Acts and Regulations

91-195 - General

Section 9
Disposition versions

Full text
Actuarial valuation reports and cost certificates
2022-63
9(1)Subject to subsections (3.1), (3.11), (3.111), (3.113) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
9(2)Subject to subsections (3), (3.1), (3.11), (3.111), (3.113) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
9(3.1)If an actuarial valuation report with a review date before April 1, 2011, indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.11)If an actuarial valuation report with a review date on or after April 1, 2011, but before December 31, 2019, indicates that the transfer ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.111)If an actuarial valuation report with a review date on or after December 31, 2019, indicates that the transfer ratio is less than 0.85, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.112)Subsections (3.11) and (3.111) do not apply to an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2).
9(3.113)If an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2) with a review date on or after April 1, 2011, indicates that the transfer ratio is less than 0.90, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.2)Subsections (3.1), (3.11), (3.111) and (3.113) do not apply to a plan that has been established for less than three years.
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report;
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for; and
(e) for an actuarial valuation report with a review date on or after December 31, 2019, the provision for adverse deviations.
9(4.1)An actuary who prepares an actuarial valuation report shall account separately for funds in the reserve account.
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
9(7.2)An actuary who prepares a cost certificate referred to in subsection (5) shall account separately for funds in the reserve account.
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
9(11)A person who prepares a financial statement under subsection (9) or an audited financial statement under subsection (10) shall account separately for funds in the reserve account.
94-78; 2001-1; 2007-86; 2011-71; 2015-59; 2020-51; 2022-63
Actuarial valuation report
9(1)Subject to subsections (3.1), (3.11), (3.111), (3.113) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(2)Subject to subsections (3), (3.1), (3.11), (3.111), (3.113) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
Actuarial valuation report
9(3.1)If an actuarial valuation report with a review date before April 1, 2011, indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.11)If an actuarial valuation report with a review date on or after April 1, 2011, but before December 31, 2019, indicates that the transfer ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.111)If an actuarial valuation report with a review date on or after December 31, 2019, indicates that the transfer ratio is less than 0.85, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.112)Subsections (3.11) and (3.111) do not apply to an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2).
9(3.113)If an actuarial valuation report respecting a pension plan referred to in subsection 8.1(2) with a review date on or after April 1, 2011, indicates that the transfer ratio is less than 0.90, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
Actuarial valuation report
9(3.2)Subsections (3.1), (3.11), (3.111) and (3.113) do not apply to a plan that has been established for less than three years.
Actuarial valuation report
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report;
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for; and
(e) for an actuarial valuation report with a review date on or after December 31, 2019, the provision for adverse deviations.
Cost certificate in lieu of report
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
Cost certificate in lieu of report
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
Cost certificate in lieu of report
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
Cost certificate in lieu of report
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
Filing of report or cost certificate
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
Filing of financial statement of assets
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
Filing of financial audit
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
94-78; 2001-1; 2007-86; 2011-71; 2015-59; 2020-51
Actuarial valuation report
9(1)Subject to subsections (3.1) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(2)Subject to subsections (3), (3.1) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
Actuarial valuation report
9(3.1)If an actuarial valuation report with a review date before April 1, 2011, indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.11)If an actuarial valuation report with a review date on or after April 1, 2011, indicates that the transfer ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
Actuarial valuation report
9(3.2)Subsections (3.1) and (3.11) do not apply to a plan that has been established for less than three years.
Actuarial valuation report
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report; and
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for.
Cost certificate in lieu of report
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
Cost certificate in lieu of report
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
Cost certificate in lieu of report
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
Cost certificate in lieu of report
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
Filing of report or cost certificate
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
Filing of financial statement of assets
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
Filing of financial audit
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
94-78; 2001-1; 2007-86; 2011-71; 2015-59
Actuarial valuation report
9(1)Subject to subsections (3.1) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(2)Subject to subsections (3), (3.1) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
Actuarial valuation report
9(3.1)If an actuarial valuation report with a review date before April 1, 2011, indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.11)If an actuarial valuation report with a review date on or after April 1, 2011, indicates that the transfer ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
Actuarial valuation report
9(3.2)Subsections (3.1) and (3.11) do not apply to a plan that has been established for less than three years.
Actuarial valuation report
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report; and
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for.
Cost certificate in lieu of report
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
Cost certificate in lieu of report
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
Cost certificate in lieu of report
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
Cost certificate in lieu of report
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
Filing of report or cost certificate
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
Filing of financial statement of assets
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
Filing of financial audit
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
94-78; 2001-1; 2007-86; 2011-71
