Acts and Regulations

2012-75 - Shared Risk Plans

Section 16
Disposition versions

Full text
Wind-up of shared risk plan
16(1)For the purposes of section 100.63 of the Act, a shared risk plan shall be wound-up in whole or in part in the following conditions:
(a) the Superintendent orders a wind-up of the plan in whole or in part under section 61 of the Act; or
(b) the person or persons who established the plan terminate it.
16(2)If a defined benefit plan is converted to a shared risk plan which is wound-up under paragraph (1)(a) within ten years after the conversion date, the Superintendent may determine that the conversion is void and may require that the plan be wound-up as a defined benefit plan under Part 1 of the Act.
16(3)If a defined benefit plan is converted to a shared risk plan which is wound-up under paragraph (1)(b) within five years after the conversion date, the conversion shall be void and the plan shall be wound-up as a defined benefit plan under Part 1 of the Act.
16(3.1)If a defined benefit plan is converted to a shared risk plan which is wound up under paragraph (1)(b) between five years and ten years after the conversion date, the Superintendent may determine that the conversion is void and may require that the plan be wound-up as a defined benefit plan under Part 1 of the Act.
16(4)Within six months after the effective date of the wind-up of a shared risk plan, the administrator shall prepare a wind-up report as of the effective date of the wind-up.
16(5)The liabilities of each member or former member entitled to base benefits under the plan shall be calculated as of the effective date of the wind-up and shall be equal to the amount of the funding policy liabilities using the same assumptions used in the most recent valuation of the funding policy of the plan.
16(6)A wind-up funded ratio shall be calculated using the formula referred to in paragraph 14(6)(e) except that the value of the assets shall be reduced by the wind-up expenses.
16(7)The wind-up value of the benefits of each member or former member in the plan shall be calculated as follows:
F × G
7where
7F is the funding policy liabilities of the benefits that each member or former member is entitled to; and
7G is the wind-up funded ratio calculated under subsection (6).
16(8)Subsection 49(6), paragraphs 49(8)(a) and (b), subsection 49(11) and sections 50, 50.1 and 50.2 of Regulation 91-195 do not apply to a shared risk plan.
2017-49
Wind-up of shared risk plan
16(1)For the purposes of section 100.63 of the Act, a shared risk plan shall be wound-up in whole or in part in the following conditions:
(a) the Superintendent orders a wind-up of the plan in whole or in part under section 61 of the Act; or
(b) the person or persons who established the plan terminate it.
16(2)If a defined benefit plan is converted to a shared risk plan which is wound-up under paragraph (1)(a) within five years after the conversion date, the Superintendent may determine that the conversion is void and may require that the plan be wound-up as a defined benefit plan under Part 1 of the Act.
16(3)If a defined benefit plan is converted to a shared risk plan which is wound-up under paragraph (1)(b) within five years after the conversion date, the conversion shall be void and the plan shall be wound-up as a defined benefit plan under Part 1 of the Act.
16(4)Within six months after the effective date of the wind-up of a shared risk plan, the administrator shall prepare a wind-up report as of the effective date of the wind-up.
16(5)The liabilities of each member or former member entitled to base benefits under the plan shall be calculated as of the effective date of the wind-up and shall be equal to the amount of the funding policy liabilities using the same assumptions used in the most recent valuation of the funding policy of the plan.
16(6)A wind-up funded ratio shall be calculated using the formula referred to in paragraph 14(6)(e) except that the value of the assets shall be reduced by the wind-up expenses.
16(7)The wind-up value of the benefits of each member or former member in the plan shall be calculated as follows:
F × G
7where
7F is the funding policy liabilities of the benefits that each member or former member is entitled to; and
7G is the wind-up funded ratio calculated under subsection (6).
16(8)Subsection 49(6), paragraphs 49(8)(a) and (b), subsection 49(11) and sections 50, 50.1 and 50.2 of Regulation 91-195 do not apply to a shared risk plan.