Pension Benefits Standards Act, 1985
Marginal note:Appointment of a new administrator
29.1 (1) If the administrator of a pension plan that has been terminated in whole or in part is insolvent or unable to act or the Superintendent is of the opinion that it is in the best interests of the members or former members, or any other persons entitled to pension benefits or refunds under the plan, that the administrator of the plan be removed, the Superintendent may remove the administrator and appoint a replacement administrator. A replacement administrator may recover their reasonable costs from the pension fund.
(2) The Superintendent shall, as soon as possible in the circumstances, notify a replaced administrator of their removal.
Marginal note:Effect of replacement
(3) The replacement administrator is seized of the pension fund as of the date of the notification under subsection (2).
(4) After receiving approval of the report under subsection 29(10), the replacement administrator shall give notice to the members, former members and any other persons who are entitled to pension benefits or refunds under the pension plan of the replacement administrator’s intention to distribute the assets of the plan in accordance with the report.
(5) The replacement administrator shall publish the notice in the Canada Gazette and, except as otherwise directed by the Superintendent, once a week for two consecutive weeks in one or more newspapers in general circulation in each province.
(6) The members, former members and any other persons who were entitled to pension benefits or refunds under the pension plan immediately before the appointment of the replacement administrator are subrogated to those rights and claims of the replacement administrator that the replacement administrator has elected in writing not to pursue.
(7) On distribution of the assets in accordance with this Act and the regulations, the Superintendent may discharge the replacement administrator.
- 1998, c. 12, s. 19.
- Date modified: