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Version of document from 2019-04-01 to 2024-10-14:

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 (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 under section 12 of the Pooled Registered Pension Plans Act, a person who is a member of the plan, as defined in subsection 2(1) of that Act, or a survivor, as defined in that subsection, who holds an account with the plan; and

    • (b) 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 person who is entitled to a pension benefit, but it does not include a person who has transferred all of their pension benefit credit or purchased an immediate or deferred life annuity under section 26 of that Act or for whom, after approval of the plan’s termination report under subsection 29(10) of that Act, an immediate or deferred life annuity is purchased by the plan administrator. (bénéficiaire)

    cessation of membership

    cessation of membership[Repealed, SOR/2019-53, s. 1]

    member

    member[Repealed, SOR/2019-53, s. 1]

    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    plan[Repealed, SOR/2016-275, s. 2]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    retire[Repealed, SOR/2019-53, s. 1]

    survivor

    survivor[Repealed, SOR/2019-53, s. 1]

    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]

Assessment to Be Paid

  • 2 (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) [Repealed, SOR/2019-53, s. 2]

  • (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 under section 12 of the Pooled Registered Pension Plans Act, the plan is terminated and wound up no later than four months after the end of the pension plan year; and

    • (b) 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,

      • (i) the plan is terminated and wound up no later than six months after the end of the pension plan year,

      • (ii) the plan has been terminated for five or more pension plan years, or

      • (iii) the plan is terminated with a solvency deficit, as defined in subsection 24.1(1) of the Pension Benefits Standards Regulations, 1985, and the plan is a negotiated contribution plan, as defined in subsection 2(1) of the Pension Benefits Standards Act, 1985, or the employer who is required to pay into the plan under subsection 9(1.1) of that Act is

        • (A) a bankrupt, as defined in section 2 of the Bankruptcy and Insolvency Act,

        • (B) an insolvent person in respect of whom a partial or complete stay of proceedings applies under subsection 69(1) or 69.1(1) of that Act, or

        • (C) a debtor company in respect of which an order under subsection 11.02(1) or (2) of the Companies’ Creditors Arrangements Act has been made and in respect of which any stay of proceedings under that order remains in effect.

Determination of Pension Plan Assessment Base

[
  • SOR/2016-275, s. 6
]

3 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

4 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

  • 5 (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

Notice of Assessment

6 The Superintendent shall send each administrator of a pension plan notice in writing of the assessment against it.

Coming into Force

Footnote *7 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.

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