Short Title

1 These Regulations may be cited as the Pension Benefits Standards Regulations, 1985.

Interpretation

• 2 (1) In these Regulations,

  accepted actuarial practice

  accepted actuarial practice means the standards of practice described in paragraph 9(2)(b) of the Act, taking into account any specification made by the Superintendent under that paragraph; (normes actuarielles reconnues)

  accountant

  accountant means a person authorized to act as an accountant under the laws of a province; (comptable)

  Act

  Act means the Pension Benefits Standards Act, 1985; (Loi)

  actuarial gain

  actuarial gain[Repealed, SOR/2010-149, s. 1]

  actuary

  actuary means a Fellow of the Canadian Institute of Actuaries; (actuaire)

  adjusted solvency asset amount

  adjusted solvency asset amount means the amount determined by multiplying the average solvency ratio by the amount of the solvency liabilities; (montant rajusté de l’actif de solvabilité)

  average solvency ratio

  average solvency ratio means the solvency ratio determined in accordance with subsections 9(8) to (11); (ratio de solvabilité moyen)

  book value

  book value, in respect of an asset, means the cost of acquisition to the person acquiring the asset, including all direct costs associated with the acquisition; (valeur comptable)

  bridging benefit

  bridging benefit means a periodic payment that is provided under a plan to a former member of the plan for a temporary period of time after the former member’s retirement for the purpose of supplementing the former member’s pension benefit until the former member is eligible to receive benefits under the Old Age Security Act or is eligible for or commences to receive retirement benefits under the Canada Pension Plan or An Act respecting the Quebec Pension Plan; (prestation de raccordement)

  Canadian resource property

  Canadian resource property has the same meaning as in paragraph 66(15)(c) of the Income Tax Act; (avoirs miniers canadiens)

  deferred life annuity

  deferred life annuity means a life annuity that

  • (a) commences periodic payments no earlier than one year after its purchase,

  • (b) provides for equal periodic payments or periodic payments that have been varied by reference to

    • (i) the amount of any pension payable under the Old Age Security Act,

    • (ii) the amount of any pension payable under either the Canada Pension Plan or a provincial pension plan as defined in section 3 of the Canada Pension Plan,

    • (iii) the Consumer Price Index for Canada as published by Statistics Canada under the authority of the Statistics Act, or

    • (iv) the value of the assets held in a segregated fund, and

  • (c) is issued by a person authorized to carry on a life insurance business in Canada; (prestation viagère différée)

  experience gain

  experience gain[Repealed, SOR/2010-149, s. 1]

  experience loss

  experience loss[Repealed, SOR/2010-149, s. 1]

  financial institution

  financial institution means

  • (a) except in section 11.1,

    • (i) a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act,

    • (ii) a body corporate to which the Trust and Loan Companies Act applies,

    • (iii) a cooperative credit society to which the Cooperative Credit Associations Act applies,

    • (iv) an insurance company to which the Insurance Companies Act applies,

    • (v) a trust, loan or insurance corporation incorporated by or under an Act of the legislature of a province,

    • (vi) a cooperative credit society incorporated and regulated by or under an Act of the legislature of a province,

    • (vii) an entity that is incorporated or formed by or under an Act of Parliament or of the legislature of a province and that is primarily engaged in dealing in securities, including portfolio management and investment counselling, or

    • (viii) a foreign institution; and

  • (b) for the purposes of section 11.1, those entities referred to in subparagraphs (a)(i) to (vi) or a foreign institution for which an order of the Superintendent has been given pursuant to the Insurance Companies Act approving the insurance of risks in Canada. (institution financière)

  foreign institution

  foreign institution means an entity that is

  • (a) engaged in the business of banking, the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities or is otherwise engaged primarily in the business of providing financial services, and

  • (b) incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province; (institution étrangère)

  going concern assets

  going concern assets means the value of the assets of a plan, including income due and accrued, determined on the basis of a going concern valuation; (actif évalué en continuité)

  going concern deficit

  going concern deficit means the amount by which the going concern liabilities exceed the going concern assets; (déficit évalué en continuité)

  going concern excess

  going concern excess means the amount by which the going concern assets exceed the going concern liabilities; (excédent évalué en continuité)

  going concern liabilities

  going concern liabilities means the present value of the accrued benefits of a plan, including amounts due and unpaid, determined on the basis of a going concern valuation; (passif évalué en continuité)

  going concern special payment

  going concern special payment means a special payment made in respect of an unfunded liability under subsection 9(3); (paiement spécial de continuité)

  going concern valuation

  going concern valuation means a valuation of the assets and liabilities of a plan using actuarial assumptions and methods that are in accordance with accepted actuarial practice for the valuation of a plan that is not expected to be terminated or wound up; (évalué en continuité)

  immediate life annuity

  immediate life annuity means a life annuity that

  • (a) commences periodic payments within one year after its purchase,

  • (b) provides for equal periodic payments or periodic payments that have been varied by reference to

    • (i) the amount of any pension payable under the Old Age Security Act,

    • (ii) the amount of any pension payable under either the Canada Pension Plan or a provincial pension plan as defined in section 3 of the Canada Pension Plan,

    • (iii) the Consumer Price Index for Canada as published by Statistics Canada under the authority of the Statistics Act, or

    • (iv) the value of the assets held in a segregated fund, and

  • (c) is issued by a person authorized to carry on a life insurance business in Canada; (prestation viagère immédiate)

  insured plan

  insured plan means a plan in which all benefits are paid by means of an annuity or insurance contract issued by a person authorized to carry on a life insurance business in Canada and under which the person is obligated to pay all the benefits set out in the plan; (régime assuré)

  life income fund

  life income fund means a registered retirement income fund, as defined in subsection 146.3(1) of the Income Tax Act, that meets the requirements set out in section 20.1; (fonds de revenu viager)

  locked-in registered retirement savings plan

  locked-in registered retirement savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act, that meets the requirements set out in section 20; (régime enregistré d’épargne-retraite immobilisée)

  market value

  market value, in respect of an asset, means the price that would be obtained in the purchase or sale of the asset in an open market under conditions requisite to a fair transaction between parties who are at arm’s length and acting prudently, knowledgeably and willingly; (valeur marchande)

  mutual fund

  mutual fund or pooled fund mean a fund established by a corporation that is duly authorized to operate a fund in which moneys from two or more depositors are accepted for investment and where shares allocated to each depositor serve to establish the proportionate interest at any time of each depositor in the assets of the fund; (fonds mutuel or fonds commun)

  normal cost

  normal cost means the cost of benefits, excluding special payments, that are to accrue during a plan year, as determined on the basis of a going concern valuation; (coûts normaux)

  plan

  plan means a pension plan; (régime)

  plan year

  plan year means a calendar year, unless otherwise specified in the plan; (exercice)

  prior second valuation date

  prior second valuation date in relation to a valuation date, means the day two years prior to that valuation date; (deuxième date d’évaluation antérieure)

  prior valuation date

  prior valuation date in relation to a valuation date, means the day one year prior to that valuation date; (date d’évaluation antérieure)

  restricted life income fund

  restricted life income fund means a registered retirement income fund, as defined in subsection 146.3(1) of the Income Tax Act, that meets the requirements set out in section 20.3; (fonds de revenu viager restreint)

  restricted locked-in savings plan

  restricted locked-in savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act, that meets the requirements set out in section 20.2; (régime d’épargne immobilisée restreint)

  segregated fund

  segregated fund means a fund established by a corporation that is duly authorized to operate a fund in which contributions to a pension plan are deposited and the assets of which are held exclusively for the purposes of that plan alone or that plan and one or more other pension plans; (caisse séparée)

  simplified pension plan

  simplified pension plan means a defined contribution plan that is administered by a financial institution on behalf of the employees of the employers who have entered into a contract that complies with subsection 11.1(2). (régime de pension simplifié)

  solvency assets

  solvency assets means the market value of the assets that relate to the defined benefit provisions of a plan minus the estimated expense of the winding-up of the plan as certified by an actuary; (actif de solvabilité)

  solvency deficiency

  solvency deficiency means the amount by which the solvency liabilities exceed the adjusted solvency asset amount; (déficit de solvabilité)

  solvency excess

  solvency excess means the amount by which the adjusted solvency asset amount exceeds the solvency liabilities; (excédent de solvabilité)

  solvency liabilities

  solvency liabilities means the liabilities of a plan that relate to defined benefit provisions and are determined on the basis that the plan is terminated; (passif de solvabilité)

  solvency ratio

  solvency ratio means

  • (a) for a plan that is a defined contribution plan that does not have defined benefit provisions, and an insured plan, one; and

  • (b) for any other plan, the ratio of the solvency assets to the solvency liabilities, excluding those solvency assets and solvency liabilities that are attributable to benefits that are paid by means of an annuity, other than a revocable annuity, or an insurance contract, based upon the most recent actuarial report filed with the Superintendent under section 12 of the Act; (ratio de solvabilité)

  solvency special payment

  solvency special payment means a special payment made under paragraph 9(4)(c) or (d); (paiement spécial de solvabilité)

  solvency valuation

  solvency valuation means a valuation of the assets and liabilities of a plan using actuarial assumptions and methods that are in accordance with accepted actuarial practice for the valuation of a plan, determined on the basis that the plan is terminated; (évaluation de la solvabilité)

  special payment

  special payment means a payment or one of a series of payments determined in accordance with section 9 and made for the purpose of liquidating an unfunded liability or a solvency deficiency; (paiement spécial)

  valuation date

  valuation date means the date on which the actuarial report values the liabilities of a plan; (date d’évaluation)

• (2) Disability means

  • (a) for the purpose of paragraph 18(2)(b) of the Act, a mental or physical condition that a physician has certified as being likely to shorten considerably the life expectancy of a member; and

  • (b) for the purpose of determining pensionable age, a mental or physical condition that a physician has certified as rendering a member unable to perform the member’s duties as an employee. (invalidité)

Designated Provinces

3 For the purposes of the definition designated province in subsection 2(1) of the Act, the Provinces of Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Saskatchewan, Alberta and Newfoundland and Labrador are prescribed as provinces in which there is in force a law substantially similar to the Act.

