Solvency Funding Relief Regulations, 2009

19 (1) If a plan ceases to be funded in accordance with this Part and the plan does not have a surplus on the first day of the plan year, section 9 of the Pension Benefits Standards Regulations, 1985 applies to the plan except as follows:

• (a) when funding ceases before the sixth plan year,

  • (i) the administrator shall have an actuarial report prepared — in which the present value of the special payments referred to in section 5 shall be zero — valuing the plan as at the first day of the plan year in which funding ceases,

  • (ii) 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 to the day on which funding ceases, 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, shall immediately be remitted to the pension fund, and

  • (iii) and (iv) [Repealed, SOR/2010-149, s. 21]

  • (v) the special payments set out in section 5 shall continue to be made until the first special payment required to fund the remaining deficiency referred to in subparagraph (iii) is made to the pension fund; and

• (b) when funding ceases after the fifth plan year,

  • (i) the administrator shall have an actuarial report prepared as at the first day of the plan year in which funding ceases, and

  • (ii) 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 to the day on which funding ceases, 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, shall immediately be remitted to the pension fund.

(2) [Repealed, SOR/2010-149, s. 21]