Solvency Funding Relief Regulations, 2009

8 (1) If Parts 2 and 3 do not apply, section 9 of the Pension Benefits Standards Regulations, 1985 or section 13 of the Air Canada Pension Plan Solvency Deficiency Funding Regulations, as the case may be, applies in respect of the plan after the 2008 plan year except as otherwise provided in this Part.

(2) In respect of the 2009 plan year, the solvency deficiency shall be calculated in accordance with the definition “solvency deficiency” in subsection 9(1) of the Pension Benefits Standards Regulations, 1985 except that

• (a) that definition shall include in its paragraph (d) any special payments that are due in the next five plan years and any special payments beyond the next five plan years that were determined in accordance with sections 12 and 27 of the Solvency Funding Relief Regulations; and

• (b) those special payments that were calculated in accordance with section 5 to liquidate the deficiency and that would have been paid to the plan after the 2009 plan year if Part 2 or 3 had applied shall be zero.

(3) The balance that is remaining of the deficiency that is being funded in accordance with section 5 at the end of the 2009 plan year shall be funded by special payments sufficient to liquidate the solvency deficiency calculated in accordance with this section by equal annual payments over a period not exceeding five years after the end of the 2009 plan year.