Excepted Employment

4 The employment described in Schedule I is excepted from included employment.

Choice of Pension Committee and Pension Council Representative

• 5 (1) The representatives of the plan members or retired members who are to be included on a pension committee referred to in section 7.1 of the Act or a pension council referred to in section 7.2 of the Act shall be chosen in accordance with this section.

• (2) A majority of the plan members or retired members shall notify an employer or a participating employer in writing of their decision to elect a representative of the members or retired members.

• (3) Subject to subsection (5), the election of a representative of the plan members shall be conducted in the following manner:

  • (a) on receipt of a notice, referred to in subsection (2), the employer shall post, in areas that are accessible to the plan members, a notice;

    • (i) advising the members of an election, and

    • (ii) establishing a period of not less than two weeks and not more than four weeks during which nominations for the position of representative of the plan members may be made by plan members;

  • (b) nominations for the position of a representative of the plan members shall be filed in writing with the employer;

  • (c) on the closing of the nomination period, the employer shall post, in areas that are accessible to the plan members, a notice specifying

    • (i) the names of the nominees,

    • (ii) a time within the next two weeks at which plan members may cast their votes, and

    • (iii) a location at the place of employment at which plan members may cast their votes;

  • (d) the election shall be conducted by the employer by secret ballot and each plan member shall be entitled to one vote for the representative to be elected;

  • (e) the representative elected shall be the nominee with the greatest number of votes;

  • (f) where two or more nominees receive an equal number of votes that is greater than the number of votes received by any other nominee, the name of each of the first-mentioned nominees shall be placed in a container and the elected representative shall be the nominee whose name is drawn by a person who is not a nominee; and

  • (g) the employer shall post, in areas that are accessible to the plan members, a notice specifying the results of the election.

• (4) Subject to subsection (5), the election of a representative of the retired members shall be conducted in the following manner:

  • (a) on receipt of a notice, referred to in subsection (2), the employer shall mail to each retired member a notice;

    • (i) advising the retired member of an election, and

    • (ii) establishing a period of not less than four weeks and not more than eight weeks in which nominations for the position of representative of the retired members may be made by the retired members;

  • (b) nominations for the position of a representative of the retired members shall be filed in writing with the employer;

  • (c) on the closing of the nomination period, the employer shall mail to each retired member a ballot containing the names of the nominees and specifying a period of not less than four weeks and not more than eight weeks in which the ballot must be returned to the employer;

  • (d) the election shall be conducted by the employer by secret ballot and each retired member shall be entitled to one vote for the representative to be elected;

  • (e) the representative elected shall be the nominee with the greatest number of votes;

  • (f) the employer shall notify the retired members by mail of the result of the election; and

  • (g) where two or more nominees receive an equal number of votes that is greater than the number of votes received by any other nominee, the name of each of the first-mentioned nominees shall be placed in a container and the elected representative shall be the nominee whose name is drawn by a person who is not a nominee.

• (5) If all the plan members or retired members are

  • (a) represented by a union or group of unions as defined in the Canada Labour Code, or

  • (b) members of a pension fund society established under the Pension Fund Societies Act or of another similar organization,

  the executive of the union, group of unions, pension fund society or other organization may name the pension committee or pension council representative.

• (6) After an election for the position of representative of the plan members or retired members has been held pursuant to subsection (3) or (4), an election for that position shall be held thereafter at intervals not exceeding three years.

• (7) If a pension council has been established pursuant to subsection 7.2(1) of the Act and the plan now has fewer than 50 members, the pension council shall be dissolved if a majority of the plan members so request.

Investments

• 6 (1) Every plan shall provide that the moneys of the pension fund are to be

  • (a) invested in accordance with Schedule III; and

  • (b) invested

    • (i) in a name that clearly indicates that the investment is held in trust for the plan and, where the investment is capable of being registered, registered in that name,

    • (ii) in the name of a financial institution, or a nominee thereof, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with the financial institution, that clearly indicates that the investment is held for the plan, or

    • (iii) in the name of The Canadian Depository for Securities Limited, or a nominee thereof, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with a financial institution, that clearly indicates that the investment is held for the plan.

• (2) For the purposes of subsection (1), custodial agreement means an agreement providing that

  • (a) an investment made or held on behalf of a plan pursuant to the agreement

    • (i) constitutes part of the plan’s pension fund, and

    • (ii) shall not at any time constitute an asset of the custodian or nominee; and

  • (b) records shall be maintained by the custodian that are sufficient to allow the ownership of any investment to be traced to the plan at any time.

7 The administrator of a plan shall maintain a current record that clearly identifies every investment held on behalf of the plan, the name in which the investment is made and, where appropriate, the name in which the investment is registered.

• 7.1 (1) The administrator of a plan shall, before the later of July 1, 1994 and the day on which the plan is registered, establish, on behalf of the plan, a written statement of investment policies and procedures in respect of the plan’s portfolio of investments and loans, including

  • (a) categories of investments and loans, including derivatives, options and futures,

  • (b) diversification of the investment portfolio,

  • (c) asset mix and rate of return expectations,

  • (d) liquidity of investments,

  • (e) the lending of cash or securities,

  • (f) the retention or delegation of voting rights acquired through plan investments,

  • (g) the method of, and basis for, the valuation of investments that are not regularly traded at a public exchange, and

  • (h) related party transactions permitted under section 17 of Schedule III and the criteria to be used to establish whether a transaction is nominal or immaterial to the plan,

  having regard to all factors that may affect the funding and solvency of the plan and the ability of the plan to meet its financial obligations.

• (2) The statement of investment policies and procedures referred to in subsection (1) shall include a description of the factors referred to in that subsection and the relationship of those factors to those policies and procedures.

• (3) The administrator of a plan shall submit the statement of investment policies and procedures referred to in subsection (1)

  • (a) to any pension council that has been established, within 60 days after the later of

    • (i) the day on which the statement is established, and

    • (ii) the day on which the pension council is established; and

  • (b) where a plan is a defined benefit plan, to the actuary to the plan on or before the day that is the later of

    • (i) 60 days after the day on which the statement is established, and

    • (ii) the day on which the actuary is appointed.

• 7.2 (1) The administrator of a plan shall review and confirm or amend the statement of investment policies and procedures referred to in subsection 7.1(1) at least once each plan year.

• (2) A copy of all amendments to the statement of investment policies and procedures shall be submitted, within 60 days after the statement is amended,

  • (a) to any pension council that has been established; and

  • (b) where the plan is a defined benefit plan, to the actuary to the plan.

Funding

8 The funding of a plan shall be considered to meet the standards for solvency if the funding is in accordance with section 9.

• 9 (1) In this section unfunded liability means

  • (a) the going concern deficit of a plan as determined on the date that the plan was established;

  • (b) the amount by which an increase in the going concern liabilities of a plan resulting from an amendment to the plan exceeds the going concern excess of the plan as determined on the day before the effective date of the amendment; or

  • (c) the amount by which the going concern deficit of a plan determined at the valuation date exceeds the present value of going concern special payments of the plan established in respect of periods after the valuation date.

• (2) For the purposes of this section

  • (a) the date of emergence of an unfunded liability in respect of an occurrence described in

    • (i) paragraph (1)(a) is the effective date of the plan,

    • (ii) paragraph (1)(b) is the effective date of the amendment, and

    • (iii) paragraph (1)(c) is the valuation date;

  • (b) the date of emergence of a solvency deficiency is the date of the valuation that identified the deficiency; and

  • (c) the interest rate used to determine the present value of going concern special payments referred to in paragraph (1)(c) is the same as the interest rate used to determine the going concern liabilities of the plan at the valuation date.

• (3) An unfunded liability of a plan shall be funded by going concern special payments sufficient to liquidate the unfunded liability by equal annual payments over a period of 15 years from the date on which the unfunded liability emerged.

• (4) A plan shall be funded in each plan year as follows:

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

  • (b) by going concern special payments;

  • (c) if there is a solvency deficiency, by annual solvency special payments equal to the amount by which the solvency deficiency divided by 5 exceeds the amount of going concern special payments that are payable during the plan year;

  • (d) if there is an additional solvency deficiency referred to in subsection (12), by additional annual solvency special payments payable from the effective date of the amendment and equal to the amount by which the additional solvency deficiency divided by 5 exceeds the going concern special payment in respect of the unfunded liability emerging from the amendment to the plan; and

  • (e) by an amount required to be paid by an employer under a defined contribution provision.

• (5) The amount required under paragraph (4)(a) or (e) may be reduced by all or a portion of the lesser of

  • (a) the going concern excess, and

  • (b) the amount by which the solvency assets exceed the solvency liabilities multiplied by 1.05.

• (6) If an unfunded liability or solvency deficiency is liquidated at a rate greater than the sum of the special payments required under paragraph (4)(b),(c) or (d) by the making of an additional payment, the amount of a special payment for a subsequent plan year may be reduced if the outstanding balance of an unfunded liability will at no time be greater than it would have been had the going concern special payments referred to in paragraph (4)(b) been made.

• (7) If the aggregate of the present value of going concern special payments referred to in paragraph (1)(c) exceeds the going concern deficit, this excess shall be applied to reduce the outstanding balance of any unfunded liability and the going concern special payments remaining to be made in respect of the unfunded liability shall be reduced pro rata.

