Acts and Regulations

2015-59 - Pension Benefits Act

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NEW BRUNSWICK
REGULATION 2015-59
under the
Pension Benefits Act
(O.C. 2015-261)
Filed November 12, 2015
1Subsection 4(1) of New Brunswick Regulation 91-195 under the Pension Benefits Act is amended in the portion preceding paragraph (a) by striking out “shall be in Form 1 and”.
2Subsection 5(1) of the Regulation is amended
(a) by repealing the portion preceding paragraph (a) and substituting the following:
5(1)An application for registration of an amendment to a pension plan under subsection 11(2) of the Act shall be accompanied by the prescribed fee, by a certified copy of the amending document as required under the Act, by a copy of the notice required under subsection 24(1) of the Act, if applicable, and by a certified copy of the following documents:
(b) in paragraph (a) by striking out “where applicable” and substituting “if applicable”.
3Subsection 7(1) of the Regulation is amended by striking out “shall be in Form 3 and”.
4Section 9 of the French version of the Regulation is amended
(a) in subsection (3.1) by adding “actuarielle” after “Si un rapport d’évaluation”;
(b) in subsection (3.11) by adding “actuarielle” after “Si un rapport d’évaluation”.
5Section 19 of the Regulation is amended
(a) in paragraph (4)(a.3) by striking out “and effective on April 1, 2009,” and substituting “and effective on April 1, 2009, as amended from time to time,”;
(b) in subsection (13.3) by striking out “and effective on April 1, 2009.” and substituting “and effective on April 1, 2009, as amended from time to time.”.
6Section 21 of the Regulation is amended
(a) in subsection (2)
(i) in subparagraph (c)(i) by striking out “on Form 3.02” and substituting “in the form provided by the Superintendent”;
(ii) in subparagraph (d)(ii) by striking out “in Form 3.01” and substituting “in the form provided by the Superintendent”;
(iii) in paragraph (g) by striking out “, including any necessary modifications to Form 3.2”;
(iv) in subparagraph (g.1)(iii) by striking out “ on Form 3.5” and substituting “in the form provided by the Superintendent”;
(b) in subsection (4) by striking out “on Form 3.2” and substituting “in the form referred to in subsection (8.1)”;
(c) in subsection (6) by striking out “Form 3.1” and substituting “form provided by the Superintendent”;
(d) by repealing subsection (8.1) and substituting the following:
21(8.1)Before transferring money to a locked-in retirement account under subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act, an administrator shall complete the applicable portions of the form provided by the Superintendent and ensure that the owner and the financial institution have completed the portions of that form that are applicable to them.
(e) by repealing subsection (8.2) and substituting the following:
21(8.2)Before accepting a transfer of money into a locked-in retirement account under subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act, a financial institution shall complete the applicable portions of the form provided by the Superintendent and ensure that the owner and the administrator have completed the portions of that form that are applicable to them.
(f) by repealing paragraph (9)(b) and substituting the following:
(b) the form referred to in subsection (8.1) is completed in accordance with that subsection and forwarded with the money to the financial institution.
(g) by repealing subsection (11) and substituting the following:
21(11)An administrator and a financial institution that have completed the form referred to in subsection (8.1) shall each retain a copy of the form until 93 years after the birth of the owner and whichever is the transferee shall forward a copy of the form to the owner.
(h) by repealing subsection (13) and substituting the following:
21(13)Despite subsection (9), a transfer made by an administrator to a locked-in retirement account under subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act between February 1, 2001, and December 31, 2001, inclusive, is valid without having completed Form 3.2 as it existed at that time, if the locked-in retirement account was with a financial institution to which subsection (12) applies.
(i) by repealing subsection (14) and substituting the following:
21(14)Despite subsection (10), a transfer of money into a locked-in retirement account under subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act, accepted by a financial institution to which subsection (12) applies, between February 1, 2001, and December 31, 2001, inclusive, is valid without having completed Form 3.2 as it existed at that time.
(j) in subsection (15)
(i) by repealing paragraph (a) and substituting the following:
(a) the owner and, if applicable, the owner’s spouse or common-law partner requests that the balance be withdrawn by delivering the form provided by the Superintendent to the financial institution, and
(ii) in paragraph (b) by striking out “Forms 3.6 and 3.7” and substituting “the form referred to in paragraph (a)”;
7Subsection 22(6.1) of the Regulation is amended by repealing the portion preceding paragraph (a) substituting the following:
22(6.1)Despite subsection (2), an owner and, if applicable, his or her spouse or common-law partner may request that the Superintendent approve the transfer of an amount from a life income fund to a registered retirement income fund as defined in the Income Tax Act (Canada) that is not a life income fund by completing and filing with the Superintendent the forms provided by the Superintendent, and the Superintendent shall approve the transfer if
8Subparagraph 23(1)(i)(ii) of the Regulation is amended by striking out “in Form 3.01” and substituting “in the form provided by the Superintendent”.
