Solvency Funding Relief Regulations, 2009

10 (1) Subject to subsection (2), the administrator shall provide the following information to the beneficiaries:

• (a) the solvency ratio of the plan as at the day on which the deficiency funded in accordance with section 5 emerged;

• (b) the amount of the deficiency to be funded in accordance with this Part;

• (c) a description of the extent to which the beneficiaries’ benefits would be reduced if the plan were fully terminated and wound up with the solvency ratio referred to in paragraph (a);

• (d) a statement indicating that extending the period for funding the deficiency as permitted by this Part may result in a lower value of the plan assets during the funding period than would be the case if the deficiency were funded over a period not exceeding five years and that the longer funding period may also extend the period during which the plan assets are less than the plan liabilities;

• (e) the special payments that would have been made during the first plan year covered by the actuarial report referred to in paragraph 6(b) if the deficiency were to be funded in accordance with section 9 of the Pension Benefits Standards Regulations, 1985;

• (f) the special payments in respect of the deficiency that will be made during the 2009 plan year;

• (g) [Repealed, SOR/2015-60, s. 43]

• (h) a statement indicating that the plan may continue to be funded in accordance with this Part following the 2009 plan year end only if less than one third of the members object and less than one third of the beneficiaries excluding members object;

• (i) a statement indicating that the Superintendent’s approval is not required to fund the deficiency in accordance with this Part;

• (j) a statement indicating that the beneficiaries may object to the proposal to fund the plan in accordance with this Part by sending an objection to the administrator at the address and by the date indicated in the statement, which date shall not be less than 30 days after the day on which the other information required to be provided under this subsection is provided by the administrator;

• (k) a statement indicating that amendments to the plan that increase the pension benefits have been restricted during the 2009 plan year and that, if the deficiency of the plan is funded in accordance with this Part, those benefits will continue to be restricted for the following four plan years of funding following the 2009 plan year end; and

• (l) a statement setting out the right of access to the documents described in paragraph 28(1)(c) of the Act.

(2) If a beneficiary is represented by a beneficiary representative, the administrator shall provide the information set out in subsection (1) to the beneficiary representative.