• (8) The average solvency ratio for a valuation date is the arithmetic average of the solvency ratios at the valuation date, the prior valuation date and the prior second valuation date adjusted as follows:

  • (a) the solvency ratio at the valuation date shall be adjusted to remove the effect of any amendment made after the prior second valuation date that retroactively increases or decreases the plan benefits;

  • (b) the solvency ratio at the prior valuation date shall be adjusted to remove the effect of any amendment made after the prior second valuation date and before the prior valuation date that retroactively increases or decreases the plan benefits;

  • (c) the solvency ratios at the prior valuation date and the prior second valuation date may be adjusted to increase the solvency assets by an amount not in excess of the present value of any special payment made in respect of the period between the prior valuation date and the valuation date, or in respect of the period between the prior second valuation date and the valuation date, as the case may be, but not including an additional payment referred to in subsection (6) that will be applied to reduce special payments in respect of periods after the valuation date;

  • (d) the solvency ratio at the valuation date shall be adjusted by reducing the solvency assets at the valuation date by the amount of an additional payment referred to in subsection (6) that will be applied to reduce special payments in respect of periods after the valuation date;

  • (e) the solvency ratios at the prior valuation date and the prior second valuation date shall be adjusted to reduce the solvency assets by the present value of any reduction made under subsection (5) or under subsection (7.1) as that subsection read immediately before this section comes into force, between the prior valuation date and the valuation date or between the prior second valuation date and the valuation date, as the case may be; and

  • (f) the solvency ratios at the prior valuation date and the prior second valuation date shall be adjusted to reflect the transfer into the plan of all of the assets of another plan between the prior valuation date and the valuation date or between the prior second valuation date and the valuation date, as the case may be, by including the assets of the transferring plan as solvency assets and the liabilities of the transferring plan as solvency liabilities.

• (9) The average solvency ratio shall be adjusted to include the effect at the valuation date of any amendments referred to in paragraph (8)(a) or (b).

• (10) The interest rate used to determine the present value of the special payments referred to in paragraphs (8)(c) and the present value of the reductions referred to in paragraph (8)(e) shall be the same interest rate that was used to determine the solvency liabilities of the plan on the prior valuation date or the prior second valuation date, as the case may be.

• (11) The solvency ratio at the valuation date, without the adjustments made under subsection (8) or (9), may be used as the solvency ratio for a prior valuation date or prior second valuation date in respect of which no actuarial report was filed for the plan in accordance with subsection 12(3) of the Act.

• (12) An additional solvency deficiency resulting from an amendment to the plan is equal to the amount by which the increase in solvency liabilities determined in accordance with subsection (13) exceeds the solvency excess at the day before the effective date of the amendment.

• (13) If an amendment to the plan increases the solvency liabilities, the increase in solvency liabilities shall be valued using the actuarial assumptions and methods used in the solvency valuation of the actuarial report filed or due to be filed under subsection 12(3) of the Act for the most recently completed plan year in relation to the effective date of the amendment.

• (14) Payments to a plan shall be made as follows:

  • (a) the normal cost of the plan shall be paid in equal instalments or as a percentage of the anticipated remuneration to be paid to the members during the plan year and shall be paid not less frequently than quarterly and not later than 30 days after the end of the quarter in respect of which the instalment is paid;

  • (b) any special payment to be made during the plan year shall be paid not less frequently than quarterly and not later than 30 days after the end of the quarter in respect of which the instalment is paid;

  • (c) the contributions of plan members shall be remitted to the administrator not later than 30 days after the end of the period in respect of which such contributions were deducted; and

  • (d) the administrator shall immediately pay into the fund any amount remitted to the administrator.

• 10 (1) An administrator who fails to pay into the fund any amount remitted to the administrator under subsection 9(14) is liable to the plan for the outstanding payment and interest on it.

• (2) If an employer fails to make payments to the plan at the times set out in subsection 9(14) or fails to make payments in accordance with subsection 29(6) of the Act or if the administrator is liable under subsection (1), the interest rate shall be

  • (a) in respect of a going concern special payment, the one used to determine the going concern liabilities;

  • (b) in respect of a solvency special payment, the one used to determine the solvency liabilities;

  • (c) in respect of a normal cost, the one applicable in paragraph (a); and

  • (d) in respect of any other payments, the one applicable in paragraph (b).

Application for Registration

• 11 (1) An application for the registration of a plan shall include

  • (a) a copy of the plan, insurance contract, trust agreement, resolution, collective agreement on pensions, by-law and any other document that creates or supports the plan, the pension fund and any amendments thereto;

  • (b) a copy of a written explanation referred to in subparagraph 28(1)(a)(i) of the Act;

  • (c) a cost certificate, prepared as of the effective date of the plan or, if a cost certificate has been prepared as of a date more recent than the effective date of the plan, the most recent cost certificate, in the case of

    • (i) a defined contribution plan where the contributions under the plan are allocated to individual plan members, and

    • (ii) a defined benefit plan that is an insured plan;

  • (d) an actuarial report, in the case of a plan, other than a plan described in paragraph (c), prepared as of the effective date of the plan or, if an actuarial report has been prepared as of a date more recent than the effective date of the plan, the most recent actuarial report; and

  • (e) a written statement, signed by the administrator, as to whether a statement of investment policies and procedures referred to in subsection 7.1(1) has been established;

  • (f) a declaration in the form, if any, specified by the Superintendent and signed by the administrator that states that the plan complies with the Act and the Regulations; and

  • (g) in respect of a simplified pension plan, a declaration by the administrator that states that the plan constitutes a simplified pension plan.

• (2) A cost certificate referred to in paragraph (1)(c) shall be prepared by an actuary, accountant or other professional adviser and shall include

  • (a) the estimated cost of benefits under the plan and the contributions to the plan, showing separately employer and plan member contributions during the plan year in respect of which the cost certificate is prepared; and

  • (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members for subsequent plan years.

• (3) An actuarial report referred to in paragraph (1)(d) shall be prepared by an actuary in accordance with the Standard of Practice for Valuation of Pension Plans published by the Canadian Institute of Actuaries in January 1994, as amended from time to time and shall include

  • (a) the estimated cost of benefits under the plan, showing separately employer and plan member contributions in respect of service

    • (i) for the plan year following the date as of which the report is prepared, where that date falls on the last day of a plan year, and

    • (ii) for the plan year in which the date as of which the report is prepared falls, where that date falls on any other day of a plan year;

  • (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members in respect of service for that plan year and subsequent plan years;

  • (c) the outstanding amount of unfunded liabilities existing on the date as of which the report is prepared and the special payments to be made in accordance with paragraph 9(4)(b);

  • (d) a certification that the plan does not have a solvency deficiency or a determination of the solvency deficiency of the plan and the special payments to be made in accordance with paragraph 9(4)(c); and

  • (e) the solvency ratio of the plan and the method to be used to calculate the solvency ratio of the plan for the succeeding three plan years.

• (4) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a multi-employer pension plan or any other plan established pursuant to one or more collective agreements, the actuarial report shall, if the funding of the plan fails to meet the standards of solvency referred to in section 8, contain the options available in respect of such funding that would result in the funding of the plan meeting the standards for solvency.

• (5) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a plan that provides benefits based on a rate of remuneration at the date of commencement of the payment of the pension benefit or on an average of the rates of remuneration over a specified and limited period, the current remuneration of each plan member shall be projected to estimate the remuneration on which the pension benefits payable at retirement will be based.

• (6) Where an actuarial report referred to in paragraph (1)(d) is prepared in respect of a plan that provides for an increase in pension benefits after cessation of membership or after retirement, the actuarial report shall take into account the value of the increase in determining the value of pension benefits under the plan.

Simplified Pension Plan

• 11.1 (1) An employer may enter into a contract with a financial institution for the purpose of establishing a simplified pension plan for its employees.

• (2) A contract that establishes a simplified pension plan shall provide

  • (a) that the plan is a simplified pension plan and that the financial institution is the administrator of the plan;

  • (b) the amount and the frequency, of at least once per month, of the employee and employer contributions that are required to be remitted by the employer to the financial institution;

  • (c) the day on which the participation of an employer in the plan will cease as a result of the employer’s failure to remit the required contributions to the financial institution;

  • (d) that the plan is subject to section 11.2; and

  • (e) that the financial institution is subject to section 11.3.

• 11.2 (1) For the purposes of subsection 7(2) of the Act, the administrator of a simplified pension plan is the financial institution that has entered into the contract establishing the plan.

• (2) The contributions made to the fund established in respect of a simplified pension plan, the investments in which pension money is invested and the returns on those contributions and investments constitute the plan’s pension fund and shall not at any time constitute assets of the administrator or employer.

• (3) The participation of any employer in a simplified pension plan will cease if the employer fails to remit the contributions required by the contract within the period specified in the contract.

• (4) If there is more than one participating employer in a plan, the cessation of participation by one or more employers in the plan does not constitute a termination, in whole or in part, of the plan.

• (5) If an employer ceases participation in a plan, all benefits shall be vested without regard to age, period of membership in the plan or period of employment and payment of all accrued or payable benefits under the plan as of the date of cessation shall be made to members and former members and to their spouses, common-law partners, beneficiaries, estates or successions.

• (6) For the purposes of paragraph 2(2)(c) of the Act, a member of a simplified pension plan ceases to be a member of the plan in any of the following circumstances:

  • (a) the participation of the member’s employer in the plan ceases; or

  • (b) the administrator terminates the plan or the part of the plan in which the member participates.

• 11.3 (1) Each administrator of a simplified pension plan shall keep records that are sufficient to allow the ownership of any investment to be traced to the plan at any time.

• (2) Each administrator shall notify each participating employer in writing of an intended amendment to the plan at least 30 days before the effective date of the amendment.

• (3) If an employer’s participation in the plan ceases, the administrator of the plan shall notify in writing, within 30 days of the effective date of the cessation, the members of the plan who are employees of the employer, of the cessation of that employer’s participation in the plan and the effective date of the cessation.