9Section 25 of the Regulation is repealed.
10Section 25.31 of the Regulation is amended
(a) by repealing subsection (3) and substituting the following:
25.31(3)If a member has a spouse or a common-law partner, a request to an administrator for a transfer, made in accordance with a pension plan provision permitted by subsection 40.1(1) of the Act shall be accompanied by a waiver completed by the spouse or common-law partner in the form provided by the Superintendent.
(b) by adding after subsection (3) the following:
25.31(4)Before making a transfer referred to in subsection (3), the administrator shall advise the member and the member’s spouse or common-law partner that the transfer will reduce future benefits for the member and the member’s survivors.
11Paragraph 25.4(1)(b) of the Regulation is amended by striking out “in Form 3.01” and substituting “in the form provided by the Superintendent”.
12Section 26 of the Regulation is amended
(a) in subsection (1) by striking out “in Form 5” and substituting “in the form provided by the Superintendent”;
(b) in subsection (2) by striking out “in Form 6” and substituting “in the form provided by the Superintendent”.
13Section 29 of the Regulation is amended
(a) in subparagraph (2)(a)(iii.4) by striking out “and effective on April 1, 2009,” and substituting “and effective on April 1, 2009, as amended from time to time,”;
(b) in subparagraph (3)(a)(ii.4) by striking out “and effective on April 1, 2009,” and substituting “and effective on April 1, 2009, as amended from time to time,”.
14Subsection 35(3) of the French version of the Regulation is amended
(a) by repealing paragraph (b) and substituting the following:
(b) relativement aux cotisations visées à l’alinéa (2)b), lorsque l’obligation de payer a été encourue avant l’entrée en vigueur de l’article 49 de la Loi, dans les cent vingt jours qui suivent le dernier jour de l’année du régime de pension au cours de laquelle le coût d’exercice a été engagé,
(b) in paragraph (c)
(i) in subparagraph (i) by striking out “encourru” and substituting “engagé”;
(ii) in subparagraph (ii) by striking out “encourru” and substituting “engagé”;
(iii) in subparagraph (iii)
(A) in clause A by striking out “encourru” and substituting “engagé”;
(B) in clause B by striking out “encourru” and substituting “engagé”.
15Section 42.2 of the Regulation is amended
(a) in the portion preceding paragraph (1)(a) by striking out “in Form 7” and substituting “in the form provided by the Superintendent”;
(b) in subsection (3) by striking out “in Form 8” and substituting “in the form provided by the Superintendent”;
(c) by repealing subsection (4) and substituting the following:
42.2(4)The administrator of the pension plan shall keep confidential a list that matches the name and address of each person to which the notice referred to in subsection (1) is sent, to the unique number of the postage-paid return envelope included with the notice, but shall use the information only to provide replacement reply forms, on request, and not to identify the responses in the reply forms referred to in subsection (3) with the name or address of a person.
(d) in paragraph (7)(b) by striking out “in Form 7” and substituting “referred to in subsection (1)”.
16Section 42.5 of the Regulation is amended by striking out “in Form 7” and substituting “referred to in subsection 42.2(1)”.
17Paragraph 44(16)(b) of the Regulation is repealed and the following is substituted:
(b) the loans are secured by cash or readily marketable investments having a market value of at least 102% of the loan and maintained at least once daily to ensure a market value of the collateral of at least 102% of the outstanding market value of loaned assets.
18Section 46.2 of the Regulation is repealed.
19Form 1 of the Regulation is repealed.
20Form 2 of the Regulation is repealed.
21Form 3 of the Regulation is repealed.
22Form 3.01 of the Regulation is repealed.
23Form 3.02 of the Regulation is repealed.
24Form 3.1 of the Regulation is repealed.
25Form 3.2 of the Regulation is repealed.
26Form 3.3 of the Regulation is repealed.
27Form 3.4 of the Regulation is repealed.
28Form 3.5 of the Regulation is repealed.
29Form 3.6 of the Regulation is repealed.
30Form 3.7 of the Regulation is repealed.
31Form 4 of the Regulation is repealed.
32Form 4.1 of the Regulation is repealed.
33Form 4.2 of the Regulation is repealed.
34Form 5 of the Regulation is repealed.
35Form 6 of the Regulation is repealed.
36Form 7 of the Regulation is repealed.
37Form 8 of the Regulation is repealed.
38This regulation comes into force on November 16, 2015.