Acts and Regulations

91-195 - General

Section 54
Disposition versions

Full text
Transfer from a defined benefit plan to a defined contribution plan
54(1)The Superintendent shall refuse to consent to a transfer of assets under section 70 of the Act from an original pension plan that is a defined benefit plan to a new pension plan that is a defined contribution plan if the assets to be transferred in relation to the members of the original plan would be less than the total amount of all amounts transferable under subsection (2).
54(2)The amounts transferrable in relation to a member of an original pension plan that are deemed to be contributions made by or on behalf of the member under a new pension plan under section 70 of the Act, with interest, shall not be less than the greatest of
(a) the commuted value of the pension benefit determined in accordance with subsection 19(4),
(b) the going concern liabilities of the accrued pension benefit, and
(c) the accrued solvency liabilities of the accrued pension benefit to and including the date of the wind-up of the original pension plan.
54(3)Where the application of paragraphs (2)(b) and (c) would produce a loss of benefits as a result of a conflict with the Income Tax Act (Canada), the Superintendent may request the administrator of a pension plan to amend the plan to provide for the indexation, in whole or in part, of the accrued pension benefits for the purposes of subsections (1) and (2).
94-78
Transfer from a defined benefit plan to a defined contribution plan
54(1)The Superintendent shall refuse to consent to a transfer of assets under section 70 of the Act from an original pension plan that is a defined benefit plan to a new pension plan that is a defined contribution plan if the assets to be transferred in relation to the members of the original plan would be less than the total amount of all amounts transferable under subsection (2).
54(2)The amounts transferrable in relation to a member of an original pension plan that are deemed to be contributions made by or on behalf of the member under a new pension plan under section 70 of the Act, with interest, shall not be less than the greatest of
(a) the commuted value of the pension benefit determined in accordance with subsection 19(4),
(b) the going concern liabilities of the accrued pension benefit, and
(c) the accrued solvency liabilities of the accrued pension benefit to and including the date of the wind-up of the original pension plan.
54(3)Where the application of paragraphs (2)(b) and (c) would produce a loss of benefits as a result of a conflict with the Income Tax Act (Canada), the Superintendent may request the administrator of a pension plan to amend the plan to provide for the indexation, in whole or in part, of the accrued pension benefits for the purposes of subsections (1) and (2).
94-78