Acts and Regulations

2005-157 - St. Anne-Nackawic Pension Plans

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Current to 1 January 2024
NEW BRUNSWICK
REGULATION 2005-157
under the
Pension Benefits Act
(O.C. 2005-510)
Filed December 28, 2005
Under sections 100 and 100.1 of the Pension Benefits Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the St. Anne-Nackawic Pension Plans Regulation - Pension Benefits Act.
2In this Regulation, “Act” means the Pension Benefits Act.
3This Regulation applies to the following pension plans:
(a) Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd, the registration of which under the Pension Benefits Act was acknowledged on August 7, 1997, as amended;
(b) Pension Plan for Hourly Paid and Clerical Union Employees of St. Anne-Nackawic Pulp Company Ltd, as registered with the Superintendent on January 13, 1994, as amended.
4(1)The pension plans are exempted from the following provisions:
(a) subsection 11(1) of the Act;
(b) subsections 24(1) and (3) of the Act;
(c) section 20 of the General Regulation - Pension Benefits Act;
(d) section 50 of the General Regulation - Pension Benefits Act.
4(2)Paragraphs (1)(a) and (b) shall be deemed to have come into force on September 9, 1999.
4(3)Paragraphs (1)(c) and (d) shall be deemed to have come into force on September 14, 2004.
5(1)Persons who are employees or former employees of St. Anne-Nackawic Pulp Company Ltd. and who are entitled to benefits or payments from either of the pension plans are a class of employees that is exempt from subsection 56(1) of the Act.
5(1.1)Persons entitled to benefits or payments through members or former members of the plans for employees or former employees of St. Anne-Nackawic Pulp Company Ltd. are a category of persons exempted from the application of subsection 56(1) of the Act.
5(2)The exemption under subsection 56(1) of the Act is subject to the following conditions:
(a) the exemption shall apply only in respect of the commuted value or any part of the commuted value of the pension to which the person is entitled that is transferred to a registered retirement savings plan under paragraph 6(1)(d) or 6.1(1)(d) or a registered retirement income fund under paragraph 6(1)(e) or 6.1(1)(e);
(b) before any transfer to a registered retirement savings plan under paragraph 6(1)(d) or 6.1(1)(d) or a registered retirement income fund under paragraph 6(1)(e) or 6.1(1)(e) occurs, the member or former member of the plan, if he or she has a spouse, shall deliver to the administrator a completed spousal consent in writing to such transfer in a form acceptable to the Superintendent.
5(3)This section shall be deemed to have come into force on September 14, 2004.
2007-88
6(1)For the purposes of subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act, a retirement savings arrangement shall be, in respect of the plans,
(a) a locked-in retirement account, being a registered retirement savings plan as provided for in the Income Tax Act (Canada),
(b) a life income fund, being a registered retirement income fund as provided for in the Income Tax Act (Canada),
(c) a life or deferred life annuity,
(d) a registered retirement savings plan as provided for in the Income Tax Act (Canada), other than a locked-in retirement account, or
(e) a registered retirement income fund as provided for in the Income Tax Act (Canada), other than a life income fund.
6(2)Sections 21, 22, 23, 24, 25 and 25.3 of the General Regulation - Pension Benefits Act apply with the necessary modifications to a locked-in retirement account, a life income fund and a life or deferred life annuity prescribed in subsection (1).
6(3)This section shall be deemed to have come into force on September 14, 2004.
6.1(1)For the purposes of paragraph 99.1(2)(b) of the Act, a retirement savings arrangement shall be, in respect of the plans,
(a) a locked-in retirement account, being a registered retirement savings plan as provided for in the Income Tax Act (Canada),
(b) a life income fund, being a registered retirement income fund as provided for in the Income Tax Act (Canada),
(c) a life annuity,
(d) a registered retirement savings plan as provided for in the Income Tax Act (Canada), other than a locked-in retirement account, or
(e) a registered retirement income fund as provided for in the Income Tax Act (Canada), other than a life income fund.
6.1(2)Sections 21, 22, 23, 24, 25 and 25.3 of the General Regulation - Pension Benefits Act apply with the necessary modifications to a locked-in retirement account, a life income fund and a life annuity prescribed in subsection (1).
6.1(3)This section shall be deemed to have come into force on September 14, 2004.
2007-88
7(1)If upon wind-up of the pension plans, insufficient funds are available to pay the pensions and benefits under the plans, the funds that are available shall be allocated to the following groups in the following manner in order of priority:
(a) to all members and former members or persons entitled to benefits or payments through members or former members, for transfer of or purchase with an amount equal to any additional voluntary contributions made by the member or former member with interest accrued as of the effective date of the wind-up, after deducting any transfer value for such additional voluntary contributions previously transferred in respect of the member or former member,
(b) to all members and former members or persons entitled to benefits or payments through members or former members and who were in receipt of a pension as of the effective date of wind-up, for transfer of or purchase with an amount equal to the total of the pension and bridging benefits payable in respect of the period commencing the effective date of the wind-up to February 28, 2006, inclusive, after deducting any transfer value for such benefits or payments previously transferred in respect of the member or former member,
(c) to all members and former members or persons entitled to benefits or payments through members or former members and who were not in receipt of a pension as of the effective date of wind-up, for transfer of or purchase with an amount equal to the total of any contributions, other than contributions under paragraph (a), made by the member or former member, with interest accrued as of the effective date of wind-up, after deducting any transfer value for such contributions previously transferred in respect of the member or former member, and
(d) to all members and former members or persons entitled to benefits or payments through members or former members, for transfer of or purchase with an amount equal to the commuted value, determined in accordance with subsection 49(6) of the General Regulation - Pension Benefits Act, of the pension or deferred pension to which the person is entitled after deducting any amount payable under paragraphs (b) and (c).
7(2)If there are insufficient funds to allocate fully, but sufficient funds to allocate partly the amounts provided for under paragraph (1)(a), (b), (c) or (d), as the case may be, the amount to be allocated to each person shall be calculated by multiplying the full amount to which the person would have been entitled by the quotient obtained by dividing the amount of funds available to be allocated to the group under that paragraph by the amount of funds that would be required fully to allocate the amounts to the group under that paragraph.
7(3)This section shall be deemed to have come into force on September 14, 2004.
N.B. This Regulation is consolidated to December 21, 2007.