Acts and Regulations

2009-42 - Pension Benefits Act

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NEW BRUNSWICK
REGULATION 2009-42
under the
Pension Benefits Act
(O.C. 2009-121)
Filed March 30, 2009
1Section 19 of New Brunswick Regulation 91-195 under the Pension Benefits Act is amended
(a) in subsection (4)
(i) in paragraph (a.2) by striking out “on or after August 1, 2005,” and substituting “from August 1, 2005, to March 31, 2009, both dates inclusive,”;
(ii) by adding after paragraph (a.2) the following:
(a.3) in respect of a transfer on or after April 1, 2009, of a pension benefit payable from the pension fund, the value determined in accordance with the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009,
(iii) in paragraph (b) by adding “or” after “section 23,”;
(iv) in paragraph (c)
(A) in subparagraph (i) by striking out “paragraph (a.1) or (a.2),” and substituting “paragraph (a.1), (a.2) or (a.3),”;
(B) in subparagraph (ii) by striking out “, or” and substituting a period;
(b) in subsection (5) by striking out “paragraph (4)(a), (a.1), (a.2) or (b),” and substituting “paragraph (4)(a), (a.1), (a.2), (a.3) or (b),”;
(c) in paragraph (7)(b) by striking out “paragraph (4)(a), (a.1), or (a.2),” and substituting “paragraph (4)(a), (a.1), (a.2) or (a.3),”;
(d) in subsection (12) by striking out “subsection (13), (13.1) or (13.2),” and substituting “subsection (13), (13.1), (13.2) or (13.3),”;
(e) in subsection (13.2) by striking out “on or after August 1, 2005,” and substituting “from August 1, 2005, to March 31, 2009, both dates inclusive,”;
(f) by adding after subsection (13.2) the following:
19(13.3)When the initial transfer referred to in subsection (12) is made on or after April 1, 2009, the interest rate used in a calculation under subsection (12) shall be the interest rate applicable for the month in which the initial transfer amount was determined, in accordance with the standards for the computation of the commuted value of non-indexed pensions in the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009.
2Paragraph 23(1)(b) of the Regulation is amended in the portion preceding subparagraph (i) by striking out “in subsections 19(12), (13), (13.1) and (13.2),” and substituting “in subsections 19(12), (13), (13.1), (13.2) and (13.3),”.
3 Section 29 of the Regulation is amended
(a) in paragraph (2)(a)
(i) in subparagraph (iii.2) by striking out “on or after August 1, 2005,” and substituting “from August 1, 2005, to March 31, 2009, both dates inclusive,”;
(ii) by adding after subparagraph (iii.2) the following:
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(b) in paragraph (3)(a)
(i) in subparagraph (ii.2) by striking out “on or after August 1, 2005,” and substituting “from August 1, 2005, to March 31, 2009, both dates inclusive,”;
(ii) by adding after subparagraph (ii.2) the following:
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
4 Section 34 of the Regulation is amended by striking out “subsections 19(1) to (3) and (5) to (13.2)” and substituting “subsections 19(1) to (3) and (5) to (13.3)”.
5This Regulation comes into force on April 1, 2009.