• (4) If the administrator intends to terminate or wind up the plan in whole or in part, it shall provide each employer whose participation in the plan will cease with a notice in writing to that effect at least 60 days before the date of the intended termination and winding-up.

• (5) The administrator shall, no later than each anniversary date of a plan, notify the Superintendent in writing of the employers who have commenced or ceased participation in a simplified pension plan.

Reporting

• 12 (1) An information return required under subsection 12(1) of the Act to be filed annually shall contain information in respect of a plan that is related to that plan year.

• (2) An information return required under subsection 12(1) of the Act to be filed other than annually shall contain all the information in respect of a plan relating to that portion of a plan year up to and including the date on which the information return is prepared.

13 An information return referred to in subsection 12(1) of the Act shall contain the information set out in Form 2 of Schedule II.

• 14 (1) The Superintendent shall require an administrator to file a cost certificate, prepared by an actuary, accountant or other professional advisor as of the effective date of an amendment to the plan that alters the cost of benefits under the plan or alters the contributions to the plan, in the case of

  • (a) a defined contribution plan where the contributions under the plan are allocated to individual plan members; and

  • (b) a defined benefit plan that is an insured plan.

• (2) A cost certificate referred to in subsection (1) shall include

  • (a) the estimated cost of benefits under the plan and the contributions to the plan, showing separately employer and plan member contributions

    • (i) for the plan year following the effective date of the amendment, where the effective date falls on the last day of the plan year, or

    • (ii) for the plan year in which the effective date of the amendment falls, where the effective date falls on any other day of the plan year; and

  • (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members for subsequent plan years.

• 15 (1) The Superintendent may require the administrator to file, at such intervals or times as the Superintendent directs,

  • (a) subject to subsection (2), a list of assets held by the plan on the date directed by the Superintendent, showing

    • (i) the book value of each asset,

    • (ii) the market value of each asset, and

    • (iii) such information as will permit the verification of the market value attributed to an asset and the determination of whether the requirements of section 6 have been met;

  • (b) an appraisal that will permit the verification of the market value attributed to an asset held by the plan;

  • (c) if the plan is not an insured plan,

    • (i) a financial statement of the pension fund,

    • (ii) any information that the Handbook of the Canadian Institute of Chartered Accountants requires to be set out in a financial statement of a pension plan, and

    • (iii) an auditor’s report of the pension fund;

  • (d) information concerning the investments of the pension fund, including the information set out in Form 2.1 of Schedule II;

  • (e) any information relating to the determination of the solvency and funding status of a pension plan;

  • (f) the location of any books, records or other documents relating to a pension plan or to any securities, obligations or other investments in which pension fund money is invested;

  • (g) the name of the collective bargaining agent, if any, who represents the pension plan members;

  • (h) the information necessary to identify the employers who participate in or who have ceased participation in the plan;

  • (i) a certificate of the administrator or any person preparing, compiling or filing any information on behalf of the administrator that certifies that the information submitted to the Superintendent is accurate;

  • (j) a record of, or any other document evidencing, any operating expenses paid from the plan fund or that are due or accrued from the plan fund, including the names of any payees, the purpose and amounts of any payments made or to be made to each payee, including the aggregate amounts; and

  • (k) a record of, or any other document evidencing, all direct and indirect compensation that a person received or that is due or accrued in relation to any service provided by the person in respect of the plan.

• (2) A list of assets is not required in respect of a plan under which benefits are provided through

  • (a) a contract issued by a person authorized to carry on a life insurance business in Canada, other than a contract in respect of which separate and distinct funds are maintained by the person; or

  • (b) a contract issued by the Government of Canada.

Refund of Surplus

• 16 (1) For the purpose of the definition of surplus in subsection 2(1) of the Act, the amount by which the assets of the plan exceed its liabilities shall be determined by subtracting the liabilities of the plan from its assets, as those assets and liabilities are shown in an actuarial report filed with the Superintendent under subsection 12(3) of the Act and prepared in accordance with accepted actuarial practice, and, in the case of a plan that has not been fully terminated, as those assets and liabilities are valued in the report according to a going concern valuation.

• (2) A refund of all or part of a surplus may be made if

  • (a) in respect of a plan that has not been fully terminated, the surplus exceeds the greater of the following amounts that are attributable to the defined benefit provisions of the plan, namely,

    • (i) two times the employer’s contribution to the normal cost of the plan, and

    • (ii) 25% of the liabilities of the plan, determined according to a solvency valuation;

  • (b) the administrator of the plan has given notice in writing to the plan members, former members and any other person who is entitled to a pension benefit under the terms of the plan that the employer intends to withdraw all or part of the surplus and that they may make any comments in writing to the Superintendent concerning the refund;

  • (c) 30 days have gone by after the day on which the administrator gave notice under paragraph (b);

  • (d) the Superintendent has consented to the refund of all or part of the surplus and has given notice of that consent in writing to the persons referred to in paragraph (b) who made comments in writing concerning the refund; and

  • (e) 14 days have gone by after the day on which the Superintendent gave notice under paragraph (d).

• (3) For the purpose of this section, liabilities accrued under the defined contribution provisions of a plan as the result of a conversion of defined benefit provisions to defined contribution provisions are deemed not to be attributable to the defined benefit provisions of the plan.

• (4) In respect of a plan that has not been fully terminated, the surplus or part of it that may be refunded may be no greater than the amount by which the surplus exceeds the greater of the following amounts that are attributable to the defined benefit provisions of the plan:

  • (a) two times the employer’s contribution to the normal cost of the plan, and

  • (b) 25% of the liabilities of the plan, determined according to a solvency valuation.

• (5) The following classes of persons are prescribed for the purpose of paragraph 9.2(3)(b) of the Act:

  • (a) any persons who are entitled to pension benefits payable from the plan, but not including plan members;

  • (b) survivors, spouses, former spouses, common-law partners and former common-law partners of members or former members if the survivor, spouse, former spouse, common-law partner or former common-law partner is entitled to pension benefits or pension benefit credits payable from the plan; and

  • (c) any persons for whom the administrator has purchased annuities, other than life annuities purchased under section 26 of the Act, but not including plan members.

• 16.1 (1) An employer shall notify the persons referred to in paragraph 9.2(3)(a) of the Act of the employer’s proposal for a refund of a surplus or part of it by sending a notice to the current address of the person or, if the person is an employee, to their place of work.

• (2) An employer shall notify the persons referred to in paragraph 9.2(3)(b) of the Act of the employer’s proposal for a refund of a surplus or part of it

  • (a) by sending a notice to the person at their current address contained in the employer’s records or at the address the employer reasonably believes to be their current address; or

  • (b) if the address of the person is unknown, by publishing a notice, in both official languages, once a week for two consecutive weeks, in one or more newspapers in general circulation in each province.

Arbitration Relating to Refund of Surplus

• 16.2 (1) An arbitration under subsection 9.2(4) of the Act shall include procedures by which

  • (a) unionized members can make written representations to the executive of their union; and

  • (b) any person, other than a person described in paragraph (a), who is described in subsection 9.2(3) of the Act can make written representations to the arbitrator.

• (2) For the purposes of subsection 9.2(7) of the Act, the prescribed period is one year beginning on the day on which the employer notifies the Superintendent and persons referred to in subsection 9.2(3) of the Act in accordance with subsection 9.2(4) or (5) of the Act, as the case may be.

• (3) The arbitrator shall publish a notice of the date, time and place at which the arbitration will begin.

• (4) The notice must include

  • (a) the mailing address from where the persons referred to in subsection 9.2(3) of the Act can obtain a copy of the procedures for the arbitration; and

  • (b) the mailing address where those persons may send their written representations.

• (5) The notice must be published, in both official languages, once a week for two consecutive weeks, in one or more newspapers in general circulation in each province in which persons referred to in subsection 9.2(3) of the Act reside.

• (6) The last notice must be published not more than eight weeks and not less than four weeks before the day on which the arbitration begins.

Indexation

17 The annual increase of the Consumer Price Index referred to in paragraph 21(6)(b) of the Act is the ratio of the aggregate of the Consumer Price Index for a current period of 12 consecutive months prior to the end of a plan year, or prior to the date the deferred pension benefit is adjusted as specified in the plan, if that date is other than the end of the plan year, to the aggregate of the Consumer Price Index for a corresponding period one year earlier, minus one.

Portability of Pension Benefit Credits

• 18 (1) Subject to subsection (2), a pension benefit credit shall be determined in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans effective September 1, 1993 issued by the Canadian Institute of Actuaries, as amended from time to time.

• (2) In the case of a defined contribution plan, where the contributions under the plan are allocated to an individual plan member, the pension benefit credit of a plan member or the survivor of a plan member shall be the value of the accumulated contributions made under the plan by or in respect of the plan member since the plan member became a plan member.

• (3) A plan member or the survivor of a plan member who wishes to transfer the pension benefit credit of the plan member or the survivor shall notify the administrator thereof in the form set out in Form 3 of Schedule II.

• (4) A pension benefit credit shall be determined

  • (a) where a plan member retires or dies or the whole or part of the plan is terminated, as of the date of the retirement, death or termination;

  • (b) where a plan member ceases to be a plan member, as of the date that the plan member ceases to be a plan member; and

  • (c) where a plan member makes an assignment under subsection 25(4) of the Act, on the effective date of the assignment.

• 19 (1) Where a plan has a solvency ratio that is less than one, any amount transferred out of the pension fund shall be considered to impair the solvency of the pension fund.

• (2) Where a plan has a solvency ratio that is equal to one, any amount transferred out of the pension fund that would result in the plan having a solvency ratio of less than one shall be considered to impair the solvency of the pension fund.

