42.1(1)Subject to the terms and conditions set out in subsections (2), (3) and (4), a pension plan is exempt from containing provisions requiring an employer, or a person required to make contributions on behalf of an employer, to make contributions in respect of a solvency deficiency and the provisions of subsection 35(1) with respect to a solvency deficiency under the plan do not apply.

42.1(2)At least fifty-one per cent of the members, former members and other persons entitled to payments under the plan who vote shall consent to the proposal for exemption referred to in subsection (1), in accordance with the process set out in section 42.2.

42.1(3)No amendment shall be made to a plan that is exempt under this section that negatively impacts the solvency of the plan unless