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Air Canada Pension Plan Solvency Deficiency Funding Regulations (SOR/2004-174)

Regulations are current to 2023-09-13 and last amended on 2011-04-01. Previous Versions

PART 2Alternate Solvency Standards for Air Canada Pension Plans Applicable on Election (continued)

Plan Without a Surplus (continued)

  •  (1) For the purposes of this section, paragraph (a) of the definition solvency deficiency in subsection 9(1) of the Pension Benefits Standards Regulations, 1985 shall be read as follows:

    • (a) the value of the assets of the plan, determined on the basis of market value,

  • (2) Subject to section 23, if the election referred to in subsection 17(1) is made in respect of any of the 2010 to 2013 plan years of a plan that does not have a surplus as at the first day of the plan year in respect of which the election is made, Part 1 continues to apply in respect of that plan, except that

    • (a) a solvency deficiency that is required to be funded in accordance with section 9 or 13 shall not be reamortized;

    • (b) the present value of the special payments referred to in sections 9 and 13 shall be included for the purpose of paragraph (d) of the definition solvency deficiency in subsection 9(1) of the Pension Benefits Standards Regulations, 1985; and

    • (c) section 4 and 6, subsection 7(4) and sections 8, 12 and 15 cease to apply in respect of that plan on the first day of the plan year in respect of which the election is made.

 If the aggregate amount of the remaining special payments required to be made in accordance with sections 9 and 13 in respect of a plan referred to in subsection 22(2) is remitted to the pension fund not later than the end of the second quarter of the plan year in respect of which the election is made,

  • (a) section 22 does not apply in respect of that plan; and

  • (b) Part 1 continues to apply in respect of that plan, except that sections 4, 6 to 9 and 11 to 15 cease to apply in respect of the plan on the first day of the plan year in respect of which the election is made.

Ceasing To Be in Force

 These Regulations cease to be in force on December 31, 2013.

Coming into Force

 These Regulations come into force on the day on which the initial order expires provided that that order expires before January 1, 2005.

 
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