19.1 For the purposes of paragraphs 26(1)(b) and (2)(b) and subparagraphs 26(3)(a)(ii) and (b)(ii) of the Act, a life income fund, a restricted life income fund and a locked-in registered retirement savings plan are retirement savings plans into which a pension benefit credit may be transferred.

• 20 (1) A locked-in registered retirement savings plan shall provide that

  • (a) the funds may only be

    • (i) transferred to another locked-in registered retirement savings plan,

    • (ii) transferred to a plan if the plan permits such a transfer and if the plan administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years of membership in the plan,

    • (iii) used to purchase an immediate life annuity or a deferred life annuity, or

    • (iv) transferred to a life income fund or to a restricted life income fund;

  • (b) on the death of the holder of the locked-in registered retirement savings plan, the funds shall be paid to the survivor of the holder by

    • (i) transferring the funds to another locked-in registered retirement savings plan,

    • (ii) transferring the funds to a plan, if the plan permits such a transfer and if the plan administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years membership in the plan,

    • (iii) using the funds to purchase an immediate life annuity or a deferred life annuity, or

    • (iv) transferring the funds to a life income fund or to a restricted life income fund;

  • (c) except as provided in subsection 25(4) of the Act, the funds shall not be assigned, charged, anticipated or given as security and any transaction purporting to assign, charge, anticipate or give the funds as security is void; and

  • (d) the holder of the locked-in registered retirement savings plan may withdraw an amount from that plan up to the lesser of the amount determined by the formula set out in subsection (1.1) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph — from any locked-in registered retirement savings plan — or under paragraph 20.1(1)(m), 20.2(1)(e) or 20.3(1)(m)

    • (i) if the holder certifies that the holder has not made a withdrawal in the calendar year under this paragraph — from any locked-in registered retirement savings plan — or under paragraph 20.1(1)(m), 20.2(1)(e) or 20.3(1)(m) other than within the last 30 days before this certification,

    • (ii) if, in the event that the value of M in subsection (1.1) is greater than zero,

      • (A) the holder certifies that the holder expects to make expenditures on medical or disability-related treatment or adaptive technology for the calendar year in excess of 20% of the holder’s total expected income for that calendar year determined in accordance with the Income Tax Act, excluding withdrawals in the calendar year under this paragraph — from any locked-in registered retirement savings plan — or under paragraph 20.1(1)(m), 20.2(1)(e) or 20.3(1)(m), and

      • (B) a physician certifies that such medical or disability-related treatment or adaptive technology is required, and

    • (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the locked-in registered retirement savings plan was entered into.

• (1.1) The amount referred to in paragraph (1)(d), 20.1(1)(m), 20.2(1)(e) or 20.3(1)(m) is determined by the following formula:

  M + N

  where

  M

  is the total amount of the expenditures that the holder expects to make on medical or disability-related treatment or adaptive technology for the calendar year, and

  N

  is the greater of zero and the amount determined by the formula

  P - Q

  where

  P

  is 50% of the Year’s Maximum Pensionable Earnings, and

  Q

  is two thirds of the holder’s total expected income for the calendar year determined in accordance with the Income Tax Act, excluding withdrawals in the calendar year under paragraph (1)(d), 20.1(1)(m), 20.2(1)(e) or 20.3(1)(m).

• (2) Where a pension benefit credit transferred into a locked-in registered retirement savings plan was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased by the funds accumulated in the locked-in registered retirement savings plan shall not differentiate as to sex.

• (3) A locked-in registered retirement savings plan shall contain a statement as to whether or not the pension benefit credit transferred pursuant to section 26 of the Act was varied according to the sex of the plan member.

• (4) A locked-in registered retirement savings plan may provide that, where a physician certifies that owing to mental or physical disability the life expectancy of the holder thereof is likely to be shortened considerably, the funds may be paid to the holder in a lump sum.

• (5) The contract or arrangement establishing a locked-in registered retirement savings plan shall set out the method of determining the value of the plan, including the valuation method used to establish its value on the death of the holder of the plan or on the transfer of assets from the plan.

• 20.1 (1) The contract or arrangement establishing a life income fund shall

  • (a) set out the method of determining the value of the life income fund, including the valuation method used to establish its value on the death of the holder of the life income fund or on the transfer of assets from the life income fund;

  • (b) provide that the holder of the life income fund shall, at the beginning of each calendar year or at any other time agreed on by the financial institution with whom the contract or arrangement was entered into, decide the amount to be paid out of the life income fund in that year;

  • (c) provide that in the event that the holder of the life income fund does not decide the amount to be paid out of the life income fund in a calendar year, the minimum amount determined in accordance with the Income Tax Act shall be paid out of the life income fund in that year;

  • (d) provide that, for any calendar year before the calendar year in which the holder of the life income fund reaches 90 years of age, the amount of income paid out of the life income fund shall not exceed the amount determined by the formula

    C/F

    where

    C

    is the balance in the life income fund

    • (i) at the beginning of the calendar year, or

    • (ii) if the amount determined in subparagraph (i) is zero, at the date when the initial amount was transferred into the life income fund, and

    F

    is the value, as at the beginning of the calendar year, of a pension benefit of which the annual payment is $1, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that

    • (i) for the first 15 years after January 1 of the year in which the life income fund is valued, is less than or equal to the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the second month before the beginning of the calendar year, and

    • (ii) for any subsequent year, is not more than 6%;

  • (d.1) provide that, for the calendar year in which the holder of the life income fund reaches 90 years of age and for all subsequent calendar years, the amount of income paid out of the life income fund shall not exceed the value of the funds held in the fund immediately before the time of the payment;

  • (e) provide that, for the calendar year in which the contract or arrangement was entered into, the amount determined under paragraph (d) or (d.1), as the case may be, shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month;

  • (f) provide that if, at the time the life income fund was established, part of the life income fund was composed of funds that had been held in another life income fund of the holder earlier in the calendar year in which the fund was established, the amount determined under paragraph (d) or (d.1), as the case may be, is deemed to be zero in respect of that part of the life income fund for that calendar year;

  • (g) provide that the funds in the life income fund may only be

    • (i) transferred to another life income fund or to a restricted life income fund,

    • (ii) transferred to a locked-in registered retirement savings plan, or

    • (iii) used to purchase an immediate life annuity or a deferred life annuity;

  • (h) [Repealed, SOR/2006-208, s. 1]

  • (i) provide that, on the death of the holder of the life income fund, the funds in the life income fund shall be paid to the survivor of the holder by

    • (i) transferring the funds to another life income fund or to a restricted life income fund,

    • (ii) using the funds to purchase an immediate life annuity or a deferred life annuity, or

    • (iii) transferring the funds to a locked-in registered retirement savings plan;

  • (j) provide that, subject to subsection 25(4) of the Act, the funds in the life income fund shall not be assigned, charged, anticipated or given as security and that any transaction purporting to assign, charge, anticipate or give the funds as security is void;

  • (k) state whether or not any pension benefit credit transferred pursuant to section 26 of the Act was varied according to the sex of the plan member;

  • (l) provide that, in the calendar year in which the holder of the life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if

    • (i) the holder certifies that the total value of all assets in all locked-in registered retirement savings plans, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer of pension benefit credits under section 26 of the Act or a transfer authorized by these Regulations is less than or equal to 50% of the Year’s Maximum Pensionable Earnings, and

    • (ii) if the holder gives a copy of Form 2 and Form 3 of Schedule V to the financial institution with whom the contract or arrangement for the life income fund was entered into; and

  • (m) provide that the holder of the life income fund may withdraw an amount from that fund up to the lesser of the amount determined by the formula set out in subsection 20(1.1) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph — from any life income fund — or under paragraph 20(1)(d), 20.2(1)(e) or 20.3(1)(m)

    • (i) if the holder certifies that the holder has not made a withdrawal in the calendar year under this paragraph — from any life income fund — or under paragraph 20(1)(d), 20.2(1)(e) or 20.3(1)(m) other than within the last 30 days before this certification,

    • (ii) if, in the event that the value of M in subsection 20(1.1) is greater than zero,

      • (A) the holder certifies that the holder expects to make expenditures on medical or disability-related treatment or adaptive technology for the calendar year in excess of 20% of the holder’s total expected income for that calendar year determined in accordance with the Income Tax Act, excluding withdrawals in the calendar year under this paragraph — from any life income fund — or under paragraph 20(1)(d), 20.2(1)(e) or 20.3(1)(m), and

      • (B) a physician certifies that such medical or disability-related treatment or adaptive technology is required, and

    • (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the life income fund was entered into.

• (2) Where a pension benefit credit transferred to a life income fund was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with the funds accumulated in the life income fund shall not differentiate as to sex.

• (3) The contract or arrangement establishing a life income fund may provide that, where a physician certifies that, owing to mental or physical disability, the life expectancy of the holder of the life income fund is likely to be shortened considerably, the funds in the life income fund may be paid to the holder in a lump sum.

