47(1)Subject to subsection (2), for the purpose of calculating a surplus under subsections 59(1) and (2) of the Act in the preparation of an actuarial valuation report or a cost certificate
(a)
the value of the assets of a pension plan shall be the total of any cash balances in the pension fund, including accrued and receivable income items, and the market value of the investments held by the fund, less, while the plan continues in existence, the greater of
(i)
an amount equal to employer contributions respecting the normal cost of the plan over a two-year period immediately following the review date of the actuarial valuation report or cost certificate, and
(ii)
an amount equal to twenty per cent of the going concern liabilities of the plan, and
(b)
the value of the liabilities of the pension plan shall be
(i)
if the plan is not being wound up or is being wound up in part, for the portion of the plan that continues in existence, the calculated going concern liabilities or the calculated solvency liabilities, whichever is greater, and
(ii)
if the plan is being wound up in whole or in part, for the portion of the plan that is being wound up, the liabilities of the plan.
47(2)For the purpose of calculating a surplus under subsections 59(1) and (2) of the Act in the preparation of a cost certificate for a defined contribution plan
(a)
the value of the assets of a pension plan shall be the total of any cash balances in the pension fund, including accrued and receivable income items, and the market value of the investments held by the fund, less, while the plan continues in existence, an amount equal to employer contributions respecting the normal cost of the plan over a one-year period immediately following the review date of the cost certificate, and
(b)
the value of the liabilities of the pension plan shall be
(i)
if the plan is not being wound up or is being wound up in part, for the portion of the plan that continues in existence, the calculated going concern liabilities, and
(ii)
if the plan is being wound up in whole or in part, for the portion of the plan that is being wound up, the liabilities of the plan.