Acts and Regulations

91-195 - General

Section 10
Disposition versions

Full text
Solvency valuation
10(1)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion,
(a) perform a solvency valuation of the pension plan, or
(b) if, in the opinion of the actuary, there is no solvency deficiency, certify in writing in the report that
(i) the assets of the plan are sufficient to provide for the payment of all benefits accrued under the plan and in accordance with the benefit formula provided for in the plan, and
(ii) the information contained in the report is, to the best of the actuary’s knowledge and belief, true and correct.
10(2)A solvency valuation performed under this Regulation or under a pension plan shall be performed in a manner so that, as of the review date of an actuarial valuation report,
(a) the solvency liabilities are not less than the present value of benefits
(i) accrued in accordance with the benefit formula provided for in the plan on the date of the valuation, without consideration of any provision for possible reduction of those benefits, and
(ii) determined as if the plan has been wound up, taking into account any liabilities for escalated adjustments and the requirements of member entitlements on winding up, including the requirements of subsection 49(6), but the requirements of paragraphs 19(4)(c) and (d) shall not be taken into consideration,
(b) for an actuarial valuation report with a review date before December 31, 2019, the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any remaining special payments that are required to liquidate any experience deficiency or initial unfunded liability and are scheduled to be paid within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2),
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23), or
(D) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.27) in respect of a special payments schedule established under subsection 36(1.28),
(iii) the present value of any remaining special payments required to liquidate any actuarial loss arising solely from an amendment to the plan granting benefits for employment before the effective date of the plan where such employment had not previously been recognized by the plan, and
(iv) the present value of any other special payments established on or after the commencement of the Act that are scheduled for payment within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2),
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23), or
(D) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.27) in respect of a special payments schedule established under subsection 36(1.28),
(b.1) for an actuarial valuation report with a review date on or after December 31, 2019, the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any special payments that are required to liquidate any going concern unfunded liability and are scheduled to be paid within five years after the review date of the actuarial valuation report,
(iii) the present value of any special payments that are required to liquidate any going concern unfunded liability arising solely from an amendment made to the plan on or after December 31, 2019, and that are scheduled to be paid within five years after the review date of the actuarial valuation report, and
(iv) the total amount of all letters of credit held in trust for the pension plan as of the review date of the actuarial valuation report, excluding the value of any special payments to which the letters of credit relate that are due after that review date,
(c) the present values referred to in subparagraphs (b)(ii), (iii) and (iv) or (b.1)(ii) and (iii), as the case may be, are determined on the basis of the interest rate assumed in the solvency valuation,
(d) for an actuarial valuation report with a review date before December 31, 2019, the solvency deficiency, if any, is the excess of the solvency liabilities over the solvency assets,
(d.1) for an actuarial valuation report with a review date on or after December 31, 2019, the solvency deficiency, if any, is the excess of 85% of the solvency liabilities over the solvency assets, and
(e) if there is no market value or value related to the market value under subparagraph (b)(i) for an investment of a pension plan and if the investment is issued or guaranteed by a government, the book value of the investment is used for the purposes of that subparagraph instead of the market value or value related to the market value.
10(3)If a certificate as provided for under paragraph (1)(b) is contained in the most recently filed actuarial valuation report of a pension plan, the Superintendent, if concerned after reviewing the report that the plan may have a solvency ratio of less than one hundred per cent, may require the administrator of the plan to have a solvency valuation performed as of the review date of the actuarial valuation report and to file the solvency valuation within six months after requiring the performance of the solvency valuation.
10(4)For the purposes of this Regulation, a solvency valuation performed as required under subsection (3) shall be deemed to be a solvency valuation performed under subsection (1) on the occasion of the performance of the actuarial valuation report to which it relates.
93-144; 94-78; 2001-1; 2011-71; 2017-35; 2020-51
Solvency valuation
10(1)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion,
(a) perform a solvency valuation of the pension plan, or
(b) if, in the opinion of the actuary, there is no solvency deficiency, certify in writing in the report that
(i) the assets of the plan are sufficient to provide for the payment of all benefits accrued under the plan and in accordance with the benefit formula provided for in the plan, and
(ii) the information contained in the report is, to the best of the actuary’s knowledge and belief, true and correct.