• 20.2 (1) A restricted locked-in savings plan shall provide that

  • (a) the funds may only be

    • (i) transferred to another restricted locked-in savings plan,

    • (ii) transferred to a plan if the plan permits such a transfer and if the plan administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years’ membership in the plan,

    • (iii) used to purchase an immediate life annuity or a deferred life annuity, or

    • (iv) transferred to a restricted life income fund;

  • (b) on the death of the holder of the restricted locked-in savings plan, the funds shall be paid to the survivor of the holder by

    • (i) transferring the funds to another restricted locked-in savings plan or to a locked-in registered retirement savings plan,

    • (ii) transferring the funds to a plan, if the plan permits such a transfer and if the plan administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years’ membership in the plan,

    • (iii) using the funds to purchase an immediate life annuity or a deferred life annuity, or

    • (iv) transferring the funds to a life income fund or to a restricted life income fund;

  • (c) except as provided in subsection 25(4) of the Act, the funds shall not be assigned, charged, anticipated or given as security and any transaction purporting to assign, charge, anticipate or give the funds as security is void;

  • (d) in the calendar year in which the holder of the restricted locked-in savings plan reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if

    • (i) the holder certifies that the total value of all assets in all locked-in registered retirement savings plans, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer of pension benefit credits under section 26 of the Act or a transfer authorized by these Regulations is less than or equal to 50% of the Year’s Maximum Pensionable Earnings, and

    • (ii) if the holder gives a copy of Form 2 and Form 3 of Schedule V to the financial institution with whom the contract or arrangement for the restricted locked-in savings plan was entered into; and

  • (e) the holder of the restricted locked-in savings plan may withdraw an amount from that plan up to the lesser of the amount determined by the formula set out in subsection 20(1.1) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph — from any restricted locked-in savings plan — or under paragraph 20(1)(d), 20.1(1)(m) or 20.3(1)(m)

    • (i) if the holder certifies that the holder has not made a withdrawal in the calendar year under this paragraph — from any restricted locked-in savings plan — or under paragraph 20(1)(d), 20.1(1)(m) or 20.3(1)(m) other than within the last 30 days before this certification,

    • (ii) if, in the event that the value of M in subsection 20(1.1) is greater than zero,

      • (A) the holder certifies that the holder expects to make expenditures on medical or disability-related treatment or adaptive technology for the calendar year in excess of 20% of the holder’s total expected income for that calendar year determined in accordance with the Income Tax Act, excluding withdrawals in the calendar year under this paragraph — from any restricted locked-in savings plan — or under paragraph 20(1)(d), 20.1(1)(m) or 20.3(1)(m), and

      • (B) a physician certifies that such medical or disability-related treatment or adaptive technology is required, and

    • (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the restricted locked-in savings plan was entered into.

• (2) If a pension benefit credit transferred into a restricted locked-in savings plan was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with funds accumulated in the plan shall not differentiate as to sex.

• (3) A restricted locked-in savings plan shall contain a statement as to whether or not the pension benefit credit transferred under section 26 of the Act was varied according to the sex of the plan member.

• (4) A restricted locked-in savings plan may provide that, if a physician certifies that owing to mental or physical disability the life expectancy of the holder is likely to be shortened considerably, the funds may be paid to the holder in a lump sum.

• (5) The contract or arrangement establishing a restricted locked-in savings plan shall set out the method of determining the value of the plan, including the valuation method used to establish its value on the death of the holder of the plan or on the transfer of assets from the plan.

• 20.3 (1) The contract or arrangement establishing a restricted life income fund shall

  • (a) set out the method of determining the value of the restricted life income fund, including the valuation method used to establish its value on the death of the holder of the fund or on the transfer of assets from the fund;

  • (b) provide that the holder of the restricted life income fund shall, at the beginning of each calendar year or at any other time agreed on by the financial institution with whom the contract or arrangement was entered into, decide the amount to be paid out of the fund in that year;

  • (c) provide that, in the event that the holder of the restricted life income fund does not decide the amount to be paid out of the fund in a calendar year, the minimum amount determined in accordance with the Income Tax Act shall be paid out in that year;

  • (d) provide that, for any calendar year before the calendar year in which the holder of the restricted life income fund reaches 90 years of age, the amount of income paid out of the fund shall not exceed the amount determined by the formula

    C/F

    where

    C

    is the balance in the restricted life income fund

    • (i) at the beginning of the calendar year, or

    • (ii) if the amount determined under subparagraph (i) is zero, on the day on which the initial amount is transferred into the fund; and

    F

    is the value, at the beginning of the calendar year, of a pension benefit whose annual payment is $1, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that,

    • (i) for the first 15 years after January 1 of the year in which the restricted life income fund is valued, is less than or equal to the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the second month before the beginning of the calendar year, and

    • (ii) for any subsequent year, is not more than 6%;

  • (e) provide that, for the calendar year in which the holder of the restricted life income fund reaches 90 years of age and for all subsequent calendar years, the amount of income paid out of the fund shall not exceed the value of the funds held in the fund immediately before the time of the payment;

  • (f) provide that, for the calendar year in which the contract or arrangement was entered into, the amount determined under paragraph (d) or (e), as the case may be, shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month;

  • (g) provide that if, at the time the restricted life income fund was established, part of the fund was composed of funds that had been held in another restricted life income fund of the holder earlier in the calendar year in which the fund was established, the amount determined under paragraph (d) or (e), as the case may be, is deemed to be zero in respect of that part of the fund for that calendar year;

  • (h) provide that the funds in the restricted life income fund may only be

    • (i) transferred to another restricted life income fund,

    • (ii) transferred to a restricted locked-in savings plan, or

    • (iii) used to purchase an immediate life annuity or a deferred life annuity;

  • (i) provide that, on the death of the holder of the restricted life income fund, the funds in that fund shall be paid to the survivor of the holder by

    • (i) transferring the funds to another restricted life income fund or to a life income fund,

    • (ii) transferring the funds to a locked-in registered retirement savings plan or to a restricted locked-in savings plan, or

    • (iii) using the funds to purchase an immediate life annuity or a deferred life annuity;

  • (j) provide that, except as provided in subsection 25(4) of the Act, the funds in the restricted life income fund shall not be assigned, charged, anticipated or given as security and that any transaction purporting to assign, charge, anticipate or give the funds as security is void;

  • (k) state whether or not any pension benefit credit transferred under section 26 of the Act was varied according to the sex of the plan member;

  • (l) provide that, in the calendar year in which the holder of the restricted life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if

    • (i) the holder certifies that the total value of all assets in all locked-in registered retirement savings plans, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer of pension benefit credits under section 26 of the Act or a transfer authorized by these Regulations is less than or equal to 50% of the Year’s Maximum Pensionable Earnings, and

    • (ii) if the holder gives a copy of Form 2 and Form 3 of Schedule V to the financial institution with whom the contract or arrangement for the restricted life income fund was entered into;

  • (m) provide that the holder of the restricted life income fund may withdraw an amount from that fund up to the lesser of the amount determined by the formula set out in subsection 20(1.1) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph — from any restricted life income fund — or under paragraph 20(1)(d), 20.1(1)(m) or 20.2(1)(e)

    • (i) if the holder certifies that the holder has not made a withdrawal in the calendar year under this paragraph — from any restricted life income fund — or under paragraph 20(1)(d), 20.1(1)(m) or 20.2(1)(e) other than within the last 30 days before this certification,

    • (ii) if, in the event that the value of M in subsection 20(1.1) is greater than zero,

      • (A) the holder certifies that the holder expects to make expenditures on medical or disability-related treatment or adaptive technology for the calendar year in excess of 20% of the holder’s total expected income for that calendar year determined in accordance with the Income Tax Act, excluding withdrawals in the calendar year under this paragraph — from any restricted life income fund — or under paragraph 20(1)(d), 20.1(1)(m) or 20.2(1)(e), and

      • (B) a physician certifies that such medical or disability-related treatment or adaptive technology is required, and

    • (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the restricted life income fund was entered into; and

  • (n) provide that, if the restricted life income fund is established in the calendar year in which the holder of the fund reaches 55 years of age or in any subsequent calendar year, the holder of the fund may transfer 50% of the funds in that fund to a registered retirement savings plan or a registered retirement income fund within 60 days after the establishment of the restricted life income fund if

    • (i) the restricted life income fund was created as the result of the transfer of a pension benefit credit under section 26 of the Act or a transfer from a locked-in registered retirement savings plan or a life income fund, and

    • (ii) if the holder gives a copy of Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the restricted life income fund was entered into.

• (2) If a pension benefit credit transferred to a restricted life income fund was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with funds accumulated in the fund shall not differentiate as to sex.

• (3) The contract or arrangement establishing a restricted life income fund may provide that, if a physician certifies that owing to mental or physical disability the life expectancy of the holder of the fund is likely to be shortened considerably, the funds in that fund may be paid to the holder in a lump sum.

• 21 (1) For the purposes of paragraphs 26(1)(c) and (2)(c) and subparagraphs 26(3)(a)(iii) and (b)(iii) of the Act, an immediate life annuity or a deferred life annuity that is purchased with a pension benefit credit or with the funds of a locked-in registered retirement savings plan, a restricted locked-in savings plan, a life income fund or a restricted life income fund shall provide that

  • (a) except as provided in subsection 25(4) of the Act, no benefit provided under the annuity shall be assigned, charged, anticipated or given as security and any transaction purporting to assign, charge, anticipate or give the benefit as security is void;

  • (b) except in the case of the unexpired period of a guaranteed annuity where the annuitant is deceased, no benefit provided under the annuity shall be surrendered or commuted during the lifetime of the annuitant or the spouse or common-law partner of the annuitant and any transaction purporting to surrender or commute such a benefit is void; and

  • (c) where the annuitant has a spouse or common-law partner at the time that annuity benefits commence to be paid, the annuity benefit shall be paid in the form of a joint and survivor pension benefit, subject to the provisions of section 22 of the Act.

• (2) A deferred life annuity referred to in subsection (1) that is purchased with a pension benefit credit or with the funds of a locked-in registered retirement savings plan, a restricted locked-in savings plan, a life income fund or a restricted life income fund shall provide that

  • (a) if the annuitant dies prior to the time that the annuity payments commence, the survivor is entitled, on the death of the annuitant, to an amount equal to the commuted value of the deferred life annuity; and

  • (b) any amount to which the survivor is entitled shall be

    • (i) transferred to a locked-in registered retirement savings plan,

    • (ii) transferred to a plan, if the plan permits such a transfer and administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years of membership in the plan,

    • (iii) used to purchase an immediate life annuity or a deferred life annuity, or

    • (iv) transferred to a life income fund or to a restricted life income fund.

