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Version of document from 2016-10-21 to 2019-03-31:

Assessment of Pension Plans Regulations

SOR/2011-317

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

PENSION BENEFITS STANDARDS ACT, 1985

Registration 2011-12-16

Assessment of Pension Plans Regulations

P.C. 2011-1667 2011-12-15

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, hereby makes the annexed Assessment of Pension Plans Regulations pursuant to

Interpretation

  •  (1) The following definitions apply in these Regulations.

    Act

    Act means the Office of the Superintendent of Financial Institutions Act; (Loi)

    beneficiary

    beneficiary means

    • (a) in respect of a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, a member, a survivor, a person who has either ceased membership in the plan or retired and any other person who is entitled to pension benefits, if the member, survivor or person has not, before the termination of the plan, transferred their pension benefit credit or purchased an immediate or deferred life annuity under section 26 of that Act; and

    • (b) in respect of a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, a member of the plan or a survivor who holds an account with the plan. (bénéficiaire)

    cessation of membership

    cessation of membership has the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985. (fin de participation)

    member

    member, in respect of

    • (a) a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and

    • (b) a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, has the same meaning as in subsection 2(1) of that Act. (participant)

    number of beneficiaries

    number of beneficiaries means the number of beneficiaries

    pension plan year

    pension plan year, in respect of

    • (a) a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the meaning assigned by plan year in subsection 2(1) of that Act; and

    • (b) a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, means a calendar year. (exercice du régime de pension)

    plan

    plan[Repealed, SOR/2016-275, s. 2]

    retire

    retire has the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985. (retraite)

    survivor

    survivor, in respect of

    • (a) a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and

    • (b) a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, has the same meaning as in subsection 2(1) of that Act. (survivant)

    termination

    termination, in respect of

    • (a) a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and

    • (b) a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, means termination of the plan in any of the situations described in subsections 62(1), (2) and (6) of that Act. (cessation)

    winding-up

    winding-up, in respect of

    • (a) a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, has the same meaning as in subsection 2(1) of that Act; and

    • (b) a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, has the same meaning as in subsection 2(1) of that Act. (liquidation)

  • (2) [Repealed, SOR/2016-275, s. 2]

  • SOR/2016-275, s. 2

Assessment to Be Paid

  •  (1) For the purposes of subsection 23(5) of the Act, the amount of the assessment is determined by multiplying the pension plan assessment base by the basic rate that is in effect for the fiscal year in which the assessment is due to be paid.

  • (2) The assessment shall be paid no later than

  • (3) Despite subsection (1), the assessment to be paid is equal to zero if,

    • (a) in the case of a pension plan that has been registered or is filed for registration under section 10 of the Pension Benefits Standards Act, 1985, the plan is terminated and wound up no later than six months after the end of the pension plan year; and

    • (b) in the case of a pension plan that has been registered under section 12 of the Pooled Registered Pension Plans Act, the plan is terminated and wound up no later than three months after the end of the pension plan year.

  • SOR/2016-275, ss. 3, 6

Determination of Pension Plan Assessment Base

[
  • SOR/2016-275, s. 6
]

 The pension plan assessment base is determined in accordance with the following formula:

A + B + 50

where

A
is the lesser of
  • (a) the number of beneficiaries in excess of 50, and

  • (b) 950; and

B
is the lesser of
  • (a) 75% of the number of beneficiaries in excess of 1,000, and

  • (b) 19,000.

  • SOR/2016-275, s. 6

Determination of the Basic Rate

 The basic rate for a fiscal year is the rate determined in accordance with the following formula:

(A + B)/C

where

A
is the estimated total amount of expenses to be incurred by the Office during the fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act;
B
is 20% of the amount determined in accordance with the following formula:

D – E

where

D
is the total amount of expenses incurred by the Office for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act and by the Superintendent for the registration of pension plans and their supervision under those Acts, including inspection, in the second to sixth preceding fiscal years, and
E
is the total amount of assessments received by the Office as well as the fees collected under the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act in the second to sixth preceding fiscal years if, for those years, B had been equal to zero; and
C
is the estimated total amount of the pension plan assessment bases of all plans.
  • SOR/2016-275, ss. 4, 6

Publication of Basic Rate

  •  (1) The Superintendent shall publish in the Canada Gazette, Part I, no later than 180 days before the beginning of each fiscal year, a notice setting out the basic rate that is in effect for that fiscal year.

  • (2) Despite subsection (1), the notice setting out the basic rates that are in effect for the fiscal years beginning on April 1, 2016 and April 1, 2017 in respect of pooled registered pension plans shall be published no later than January 31, 2017.

  • SOR/2016-275, s. 5

Consequential Amendment to the Pension Benefits Standards Regulations, 1985

 [Amendment]

Coming into Force

Footnote * These Regulations come into force on the day on which section 175 of the Sustaining Canada’s Economic Recovery Act, chapter 25 of the Statutes of Canada, 2010, comes into force.


Date modified: