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2022-63
- Pension Benefits Act
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Enabling Act
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NEW BRUNSWICK
REGULATION 2022-63
under the
Pension Benefits Act
(O.C. 2022-251)
Filed September 22, 2022
1
Section 2 of New Brunswick Regulation 91-195 under the Pension Benefits Act is amended
(
a
)
by renumbering the section as subsection 2(1);
(
b
)
in subsection (1) by repealing the definition “solvency deficiency”;
(
c
)
by adding after subsection (1) the following:
2
(2)
In the Act and this Regulation, “solvency deficiency” means a solvency deficiency determined in accordance with paragraph 10(2)(d) or (d.1), as the case may be.
2
The heading “ACTUARIAL VALUATION REPORTS” preceding section 9 of the Regulation is repealed and the following is substituted:
ACTUARIAL VALUATION REPORTS AND
COST CERTIFICATES
3
Section 9 of the Regulation is amended
(
a
)
by repealing the heading “Actuarial valuation report” preceding subsection (1) and substituting the following:
Actuarial valuation reports and cost certificates
(
b
)
by repealing the heading “Actuarial valuation report” preceding subsection (2);
(
c
)
by repealing the heading “Actuarial valuation report” preceding subsection (3);
(
d
)
by repealing the heading “Actuarial valuation report” preceding subsection (3.1);
(
e
)
by repealing the heading “Actuarial valuation report” preceding subsection (3.2);
(
f
)
by repealing the heading “Actuarial valuation report” preceding subsection (4);
(
g
)
by adding after subsection (4) the following:
9
(4.1)
An actuary who prepares an actuarial valuation report shall account separately for funds in the reserve account.
(
h
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (5);
(
i
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (5.1);
(
j
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (5.2);
(
k
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (6);
(
l
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (7);
(
m
)
by repealing the heading “Cost certificate in lieu of report” preceding subsection (7.1);
(
n
)
by adding after subsection (7.1) the following:
9
(7.2)
An actuary who prepares a cost certificate referred to in subsection (5) shall account separately for funds in the reserve account.
(
o
)
by repealing the heading “Filing of report or cost certificate” preceding subsection (8);
(
p
)
by repealing the heading “Filing of financial statement of assets” preceding subsection (9);
(
q
)
by repealing the heading “Filing of financial audit” preceding subsection (10);
(
r
)
by adding after subsection (10) the following:
9
(11)
A person who prepares a financial statement under subsection (9) or an audited financial statement under subsection (10) shall account separately for funds in the reserve account.
4
Section 15 of the Regulation is amended
(
a
)
by repealing the heading “Annual written statement to members” preceding subsection (1) and substituting the following:
Written statements to members or former members
(
b
)
by adding after subsection (1) the following:
15
(1.1)
Subsection (1) applies, with the necessary modifications, to former members.
(
c
)
by repealing the heading “Information to eligible or required member updated at five year intervals” preceding subsection (2);
(
d
)
by repealing the heading “Statements re: optional ancillary contributions” preceding subsection (3).
5
The Regulation is amended by adding after section 24 the following:
Requirements relating to subsection 33(3) of the Act
24.1
For the purposes of subsection 33(3) of the Act, the following requirements are prescribed:
(
a
)
in the case of the purchase in respect of a person receiving a pension, the pension purchased from the insurance company must provide the person with payments in the same amount and form as the pension that the person would have received from the pension plan had the purchase not been made; or
(
b
)
in the case of a purchase in respect of a former member entitled to a deferred pension, the deferred pension purchased from the insurance company must provide the same pension benefit to the former member as the pension benefit the former member would have received from the pension plan had the purchase not been made.
6
The Regulation is amended by adding after section 36 the following:
Contributions to the reserve account
36.1
Contributions for the provision for adverse deviations are prescribed for the purposes of paragraph 54.1(2)(b) of the Act.
7
Subsection 42.001(1) of the English version of the Regulation is amended in the definition of “prescribed employer” by striking out “defined benefit pension plan” wherever it appears and substituting
“defined benefit plan”
.
8
Subsection 42.01(1) of the English version of the Regulation is amended by striking out “defined benefit pension plans” wherever it appears and substituting
“defined benefit plans”
.
9
Subsection 48(1) of the Regulation is amended by striking out “The Superintendent” and substituting
“For the purposes of section 59 of the Act, the Superintendent”
.
10
Section 49 of the Regulation is amended
(
a
)
by repealing the heading “Notice requirements” preceding subsection (1) and substituting the following:
Wind-up of a pension plan
(
b
)
by repealing the heading “Wind-up report” preceding subsection (2);
(
c
)
by adding after subsection (2) the following:
49
(2.1)
For the purposes of paragraph 62(1)(d) of the Act, the following information is prescribed:
(
a
)
information establishing the existence and amount of any surplus of the pension plan; and
(
b
)
the balance of the reserve account, if any.
(
d
)
by repealing the heading “Wind-up report” preceding subsection (3);
(
e
)
by repealing the heading “Wind-up report” preceding subsection (4);
(
f
)
by repealing the heading “Outstanding annual information returns” preceding subsection (5);
(
g
)
by repealing the heading “Commuted value of benefit” preceding subsection (6);
(
h
)
by repealing the heading “Statement of entitlement and options” preceding subsection (8);
(
i
)
by repealing the heading “Written direction re: options” preceding subsection (9);
(
j
)
by repealing the heading “Written direction re: options” preceding subsection (10);
(
k
)
by repealing the heading “Payments from fund after approval of wind-up report but before employer contributions completed” preceding subsection (11);
(
l
)
by repealing the heading “Payments by employer into pension fund” preceding subsection (12).
Commencement
11
(1)
Subject to subsection (2), this Regulation comes into force on October 1, 2022.
11
(2)
Section 4 of this Regulation comes into force on January 1, 2024.
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