Solvency Funding Relief Regulations

12 When a solvency deficiency emerges after the day on which the initial solvency deficiency emerged, the new solvency deficiency shall be calculated, for the purposes of subsection 9(4) of the Pension Benefits Standards Regulations, 1985, in accordance with the definition solvency deficiency in subsection 9(1) of those Regulations, and that definition shall be interpreted as including

• (a) the present value of the special payments referred to in section 6 or 7; and

• (b) the present value of the special payments calculated with respect to an initial unfunded liability that are due in the period that is the greater of

  • (i) the five years following the emergence of the new solvency deficiency, and

  • (ii) the period then remaining of the 10 years following the emergence of the initial solvency deficiency.