Solvency Funding Relief Regulations, 2009 (SOR/2009-182)

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Regulations are current to 2024-11-26 and last amended on 2015-04-01. Previous Versions

PART 3 10-year Funding with Letters of Credit (continued)

32 (1) A plan may cease to be funded in accordance with this Part, beginning on the first day of a plan year, if
- (a) the administrator gives written notice to the Superintendent not later than six months after the beginning of that plan year;
- (b) the amount by which the aggregate amount of special payments that would have been made to the pension fund in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 from the day on which the deficiency emerged, as adjusted to take into account the reductions in special payments resulting from the application of those Regulations, plus interest, exceeds the aggregate amount of special payments made to the pension fund in accordance with Part 1 and this Part, plus interest, is remitted to the pension fund at least 30 days before the plan’s year end; and
- (c) an actuarial report is prepared in accordance with subsection 31(2) and any remaining deficiency is calculated and funded in accordance with subsections 31(3) and (4) as if a default had occurred, except that the actuarial report shall value the plan as at the first day of the plan year in which funding ceases.
(2) Paragraphs (1)(b) and (c) do not apply if the face amount of the letters of credit obtained to fund the plan under this Part is included as a solvency asset as defined in subsection 2(1) of the Pension Benefit Standards Regulations, 1985.

33 These Regulations cease to be in force on November 1, 2019.

34 These Regulations come into force on the day on which they are registered.