49(1)A notice of wind-up of a pension plan, in addition to the information to be included under subsections 60(3) and (4) of the Act, shall include the following information:
(a)
the name and provincial registration number of the plan;
(b)
advice that each member, former member and other person entitled to benefits or payments under the plan will be given a statement setting out the person’s entitlement and the options available under the plan; and
(c)
if the plan provides contributory pension benefits, notice of any right a member may have to make contributions in respect of the period of notice of termination required under the
Employment Standards Act.
49(2)A wind-up report required to be filed by an administrator under subsection 62(1) of the Act shall
(a)
where a pension plan is a defined benefit plan, be prepared by an actuary, and
(b)
be filed within six months after the effective date of the wind-up.
49(3)A wind-up report in respect of a defined benefit plan being wound up in part shall be prepared as if the plan were being wound up in whole.
49(4)An administrator filing a wind-up report under subsection 62(1) of the Act shall pay the prescribed fee.
Outstanding annual information returns
49(5)The administrator of a pension plan being wound up, in whole or in part, shall, within three months after the effective date of the wind-up, file with the Superintendent any outstanding annual information return required to be filed on or before the effective date of the wind-up.
Commuted value of benefit
49(6)For the purposes of the wind-up of a pension plan, in whole or in part, the commuted value of a benefit as of the effective date of the wind-up shall not be less than the amount referred to in paragraph 19(4)(
b) or such lesser amount as is approved by the Superintendent.
Payments from fund before approval of wind-up report
49(7)Payments that may be made out of the pension fund of a pension plan being wound up, in whole or in part, before the Superintendent has approved the wind-up report include
(a)
refunds of member contributions with interest to members who terminate employment before the effective date of the wind-up and are not entitled to a pension or deferred pension, and
(b)
payment of a pre-retirement death benefit to a person who becomes entitled to payment before the effective date of the wind-up.
Statement of entitlement and options
49(8)A statement given under subsection 64(1) of the Act setting out a person’s entitlement and options under a pension plan on wind-up, in whole or in part, shall contain the following additional information:
(a)
if there are insufficient funds in the pension fund to pay the benefits or payments under the plan, a description of any reductions made to the person’s benefit or payment;
(b)
if the plan is being wound up in whole, if the pension fund contains surplus and if the surplus is to be distributed, in whole or in part, among the members, former members and any other persons entitled to benefits or payments, a statement of the method of distributing the surplus and, if applicable, the formula used to allocate the surplus among the persons entitled to benefits or payments under the plan; and
(c)
the name, address and telephone number of the administrator or an agent of the administrator who can answer any questions concerning the wind-up.
Written direction re: options
49(9)A person given a statement under subsection 64(1) of the Act who is entitled to elect an option in respect of a benefit or payment under the pension plan and the Act shall do so by delivering a written direction to the administrator within ninety days after receiving the statement.
Written direction re: options
49(10)An administrator to whom a written direction is delivered under subsection (9) shall comply with the direction within thirty days after the delivery or within thirty days after receiving notice that the Superintendent has approved the wind-up report, whichever occurs later.
Payments from fund after approval of wind-up report but before employer contributions completed
49(11)Subject to subsection 50(1), if a defined benefit plan is being wound up, in whole or in part, and the wind-up report has been approved by the Superintendent, the administrator may, before completion of payments into the pension fund by the employer under section 65 of the Act, make the following payments to the persons entitled to benefits or payments:
(a)
the total of any additional voluntary contributions, with interest;
(b)
the total of any contributions made by a member or former member, with interest; and
(c)
the commuted value, determined in accordance with subsection (6), of any pension, deferred pension or ancillary benefit accrued as of the effective date of the wind-up in respect of employment and remuneration before that date in accordance with the provisions of the plan, the Act and this Regulation to the extent that such benefits are funded and after making appropriate adjustments for any payment made under paragraph (
b).
Payments by employer into pension fund
49(12)An employer required to pay amounts into a pension fund under section 65 of the Act shall do so within thirty days after the effective date of wind-up or within such longer period as may be approved by the Superintendent.
49(13)Subsection (12) does not apply to payments required to be made by an employer under subsection 65(4) of the Act.
94-78; 2002, c.12, s.32; 2008-10