Pension Benefits Standards Regulations, 1985

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.