Canadian Press Pension Plan Solvency Deficiency Funding Regulations, 2010

7 For the 2012 and subsequent plan years, the Canadian Press pension plan shall be funded in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 with the following modifications:

• (a) the unfunded liability determined as at a valuation date after December 31, 2010 is the amount by which the going concern deficit determined as at that valuation date exceeds the sum of

  • (i) the present value of going concern special payments determined in respect of any plan year after the valuation date, and

  • (ii) the present value of solvency special payments referred to in paragraphs 5(3)(a) and 6(c) that are payable after the valuation date;

• (b) the solvency deficiency, determined as at a valuation date after December 31, 2010, is the amount by which the solvency liabilities exceed the sum of

  • (i) the adjusted solvency asset amount, and

  • (ii) the present value of going concern special payments determined before January 1, 2011 that are payable after the valuation date but no later than December 31, 2023, and

  • (iii) the present value of solvency special payments referred to in paragraphs 5(3)(a) and 6(c) that are payable after the valuation date; and

• (c) if there is a solvency deficiency as at a valuation date, the annual solvency special payments to fund this deficiency for the plan year following the valuation date shall be equal to the amount determined in accordance with the following formula:

  A/B – C

  where

  A

  is the solvency deficiency,

  B

  is the greater of

  • (i) the number of years in the period beginning on the valuation date and ending on December 31, 2023,

  • (ii) five, and

  C

  is the going concern special payments determined after December 31, 2010 and payable in the plan year following the valuation date.