Acts and Regulations

91-195 - General

Section 52
Disposition versions

Full text
Value of assets to be transferred
52(1)Subject to subsections (2) and (3), if a transfer of assets is to take place under section 69 of the Act and the successor employer is to assume responsibility, in whole or in part, for the benefits and payments of the employer’s pension plan, assets having a market value of not less than the asset transfer value set out in an actuarial valuation report under subparagraph 51(2)(b)(i) as of the review date of the report shall be transferred from the employer’s pension plan to the successor employer’s pension plan.
Value of assets to be transferred
52(2)No assets shall be transferred under subsection (1) if, after the transfer, the market value of the assets remaining in the employer’s pension plan as of the review date of the actuarial valuation report filed under paragraph 51(2)(b) would be less than the residual asset value set out in the report under subparagraph 51(2)(b)(ii).
Transfer where assets represent surplus
52(3)If it is clear that members, former members or other persons are entitled to any surplus under the wind-up provisions of an employer’s pension plan and if assets representing a surplus, in whole or in part, are to be transferred to a successor employer’s pension plan,
(a) the amount of the surplus shall be allocated, before the transfer of any funds, to improve the accrued benefits of any members, former members and other persons entitled to benefits or payments under the employer’s pension plan, and section 5 applies, or
(b) the successor employer shall maintain the transferred assets and liabilities as separate and distinct from any other assets and any liabilities in the successor employer’s pension plan.
Transfer where assets represent surplus
52(4)If, before transferring any assets of an employer’s pension fund to the successor employer’s pension fund, it is unclear whether the employer or the members, former members and other persons are entitled to assets representing a surplus under the wind-up provisions of the employer’s pension plan, the administrator of the employer’s pension plan may, without prejudicing the future determination of entitlement to the surplus,
(a) retain the assets respecting the surplus in the employer’s pension plan, in which case any entitlement of the transferred members shall be unaffected by reason of the transfer, or
(b) transfer the assets to which transferred members may be entitled in accordance with paragraph 52(3)(b) on an interim basis until the requirements of subsection (5) are met.
Transfer where assets represent surplus
52(5)If the quotient obtained by dividing the value of the assets transferred to the successor employer’s pension plan by the value of the assets retained in the employer’s pension plan exceeds the quotient obtained by dividing the value of the transfer liabilities by the value of the residual liabilities, the transfer, for the purposes of this section, shall be deemed to be a payment of surplus and is subject to sections 47 and 48.
Transfer where assets kept in separate plan of the successor employer
52(6)If the successor employer assumes responsibility in whole for the accrued pension benefits under the employer’s pension plan and maintains the assets and liabilities transferred from the employer’s pension plan in a pension plan that is separate and distinct from any other pension plan that is sponsored by the successor employer
(a) paragraphs 51(2)(b) and 51(8)(c), (d) and (e) do not apply to the transfer, and
(b) the successor employer shall make all payments required to be made by the employer in accordance with the actuarial valuation report most recently filed with the Superintendent by the administrator of the employer’s pension plan.
Value of assets to be transferred
52(1)Subject to subsections (2) and (3), if a transfer of assets is to take place under section 69 of the Act and the successor employer is to assume responsibility, in whole or in part, for the benefits and payments of the employer’s pension plan, assets having a market value of not less than the asset transfer value set out in an actuarial valuation report under subparagraph 51(2)(b)(i) as of the review date of the report shall be transferred from the employer’s pension plan to the successor employer’s pension plan.
Value of assets to be transferred
52(2)No assets shall be transferred under subsection (1) if, after the transfer, the market value of the assets remaining in the employer’s pension plan as of the review date of the actuarial valuation report filed under paragraph 51(2)(b) would be less than the residual asset value set out in the report under subparagraph 51(2)(b)(ii).
Transfer where assets represent surplus
52(3)If it is clear that members, former members or other persons are entitled to any surplus under the wind-up provisions of an employer’s pension plan and if assets representing a surplus, in whole or in part, are to be transferred to a successor employer’s pension plan,
(a) the amount of the surplus shall be allocated, before the transfer of any funds, to improve the accrued benefits of any members, former members and other persons entitled to benefits or payments under the employer’s pension plan, and section 5 applies, or
(b) the successor employer shall maintain the transferred assets and liabilities as separate and distinct from any other assets and any liabilities in the successor employer’s pension plan.
Transfer where assets represent surplus
52(4)If, before transferring any assets of an employer’s pension fund to the successor employer’s pension fund, it is unclear whether the employer or the members, former members and other persons are entitled to assets representing a surplus under the wind-up provisions of the employer’s pension plan, the administrator of the employer’s pension plan may, without prejudicing the future determination of entitlement to the surplus,
(a) retain the assets respecting the surplus in the employer’s pension plan, in which case any entitlement of the transferred members shall be unaffected by reason of the transfer, or
(b) transfer the assets to which transferred members may be entitled in accordance with paragraph 52(3)(b) on an interim basis until the requirements of subsection (5) are met.
Transfer where assets represent surplus
52(5)If the quotient obtained by dividing the value of the assets transferred to the successor employer’s pension plan by the value of the assets retained in the employer’s pension plan exceeds the quotient obtained by dividing the value of the transfer liabilities by the value of the residual liabilities, the transfer, for the purposes of this section, shall be deemed to be a payment of surplus and is subject to sections 47 and 48.
Transfer where assets kept in separate plan of the successor employer
52(6)If the successor employer assumes responsibility in whole for the accrued pension benefits under the employer’s pension plan and maintains the assets and liabilities transferred from the employer’s pension plan in a pension plan that is separate and distinct from any other pension plan that is sponsored by the successor employer
(a) paragraphs 51(2)(b) and 51(8)(c), (d) and (e) do not apply to the transfer, and
(b) the successor employer shall make all payments required to be made by the employer in accordance with the actuarial valuation report most recently filed with the Superintendent by the administrator of the employer’s pension plan.