Acts and Regulations

91-195 - General

Section 55
Disposition versions

Full text
Duties of administrator relating to records
55(1)Subject to subsection (2), the administrator of a pension plan shall keep all documents and records necessary to establish and substantiate the nature and amount of any benefit that has accrued or any payment that is due or being made to a member, former member or other person entitled under the plan.
Duties of administrator relating to records
55(1.1)The administrator shall keep the records referred to in subsection (1) at a safe location and in a durable form.
Duties of administrator relating to records
55(2)The administrator shall retain documents and records referred to in subsection (1) for a period of three years after
(a) if the documents or records relate to a person who received a benefit that was previously purchased from or transferred to a financial institution authorized under this Regulation to offer retirement savings arrangements or life or deferred life annuities, the date of the purchase or transfer,
(b) if the documents or records relate to a person who received a payment, the date when the payment
(i) ceased to be paid, if it was a continuing payment, or
(ii) was paid, in all other cases, or
(c) if the records do not relate to a person who received a benefit, the date when they cease to be operative.
Duties of administrator relating to records
55(3)If more than one period applies to documents or records by reason of the operation of subsection (2), the administrator shall retain the documents or records for the longer or longest of the applicable periods.
Application to financial institutions
55(4)Subsections (1), (1.1), (2) and (3) apply with the necessary modifications to a financial institution authorized under this Regulation to offer retirement savings arrangements or life or deferred life annuities.
2016, c.36, s.12
Duties of administrator relating to records
55(1)Subject to subsection (2), the administrator of a pension plan shall keep all documents and records necessary to establish and substantiate the nature and amount of any benefit that has accrued or any payment that is due or being made to a member, former member or other person entitled under the plan.
Duties of administrator relating to records
55(2)The administrator shall retain documents and records referred to in subsection (1) for a period of three years after
(a) if the documents or records relate to a person who received a benefit that was previously purchased from or transferred to a financial institution authorized under this Regulation to offer retirement savings arrangements or life or deferred life annuities, the date of the purchase or transfer,
(b) if the documents or records relate to a person who received a payment, the date when the payment
(i) ceased to be paid, if it was a continuing payment, or
(ii) was paid, in all other cases, or
(c) if the records do not relate to a person who received a benefit, the date when they cease to be operative.
Duties of administrator relating to records
55(3)If more than one period applies to documents or records by reason of the operation of subsection (2), the administrator shall retain the documents or records for the longer or longest of the applicable periods.
Application to financial institutions
55(4)Subsections (1), (2) and (3) apply with the necessary modifications to a financial institution authorized under this Regulation to offer retirement savings arrangements or life or deferred life annuities.