Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010 (SOR/2010-245)

5 (1) The solvency deficiency as at December 31, 2009 is determined to be the amount by which the solvency liabilities exceed the sum of the solvency assets, not including the amounts deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations, and the present value of the going concern special payments payable for the period beginning on January 1, 2010 and ending December 31, 2023.

(2) On December 1, 2010, the Canadian Press pension plan shall be funded by a payment equal to the aggregate of

• (a) a amount equal to one sixth of one of the equal annual solvency special payments that would be sufficient to liquidate the solvency deficiency determined as at December 31, 2009 over 14 years;

• (b) an amount equal to one sixth of the going concern special payments determined as at or before December 31, 2009 adjusted to exclude the special payments deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations from the going concern assets; and

• (c) by a contribution equal to the normal cost of the plan.

(3) Beginning on January 1, 2011, the plan shall be funded by monthly payments equal to the aggregate of the following amounts:

• (a) an amount equal to one twelfth of one of the equal annual solvency special payments that would be sufficient to liquidate the solvency deficiency determined on December 31, 2009 over 14 years;

• (b) an amount equal to one twelfth of the going concern special payments determined as at or before December 31, 2009 adjusted to exclude the special payments deferred under section 7 of the Canadian Press Pension Plan Solvency Deficiency Regulations from the going concern assets; and

• (c) by a contribution equal to the normal cost of the plan.