• (3) [Repealed, SOR/95-551, s. 5]

• (4) For the purposes of subsection (2), the commuted value of the deferred life annuity shall be determined in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans effective September 1, 1993 issued by the Canadian Institute of Actuaries, as amended from time to time.

Information to Be Provided

22 The written explanation, information and written statement to be provided pursuant to paragraphs 28(1)(a) and (b) of the Act shall be addressed to the plan member or the employee and that person’s spouse or common-law partner as shown on the records of the administrator and shall be

• (a) given to the plan member or the employee at the place of employment; or

• (b) mailed to the residence of the plan member or employee.

• 23 (1) The written statement to be provided in accordance with paragraph 28(1)(b) of the Act shall include

  • (a) the name of the plan member;

  • (b) the period to which the statement applies;

  • (c) the date of birth of the plan member;

  • (d) the period that has been credited to the plan member for the purpose of calculating the pension benefit of the plan member;

  • (e) the date on which the plan member attains pensionable age;

  • (f) the date on which the plan member is first entitled to an immediate pension benefit pursuant to subsection 16(2) of the Act;

  • (g) the name of the spouse or common-law partner of the plan member listed on the records of the administrator;

  • (h) the name of any person on the records of the administrator designated as the beneficiary of the pension benefit of the member;

  • (i) the additional voluntary contributions of the plan member made for the plan year and the accumulated additional voluntary contributions of the plan member as of the end of the plan year;

  • (j) the required contributions of the plan member made for the plan year and the accumulated required contributions of the plan member as of the end of the plan year;

  • (k) in the case of a plan with a defined contribution provision, the contributions of the employer in respect of the plan member made for the plan year and the accumulated contributions of the employer in respect of the plan member as of the end of the plan year;

  • (l) the amount of any funds transferred to the plan in respect of the plan member and the benefit under the plan attributable to that amount or the length of service credited to the plan member in respect of that amount;

  • (m) in the case of a plan other than a defined contribution plan, the annual amount of the pension benefit accrued in respect of the plan member as of the end of the plan year and payable at pensionable age;

  • (n) if applicable, the interest rates credited to the contributions of the plan member for the plan year;

  • (o) the benefit payable on the death of the plan member and the extent to which that benefit would be reduced by a payment under a group life insurance plan;

  • (p) a statement setting out the right to access the documents described in paragraph 28(1)(c) of the Act;

  • (q) in respect of the defined benefit provisions of an uninsured defined benefit plan,

    • (i) if the ratio as calculated in accordance with paragraph (b) of the definition solvency ratio in subsection 2(1) is less than one,

      • (A) the value and description of the ratio,

      • (B) a description of the measures the administrator has implemented or will implement to bring that ratio to one, and

      • (C) the extent to which the member’s benefit would be reduced if the plan were terminated and wound up with that solvency ratio; and

    • (ii) in any other case, a statement that the plan is fully funded based on the most recent solvency ratio of the plan.

• (2) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a member who has retired from a plan, shall be in the form set out in Form 1 of Schedule IV.

• (3) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has ceased to be a member of the plan or where the whole or part of the plan has terminated and that member is entitled to a deferred pension benefit, shall be in the form set out in Form 2 of Schedule IV.

• (4) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has ceased to be a member of the plan and who is not entitled to a deferred pension benefit, shall be in the form set out in Form 3 of Schedule IV.

• (5) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has died, shall be in the form set out in Form 4 of Schedule IV.

23.1 For the purposes of paragraph 28(1)(c) of the Act, each person referred to in that paragraph may examine the written statement of investment policies and procedures in respect of the plan’s portfolio of investments and loans as described in subsection 7.1(1).

Information to Be Provided — Phased Retirement Benefits

23.2 The administrator of a plan that provides for the payment of a phased retirement benefit shall give, in written form, to the person to whom the benefit is to be paid, and to their spouse or common-law partner, before the person enters into an agreement referred to in paragraph 16.1(3)(a) of the Act

• (a) if the person is a member before the phased retirement period begins, the statements shown in Forms 1 and 5 of Schedule IV; and

• (b) if, before that period begins, the person is a former member who has retired, the statement shown in Form 5.1 of Schedule IV.

Report on Termination of Plan

24 A report filed pursuant to subsection 29(9) of the Act on the termination of a plan or part of a plan shall be prepared

• (a) by an actuary, accountant or other professional advisor, in the case of

  • (i) a defined contribution plan where the contributions under the plan are allocated to individual plan members, or

  • (ii) a defined benefit plan that is an insured plan; and

• (b) by an actuary, in the case of any other plan.

Fees

• 25 (1) In this section,

  number of plan members

  number of plan members means the number of employees who are on the payroll of an employer or the total number on the payroll of all participating employers in a multi-employer pension plan

  • (a) in respect of a plan that is filed for registration pursuant to section 10 of the Act, at the time the plan is filed for registration, and

  • (b) in respect of an information return filed pursuant to section 12 of the Act, on the last day of the plan year in respect of which the information return is filed; (nombre d’adhérents)

  office year

  office year means the period beginning on April 1 in one calendar year and ending on March 31 in the next calendar year. (année administrative)

• (2) In respect of a pension plan, the plan fee base is the number that is equal to the aggregate of

  • (a) 20;

  • (b) the lesser of

    • (i) the number of plan members in excess of 20, and

    • (ii) 980; and

  • (c) the lesser of

    • (i) 50 per cent of the number of plan members in excess of 1,000; and

    • (ii) 9,000.

• (3) A fee shall be paid for the registration of a pension plan by the Superintendent

  • (a) at the time the plan is filed for registration pursuant to section 10 of the Act, in an amount that is equal to the plan fee base multiplied by the basic rate that is in effect at that time; and

  • (b) where the last day of a plan year of that plan occurs after the plan is filed for registration and before the plan is registered, on filing an information return pursuant to section 12 of the Act, in an amount that is equal to the plan fee base multiplied by the basic rate that is in effect six months after the last day of the plan year in respect of which the information return is filed.

• (4) [Repealed, SOR/2001-222, s. 4]

• (5) The basic rate for an office year beginning on or after April 1, 2002 is the rate determined in accordance with the formula

  (A + B)/C

  where

  A

  is the estimated total of expenses expected to be incurred during the office year for the registration of plans and their supervision, including inspection, by the Superintendent;

  B

  is 20% of the amount by which the total of expenses incurred for the registration of plans and their supervision, including inspection, by the Superintendent in the second to sixth preceding office years, but not those years ending in or before 2000, exceeds the total of fees and expenses paid under this section and subsection 34(3) of the Act in the second to sixth preceding office years but not those years ending in or before 2000; and

  C

  is the estimated total of the plan fee bases of all plans expected to be filed for registration under section 10 of the Act during the office year, or for which an information return is expected to be filed during the office year under section 12 of the Act.

• (6) Each time an information return is filed for a plan under section 12 of the Act, a fee shall be paid for the plan’s supervision, including inspection, by the Superintendent.

• (6.1) The fee referred to in subsection (6) is the amount determined by multiplying the plan fee base in respect of the plan by the basic rate that is in effect six months after the end of the plan year in respect of which the information return is filed.

• (7) The Superintendent shall publish in the Canada Gazette Part I a notice setting out the basic rate that is established pursuant to subsection (5) in respect of each office year beginning on or after April 1, 1992, not later than 180 days before the beginning of that office year.

General

• 26 (1) A pension benefit that is being paid under a plan shall not be reduced as a consequence of an increase in the benefits being paid under the Old Age Security Act, the Canada Pension Plan or a provincial pension plan as defined in section 3 of the Canada Pension Plan.

• (2) A pension benefit to which a plan member or former member is entitled under a plan shall not cease or be reduced as a consequence of the eligibility of that plan member or former member on account of age for a benefit payable before the age of 65 under the Old Age Security Act, the Canada Pension Plan or a provincial pension plan as defined in section 3 of the Canada Pension Plan, unless the plan member or former member has made an election to vary the pension benefit under subsection 16(6) of the Act.

27 For the purposes of the Act,

• (a) a pension benefit granted after December 31, 1986 in respect of membership in a plan prior to January 1, 1987 shall be attributed to membership in the plan after December 31, 1986; and

• (b) where a pension benefit is based on a rate of remuneration of a plan member as of the date the plan member retires, or is based on an average of the rates of remuneration of a plan member over a specified and limited period, up to and including the date the plan member retires, the portion of the pension benefit attributable to membership in a plan after December 31, 1986 is

  • (i) the pension benefit,

  less

  • (ii) the pension benefit calculated as of December 31, 1986 using the rate of remuneration of the plan member as of the date the member ceases membership in the plan or retires, or the average of the rates of remuneration of the plan member over a specified and limited period, as of the date the member ceases membership in the plan or retires, as the case may be.

28 Where a plan provides for pension benefits for an employee who is not employed in included employment and the employee is employed in a designated province referred to in section 3, the plan is exempt from the application of the Act in respect of any benefits for the employee.

28.1 A pension plan that was established by a provincial statute in respect of a work, undertaking or business that is within the exclusive legislative authority of that province and in which an employee who is employed in included employment participates is exempt from the application of the Act.

28.2 A pension plan that was established in respect of a telephone company that was not registered under the Act or under the Pension Benefits Standards Act, chapter P-7 of the Revised Statutes of Canada, 1985 before August 14, 1989 is exempt from the application of the Act in respect of any benefits that are derived from membership in the pension plan before that date.

28.3 Section 18 of the Act does not apply in respect of an amount of a pension benefit credit that exceeds the maximum transfer that may be made from a pension plan to another pension plan or to a registered retirement savings plan under the Income Tax Act.

