Earnings for the calendar year in which a member ceases to be a member of the plan or dies, or any other percentage that may be prescribed, the pension benefit credit may be paid to the member or survivor, as the case may be.

  •  (1) Section 26 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Consent

      (2.1) The transfer of pension benefit credit, referred to in paragraph (2)(b), may be made by a member only if the member’s spouse or common-law partner notifies the administrator, in the prescribed form, of their consent to the transfer.

  • Marginal note:2000, c. 12, par. 264(d)

    (2) Paragraph 26(3)(a) of the Act is repealed.

 
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