Actuarial valuation report
9(1)Subject to subsections (3.1) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(2)Subject to subsections (3), (3.1) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
Actuarial valuation report
9(3.1)If an actuarial valuation report with a review date before April 1, 2011, indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
9(3.11)If an actuarial valuation report with a review date on or after April 1, 2011, indicates that the transfer ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
Actuarial valuation report
9(3.2)Subsections (3.1) and (3.11) do not apply to a plan that has been established for less than three years.
Actuarial valuation report
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report; and
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for.
Cost certificate in lieu of report
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
Cost certificate in lieu of report
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
Cost certificate in lieu of report
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
Cost certificate in lieu of report
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
Filing of report or cost certificate
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
Filing of financial statement of assets
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
Filing of financial audit
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
94-78; 2001-1; 2007-86; 2011-71
Actuarial valuation report
9(1)Subject to subsections (3.1) and (5), the administrator of a pension plan established on or after the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the date on which the plan is established, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(2)Subject to subsections (3), (3.1) and (5), the administrator of a pension plan established before the commencement of section 10 of the Act shall ensure that the plan is reviewed by and an actuarial valuation report respecting the plan is prepared by an actuary
(a) as of the commencement of section 10 of the Act, and
(b) subsequently at least once in every three years,
and each subsequent review date shall be not more than three years after the review date of the immediately preceding report.
Actuarial valuation report
9(3)An administrator may substitute for the actuarial valuation report required under paragraph (2)(a) the most recent actuarial valuation report prepared in respect of the pension plan, if
(a) the review date of the substitute report is not more than three years before the commencement of section 10 of the Act,
(b) the substitute report was prepared in a manner that is consistent with the Recommendations for Valuation of Pension Plans adopted by the Canadian Institute of Actuaries at the time of preparation of the report, and
(c) the administrator files the substitute report with the application for registration of the plan under the Act.
Actuarial valuation report
9(3.1)Where an actuarial valuation report indicates that the solvency ratio is less than 0.9, the administrator of the pension plan shall ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than twelve months after the review date of the previous report.
Actuarial valuation report
9(3.2)Subsection (3.1) does not apply to a plan that has been established for less than three years.
Actuarial valuation report
9(4)An actuary who prepares an actuarial valuation report as required under this Regulation or under the terms of a pension plan shall, on each such occasion, perform a going concern valuation of the plan that contains the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the twelve month period immediately following the review date of the report;
(b) the rate of contribution respecting the normal cost in each of the twelve month periods, or parts of such a period, succeeding the initial twelve month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;
(c) details of any special payments made and required to be made under the terms of the plan, the Act or the regulations, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining special payments and of any adjustment made or proposed to be made to the special payments since preparation of the most recently prepared actuarial valuation report; and
(d) if the pension plan provides for an escalated adjustment, whether and to what extent the cost of or liability for the future cost of the adjustment has been accounted for.
Cost certificate in lieu of report
9(5)A cost certificate in accordance with subsections (5.1) to (7.1) may be substituted for an actuarial valuation report required under subsection (1) or (2) in respect of an insured plan, a defined contribution plan or a pension plan funded by level premiums not extending beyond the retirement age for each individual member.
Cost certificate in lieu of report
9(5.1)An actuary shall prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(5.2)Notwithstanding subsection (5.1), where a pension plan is a defined contribution plan, the administrator may prepare a cost certificate referred to in subsection (5).
Cost certificate in lieu of report
9(6)A cost certificate substituted under subsection (5) shall contain the following information, where applicable:
(a) an estimate of the normal cost, showing separately the employer contributions and the total of any member contributions, during the period to which the certificate relates; and
(b) the rate of contribution respecting the normal cost, showing, if any, the rule for allocating the cost between the employer and the members for subsequent pension plan years.
Cost certificate in lieu of report
9(7)An actuary who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the pension plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the actuary’s knowledge and belief, true and correct.
Cost certificate in lieu of report
9(7.1)The administrator of a defined contribution plan who prepares a cost certificate substituted under subsection (5) shall certify that
(a) the premiums paid under the defined contribution plan are sufficient to provide for the payment of all benefits under the plan, and
(b) the information contained in the certificate is, to the best of the administrator’s knowledge and belief, true and correct.
Filing of report or cost certificate
9(8)Unless otherwise required in this section, the administrator of a pension plan shall file an actuarial valuation report or a cost certificate prepared under this section with the Superintendent not more than nine months after the review date of the report or certificate.
Filing of financial statement of assets
9(9)A financial statement of the assets of a pension plan shall be prepared by the administrator of the fund in accordance with generally accepted accounting principles at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
Filing of financial audit
9(10)Notwithstanding subsection (9), where a pension plan is a defined benefit plan with assets of two million dollars or more, a financial audit in respect of the assets shall be performed in accordance with generally accepted auditing standards at the same time as an actuarial valuation report or cost certificate is prepared under this section and shall be filed at the same time as the report or certificate is required to be filed under this section or is filed, whichever occurs first.
94-78; 2001-1; 2007-86