• 28.4 (1) Where a plan provides pension benefits for a plan member or former member who has ceased to be a resident of Canada for at least two calendar years and has ceased employment with the employer who is a party to the plan or ceased membership in a multi-employer pension plan, the pension benefits or pension benefit credits applicable to that member or former member are exempt from the application of section 18 of the Act.

• (2) For the purposes of this section, a plan member or former member shall be deemed to have been a resident of Canada throughout a calendar year if that member or former member has sojourned in Canada in the year for a period of, or periods the total of which is, 183 days or more.

28.5 A supplemental pension plan is exempt from the application of the Act if, under the terms of the pension plan to which it is supplemental, all the members of the supplemental pension plan are entitled to benefits at least equal to the maximum benefit or contribution limit under the Income Tax Act.

28.6 Bridging benefits are exempt from the application of sections 22 and 23 of the Act.

29 An employee who is receiving a pension benefit from a plan is exempt from the application of sections 14 and 15 of the Act in respect of that plan.

30 The Superintendent may request an administrator to provide to the Superintendent an up-to-date consolidation of a plan and any amendments thereto.

Forms

30.1 A written consent referred to in paragraph 16.1(3)(b) of the Act shall be in the form set out in Form 6 of Schedule IV.

31 A written agreement referred to in subsection 22(5) of the Act shall be in the form set out in Form 4 of Schedule II.

32 A notice of objection referred to in subsection 32(1) of the Act shall be in the form set out in Form 5 of Schedule II and shall be served by registered mail or delivery to the Superintendent of Financial Institutions.

33 A notice of appeal referred to in subsection 33(2) of the Act shall be in the form set out in Form 6 of Schedule II.

SCHEDULE II

FORM 1

[Repealed, SOR/95-171, s. 6]

FORM 2Required Information

• 1 Name, address and telephone number of the administrator.

• 2 Name and address of the pension fund custodian or trustee together with any applicable policy or account number.

• 3 Name and address of the external auditor.

• 4 Total membership in the plan at plan year end.

• 5 List of all members of a board of trustees or pension committee of the plan.

FORM 2.1(Section 15)Investment Information Return

• 1 Are all of the benefits provided by an insured plan or by a pension plan in respect of which an annuity contract has been issued by the Government of Canada?

Yes No

• 2 Are all of the pension plan’s assets held in an unallocated general fund of a person authorized to carry on a life insurance business in Canada?

Yes No

(If the answer to Question 1 and 2 is “No”, complete the following.)

• 3 As at the end of the last plan year, had the administrator established a written statement of investment policies and procedures in accordance with subsection 7.1(1) to the Pension Benefits Standards Regulations, 1985?

Yes No

• 4 If a statement of investment policies and procedures had been established as at the end of the plan year preceding the last plan year, did the administrator review it during the last plan year?

Yes No

• 5 If a statement of investment policies and procedures had been established as at the end of the plan year preceding the last plan year, was the statement amended during the last plan year?

Yes No

• 6 If a statement of investment policies and procedures was established or amended during the last plan year, were the pension council, if one exists, and the actuary to the plan, if the pension plan is a defined benefit plan, given a copy of the statement or amendments in accordance with subsection 7.1(3) or 7.2(2) of the Pension Benefits Standards Regulations, 1985?

Yes No

• 7 During the last plan year, were the moneys of the pension fund invested in accordance with section 6 of the Pension Benefits Standards Regulations, 1985?

Yes No

Certification

I hereby certify that, to the best of my knowledge and belief, the information entered on this Investment Information Return, and any other information that has been requested by the Superintendent of Financial Institutions and is attached to this Return, is true and correct.

Administrator’s Signature

Name(s) (Use block letters)

• (If the administrator is a board of trustees or other similar body, all trustees or members of the body must sign)

Date:

FORM 3(Subsection 18(3))Application To Transfer Pension Benefit Credit Under Section 26 of the Pension Benefits Standards Act, 1985

• 1 Applicant

  I, (insert name), am a (member)(survivor of a member (give name of the member )) of the registered pension plan known as

  and I apply to

• 2 Transfer or Purchase (check one)

  (a)	transfer my pension benefit credit to a locked-in registered retirement savings plan of the kind described in section 20 of the Pension Benefits Standards Regulations, 1985;
  (b)	transfer my pension benefit credit to a life income fund of the kind described in section 20.1 of the Pension Benefits Standards Regulations, 1985;
  (c)	transfer my pension benefit credit to a restricted life income fund of the kind described in section 20.3 of the Pension Benefits Standards Regulations, 1985;
  (d)	use my pension benefit credit to purchase an immediate life annuity of the kind described in section 21 of the Pension Benefits Standards Regulations, 1985;
  (e)	use my pension benefit credit to purchase a deferred life annuity of the kind described in section 21 of the Pension Benefits Standards Regulations, 1985; or
  (f)	transfer my pension benefit credit to a pension plan of which I am currently a member, which is known as

• 3 Signatures

  Signature of member (or survivor of member)

  Name of member (or survivor of member)

  Signature of witness

  Name of witness

  Address of witness

  Signed at on the day of , 20 .

• 4 Confirmation of the request received by the financial institution for (check one)

  (a)	a transfer of the funds to a locked-in registered retirement savings plan of the kind described in section 20 of the Pension Benefits Standards Regulations, 1985;
  (b)	a transfer of the funds to a life income fund of the kind described in section 20.1 of the Pension Benefits Standards Regulations, 1985;
  (c)	a transfer of the funds to a restricted life income fund of the kind described in section 20.3 of the Pension Benefits Standards Regulations, 1985;
  (d)	the use of the funds to purchase a deferred life annuity of the kind described in section 21 of the Pension Benefits Standards Regulations, 1985; or
  (e)	the use of the funds to purchase an immediate life annuity of the kind described in section 21 of the Pension Benefits Standards Regulations, 1985, the funds of which shall be only used to purchase another immediate life annuity that meets the requirements of those Regulations.

• 5 Signatures

  Signature of applicant

  Name of applicant

  Signature of officer of financial institution

  Name of financial institution

  Signed at on the day of , 20 .

FORM 4(Section 31)Agreement of Spouse or Common-Law Partner to Pension Benefit Reduction on Death of Member or Former Member

I, , hereby certify that I, am (a) the spouse or (b) the common-law partner, as defined in section 2 of the Pension Benefits Standards Act, 1985 of , a (member) (former member) of the pension plan known as .

Under the terms of that pension plan,

• (a) the amount of pension benefit payable to my spouse or common-law partner as a (member) (former member) is $ per (period), and

• (b) the amount of the pension benefit payable to me on the death of my spouse or common-law partner is $ per (period), this amount being not less than 60 per cent of the pension benefit payable to my spouse or common-law partner in accordance with subsection 22(2) of the Pension Benefits Standards Act, 1985.

Based on the above, and in accordance with subsection 22(5) of the Pension Benefits Standards Act, 1985, I hereby agree to waive:

		Check one
1	my entitlement to any pension benefit payable to me on the death of my spouse or common-law partner, or
2	a portion of the pension benefit payable to me on the death of my spouse or common-law partner so that my pension benefit is $ per (period), this amount being less than the minimum 60 per cent of the pension benefit payable to my spouse or common-law partner to which I would otherwise be entitled

Signed at on the day of , 19
Signature of Witness (other than the member or former member)	Signature of Spouse or common-law partner
Name of Witness	Address of Spouse or common-law partner
Address of Witness

FORM 5(Section 32)Notice of Objection

To:	The Superintendent of Financial Institutions, Ottawa.
Name of Administrator
Mailing Address in Canada
Pursuant to section 32 of the Pension Benefits Standards Act, 1985, notice of objection is hereby given to the action of the Superintendent of Financial Institutions in (refusing registration) (revoking registration and cancelling the certificate of registration) of the pension plan known as
as evidenced by the Superintendent’s notification dated the day of , 19.
The reasons for objection and the facts relevant thereto are as follows:
		Signature
Date		Title or Position
NOTE:
1	This form is for the use of an administrator who, pursuant to section 32(1) of the Act, wishes to make a formal objection to the action of the Superintendent of Financial Institutions in refusing registration or revoking the registration and cancelling the certificate of registration of a pension plan.
2	TWO copies of the objection are to be sent by REGISTERED MAIL to the Superintendent of Financial Institutions, Office of the Superintendent of Financial Institutions, Ottawa, K1A 0H2, Canada.  For the notice of objection to have effect, the envelope containing the objection must be postmarked within 60 days after the date that the Superintendent of Financial Institutions mailed the notification that registration had been refused or that registration had been revoked and the certificate of registration cancelled, as the case may be.
3	The NOTICE OF OBJECTION must be signed by the administrator.

FORM 6(Section 33)Notice of Appeal in the Federal Court of Canada

In Re the Pension Benefits Standards Act, 1985

BETWEEN

Appellant

-and-

Respondent

NOTICE OF APPEAL

NOTICE OF APPEAL is hereby given from the decision of the Superintendent of Financial Institutions to (refuse) (revoke) registration of the pension plan known as

as evidenced by the notifications of the Superintendent dated the day of , 19, and the day of ,  19.

A Statement of Facts

(Insert a brief statement of the facts, including the date and a brief résumé of the particulars of the application for registration or the circumstances surrounding the revocation of the registration of the pension plan.)

B The statutory provisions upon which the Appellant relies and the Reasons that the Appellant intends to submit:

C Name and Address of Appellant’s Solicitor (if any):

Dated at this day of , 19 .

(Appellant)

• SOR/90-363, ss. 6, 7
• SOR/93-109, ss. 8(F), 10(E)
• SOR/93-299, s. 5
• SOR/95-171, s. 6
• SOR/95-551, s. 6
• SOR/2001-194, ss. 2, 4, 5
• SOR/2002-78, ss. 18, 19
• SOR/2008-144, s. 7