45(1)If the investment of the assets of a pension fund ceases to conform to the requirements of the Act, the regulations, any other applicable legislation, the pension plan or the written statement of investment policies and goals as the result of an event that the administrator was unable to foresee or control, the administrator shall, within a reasonable time after learning of the event, take all steps necessary to bring the investment of the assets into full conformity with the requirements.

45(2)Subject to subsection (5), the administrator of a pension plan or an agent employed by the administrator who consents to or authorizes the investment of or invests the assets of a pension fund in a manner that does not conform to the requirements of the Act, the regulations, any other applicable legislation, the plan or the written statement of investment policies and goals, is absolutely liable for any loss to the assets of the fund resulting from the investment.

45(3)Subject to subsection (5), if both the administrator of a pension plan and an agent employed by the administrator consent to or authorize the investment of or invest the assets of a pension fund in a manner that does not conform to the requirements of the Act, the regulations, any other applicable legislation, the plan or the written statement of investment policies and goals, the administrator and the agent are absolutely liable, jointly and severally, for any loss to the assets of the fund resulting from the investment.

45(4)Subject to subsection (5), if the administrator of a pension plan is a pension committee or a board of trustees, the members of the committee or board who consent to or authorize an investment of the assets of a pension fund in a manner that does not conform to the requirements of the Act, the regulations, any other applicable legislation, the plan or the written statement of investment policies and goals are absolutely liable, jointly and severally, for any loss to the assets of the fund resulting from the investment.

45(5)A person, agent, board, agency, commission or member of a pension committee or board of trustees referred to in subsection (2), (4) or (5) who, being duly authorized, consents to or authorizes an investment or invests in good faith while acting on the recommendation of a person who is in the business of giving advice respecting the making of investments is not liable for a resulting loss to the assets of the fund.

45(6)The Superintendent may annul any investment of the assets of a pension fund that does not conform to the requirements of the Act, the regulations, any other applicable legislation, the pension plan or the written statement of investment policies and goals.

45(7)No person referred to in subsection 44(14) shall receive a fee, commission or other consideration in respect of a transaction involving the investment of the assets of a pension fund unless