Acts and Regulations

91-195 - General

Section 48
Disposition versions

Full text
Payment of surplus to employer
48(1)For the purposes of section 59 of the Act, the Superintendent may consent to an application for payment of surplus to an employer if
(a) the plan provides for the withdrawal of surplus while the plan continues in existence,
(b) the existence of surplus is verified by an actuarial valuation report or cost certificate prepared in accordance with the Act and this Regulation,
(c) the administrator establishes the employer’s entitlement to be paid the surplus, and
(d) the administrator delivers written notice in accordance with subsection (2) to each trade union representing members of the pension plan and to each member of any advisory committee formed under section 21 of the Act.
48(2)A notice under paragraph (1)(d) shall include the name and provincial registration number of the plan and a copy of the report prepared under paragraph (1)(b).
48(3)If a pension plan being wound up in whole permits the payment of surplus to an employer on wind-up of the plan and the existence of surplus is verified by the wind-up report required to be filed under subsection 62(1) of the Act, the administrator may, after the wind-up report is approved by the Superintendent and the administrator establishes the employer’s entitlement to be paid the surplus, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer and subsection (1) applies with the necessary modifications.
48(4)If a pension plan being wound up in part permits the payment of surplus to an employer while the pension plan continues in existence, the administrator may, after the wind-up report is approved by the Superintendent, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer in accordance with subsection (1).
48(5)An administrator applying for payment of surplus under section 59 of the Act and under this section shall pay the prescribed fee and, where applicable, shall include with the application certified copies of the notice delivered under paragraph (1)(d).
93-144; 2022-63
Payment of surplus to employer
48(1)The Superintendent may consent to an application for payment of surplus to an employer if
(a) the plan provides for the withdrawal of surplus while the plan continues in existence,
(b) the existence of surplus is verified by an actuarial valuation report or cost certificate prepared in accordance with the Act and this Regulation,
(c) the administrator establishes the employer’s entitlement to be paid the surplus, and
(d) the administrator delivers written notice in accordance with subsection (2) to each trade union representing members of the pension plan and to each member of any advisory committee formed under section 21 of the Act.
48(2)A notice under paragraph (1)(d) shall include the name and provincial registration number of the plan and a copy of the report prepared under paragraph (1)(b).
48(3)If a pension plan being wound up in whole permits the payment of surplus to an employer on wind-up of the plan and the existence of surplus is verified by the wind-up report required to be filed under subsection 62(1) of the Act, the administrator may, after the wind-up report is approved by the Superintendent and the administrator establishes the employer’s entitlement to be paid the surplus, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer and subsection (1) applies with the necessary modifications.
48(4)If a pension plan being wound up in part permits the payment of surplus to an employer while the pension plan continues in existence, the administrator may, after the wind-up report is approved by the Superintendent, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer in accordance with subsection (1).
48(5)An administrator applying for payment of surplus under section 59 of the Act and under this section shall pay the prescribed fee and, where applicable, shall include with the application certified copies of the notice delivered under paragraph (1)(d).
93-144
Payment of surplus to employer
48(1)The Superintendent may consent to an application for payment of surplus to an employer if
(a) the plan provides for the withdrawal of surplus while the plan continues in existence,
(b) the existence of surplus is verified by an actuarial valuation report or cost certificate prepared in accordance with the Act and this Regulation,
(c) the administrator establishes the employer’s entitlement to be paid the surplus, and
(d) the administrator delivers written notice in accordance with subsection (2) to each trade union representing members of the pension plan and to each member of any advisory committee formed under section 21 of the Act.
48(2)A notice under paragraph (1)(d) shall include the name and provincial registration number of the plan and a copy of the report prepared under paragraph (1)(b).
48(3)If a pension plan being wound up in whole permits the payment of surplus to an employer on wind-up of the plan and the existence of surplus is verified by the wind-up report required to be filed under subsection 62(1) of the Act, the administrator may, after the wind-up report is approved by the Superintendent and the administrator establishes the employer’s entitlement to be paid the surplus, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer and subsection (1) applies with the necessary modifications.
48(4)If a pension plan being wound up in part permits the payment of surplus to an employer while the pension plan continues in existence, the administrator may, after the wind-up report is approved by the Superintendent, apply to the Superintendent for the Superintendent’s consent to pay the surplus to the employer in accordance with subsection (1).
48(5)An administrator applying for payment of surplus under section 59 of the Act and under this section shall pay the prescribed fee and, where applicable, shall include with the application certified copies of the notice delivered under paragraph (1)(d).
93-144