10(2)A solvency valuation performed under this Regulation or under a pension plan shall be performed in a manner so that, as of the review date of an actuarial valuation report,
(a) the solvency liabilities are not less than the present value of benefits
(i) accrued in accordance with the benefit formula provided for in the plan on the date of the valuation, without consideration of any provision for possible reduction of those benefits, and
(ii) determined as if the plan has been wound up, taking into account any liabilities for escalated adjustments and the requirements of member entitlements on winding up, including the requirements of subsection 49(6), but the requirements of paragraphs 19(4)(c) and (d) shall not be taken into consideration,
(b) the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any remaining special payments that are required to liquidate any experience deficiency or initial unfunded liability and are scheduled to be paid within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2),
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23), or
(D) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.27) in respect of a special payments schedule established under subsection 36(1.28),
(iii) the present value of any remaining special payments required to liquidate any actuarial loss arising solely from an amendment to the plan granting benefits for employment before the effective date of the plan where such employment had not previously been recognized by the plan, and
(iv) the present value of any other special payments established on or after the commencement of the Act that are scheduled for payment within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2),
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23), or
(D) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.27) in respect of a special payments schedule established under subsection 36(1.28),
(c) the present values referred to in subparagraphs (b)(ii), (iii) and (iv) are determined on the basis of the interest rate assumed in the solvency valuation,
(d) the solvency deficiency, if any, is the excess of the solvency liabilities over the solvency assets, and
(e) if there is no market value or value related to the market value under subparagraph (b)(i) for an investment of a pension plan and if the investment is issued or guaranteed by a government, the book value of the investment is used for the purposes of that subparagraph instead of the market value or value related to the market value.
10(3)If a certificate as provided for under paragraph (1)(b) is contained in the most recently filed actuarial valuation report of a pension plan, the Superintendent, if concerned after reviewing the report that the plan may have a solvency ratio of less than one hundred per cent, may require the administrator of the plan to have a solvency valuation performed as of the review date of the actuarial valuation report and to file the solvency valuation within six months after requiring the performance of the solvency valuation.
10(4)For the purposes of this Regulation, a solvency valuation performed as required under subsection (3) shall be deemed to be a solvency valuation performed under subsection (1) on the occasion of the performance of the actuarial valuation report to which it relates.
93-144; 94-78; 2001-1; 2011-71; 2017-35
Solvency valuation
10(1)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion,
(a) perform a solvency valuation of the pension plan, or
(b) if, in the opinion of the actuary, there is no solvency deficiency, certify in writing in the report that
(i) the assets of the plan are sufficient to provide for the payment of all benefits accrued under the plan and in accordance with the benefit formula provided for in the plan, and
(ii) the information contained in the report is, to the best of the actuary’s knowledge and belief, true and correct.
10(2)A solvency valuation performed under this Regulation or under a pension plan shall be performed in a manner so that, as of the review date of an actuarial valuation report,
(a) the solvency liabilities are not less than the present value of benefits
(i) accrued in accordance with the benefit formula provided for in the plan on the date of the valuation, without consideration of any provision for possible reduction of those benefits, and
(ii) determined as if the plan has been wound up, taking into account any liabilities for escalated adjustments and the requirements of member entitlements on winding up, including the requirements of subsection 49(6), but the requirements of paragraphs 19(4)(c) and (d) shall not be taken into consideration,
(b) the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any remaining special payments that are required to liquidate any experience deficiency or initial unfunded liability and are scheduled to be paid within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2), or
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23),
(iii) the present value of any remaining special payments required to liquidate any actuarial loss arising solely from an amendment to the plan granting benefits for employment before the effective date of the plan where such employment had not previously been recognized by the plan, and
(iv) the present value of any other special payments established on or after the commencement of the Act that are scheduled for payment within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2), or
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23),
(c) the present values referred to in subparagraphs (b)(ii), (iii) and (iv) are determined on the basis of the interest rate assumed in the solvency valuation,
(d) the solvency deficiency, if any, is the excess of the solvency liabilities over the solvency assets, and
(e) if there is no market value or value related to the market value under subparagraph (b)(i) for an investment of a pension plan and if the investment is issued or guaranteed by a government, the book value of the investment is used for the purposes of that subparagraph instead of the market value or value related to the market value.
10(3)If a certificate as provided for under paragraph (1)(b) is contained in the most recently filed actuarial valuation report of a pension plan, the Superintendent, if concerned after reviewing the report that the plan may have a solvency ratio of less than one hundred per cent, may require the administrator of the plan to have a solvency valuation performed as of the review date of the actuarial valuation report and to file the solvency valuation within six months after requiring the performance of the solvency valuation.
10(4)For the purposes of this Regulation, a solvency valuation performed as required under subsection (3) shall be deemed to be a solvency valuation performed under subsection (1) on the occasion of the performance of the actuarial valuation report to which it relates.
93-144; 94-78; 2001-1; 2011-71
Solvency valuation
10(1)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion,
(a) perform a solvency valuation of the pension plan, or
(b) if, in the opinion of the actuary, there is no solvency deficiency, certify in writing in the report that
(i) the assets of the plan are sufficient to provide for the payment of all benefits accrued under the plan and in accordance with the benefit formula provided for in the plan, and
(ii) the information contained in the report is, to the best of the actuary’s knowledge and belief, true and correct.
10(2)A solvency valuation performed under this Regulation or under a pension plan shall be performed in a manner so that, as of the review date of an actuarial valuation report,
(a) the solvency liabilities are not less than the present value of benefits
(i) accrued in accordance with the benefit formula provided for in the plan on the date of the valuation, without consideration of any provision for possible reduction of those benefits, and
(ii) determined as if the plan has been wound up, taking into account any liabilities for escalated adjustments and the requirements of member entitlements on winding up, including the requirements of subsection 49(6), but the requirements of paragraphs 19(4)(c) and (d) shall not be taken into consideration,
(b) the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any remaining special payments that are required to liquidate any experience deficiency or initial unfunded liability and are scheduled to be paid within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2), or
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23),
(iii) the present value of any remaining special payments required to liquidate any actuarial loss arising solely from an amendment to the plan granting benefits for employment before the effective date of the plan where such employment had not previously been recognized by the plan, and
(iv) the present value of any other special payments established on or after the commencement of the Act that are scheduled for payment within
(A) five years after the review date of the actuarial valuation report,
(B) the extended period given by the Superintendent under subsection 36(1.1) or (1.2) in respect of a special payments schedule established under subsection 36(1.1) or (1.2), or
(C) ten years after the review date of an actuarial valuation report referred to in subsection 36(1.22) in respect of a special payments schedule established under subsection 36(1.23),
(c) the present values referred to in subparagraphs (b)(ii), (iii) and (iv) are determined on the basis of the interest rate assumed in the solvency valuation,
(d) the solvency deficiency, if any, is the excess of the solvency liabilities over the solvency assets, and
(e) if there is no market value or value related to the market value under subparagraph (b)(i) for an investment of a pension plan and if the investment is issued or guaranteed by a government, the book value of the investment is used for the purposes of that subparagraph instead of the market value or value related to the market value.
10(3)If a certificate as provided for under paragraph (1)(b) is contained in the most recently filed actuarial valuation report of a pension plan, the Superintendent, if concerned after reviewing the report that the plan may have a solvency ratio of less than one hundred per cent, may require the administrator of the plan to have a solvency valuation performed as of the review date of the actuarial valuation report and to file the solvency valuation within six months after requiring the performance of the solvency valuation.
10(4)For the purposes of this Regulation, a solvency valuation performed as required under subsection (3) shall be deemed to be a solvency valuation performed under subsection (1) on the occasion of the performance of the actuarial valuation report to which it relates.
93-144; 94-78; 2001-1; 2011-71
Solvency valuation
10(1)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion,
(a) perform a solvency valuation of the pension plan, or
(b) if, in the opinion of the actuary, there is no solvency deficiency, certify in writing in the report that
(i) the assets of the plan are sufficient to provide for the payment of all benefits accrued under the plan and in accordance with the benefit formula provided for in the plan, and
(ii) the information contained in the report is, to the best of the actuary’s knowledge and belief, true and correct.
10(2)A solvency valuation performed under this Regulation or under a pension plan shall be performed in a manner so that, as of the review date of an actuarial valuation report,
(a) the solvency liabilities are not less than the present value of benefits
(i) accrued in accordance with the benefit formula provided for in the plan on the date of the valuation, without consideration of any provision for possible reduction of those benefits, and
(ii) determined as if the plan has been wound up, taking into account any liabilities for escalated adjustments and the requirements of member entitlements on winding up, including the requirements of subsection 49(6), but the requirements of paragraphs 19(4)(c) and (d) shall not be taken into consideration,
(b) the solvency assets are the sum of
(i) the market value of investments held by the pension plan or a value related to the market value by means of an averaging method that stabilizes short-term fluctuations of market value over a period of not more than five years, with any cash balances and accrued and receivable income items added on,
(ii) the present value of any remaining special payments that are required to liquidate any experience deficiency or initial unfunded liability and are scheduled to be paid within five years after the review date of the actuarial valuation report or within the extended period given by the Superintendent under subsection 36(1.1),
(iii) the present value of any remaining special payments required to liquidate any actuarial loss arising solely from an amendment to the plan granting benefits for employment before the effective date of the plan where such employment had not previously been recognized by the plan, and
(iv) the present value of any other special payments established on or after the commencement of the Act that are scheduled for payment within five years after the review date or within the extended period given by the Superintendent under subsection 36(1.1),
(c) the present values referred to in subparagraphs (b)(ii), (iii) and (iv) are determined on the basis of the interest rate assumed in the solvency valuation,
(d) the solvency deficiency, if any, is the excess of the solvency liabilities over the solvency assets, and
(e) if there is no market value or value related to the market value under subparagraph (b)(i) for an investment of a pension plan and if the investment is issued or guaranteed by a government, the book value of the investment is used for the purposes of that subparagraph instead of the market value or value related to the market value.
10(3)If a certificate as provided for under paragraph (1)(b) is contained in the most recently filed actuarial valuation report of a pension plan, the Superintendent, if concerned after reviewing the report that the plan may have a solvency ratio of less than one hundred per cent, may require the administrator of the plan to have a solvency valuation performed as of the review date of the actuarial valuation report and to file the solvency valuation within six months after requiring the performance of the solvency valuation.
10(4)For the purposes of this Regulation, a solvency valuation performed as required under subsection (3) shall be deemed to be a solvency valuation performed under subsection (1) on the occasion of the performance of the actuarial valuation report to which it relates.
93-144; 94-78; 2001-1