Registration of pension plan
10(1)The administrator of a pension plan shall, within sixty days after the establishment of the plan, apply to the Superintendent for registration of the pension plan.
10(2)An application for registration of a pension plan shall be made by paying the prescribed fee and filing with the Superintendent
(a)
a completed application in the form provided by the Superintendent,
(b)
certified copies of the documents that create and support the pension plan,
(c)
certified copies of the documents that create and support the pension fund,
(d)
a certified copy of any reciprocal transfer agreement related to the pension plan,
(e)
certified copies of any other prescribed documents, and
(f)
any other prescribed information.
10(3)For the purposes of subsection (2), “document” includes a collective agreement.
10(4)The documents that create and support a pension plan shall set out the following information:
(a)
the method of appointment and the details of appointment of the administrator of the pension plan;
(b)
the conditions for membership in the pension plan;
(c)
the benefits and rights that are to accrue upon termination of employment, termination of membership, retirement or death;
(d)
the normal retirement date under the pension plan;
(e)
the contributions or the method of calculating the contributions required by the pension plan;
(f)
the method of determining benefits payable under the pension plan;
(f.1)
the method for converting any optional ancillary contributions to optional ancillary benefits upon retirement, termination of membership, pension commencement, pre-retirement death or winding up of the pension plan;
(g)
the method of calculating interest to be credited to contributions under the pension plan;
(h)
the mechanism for payment of the cost of administration of the pension plan and pension fund;
(i)
the mechanism for establishing and maintaining the pension fund;
(j)
the treatment of surplus during the continuation of the pension plan and on the wind-up of the pension plan;
(k)
the obligation of the administrator to provide members with information and documents required to be disclosed under this Act and the regulations;
(l)
if the pension plan is a multi-employer pension plan pursuant to a collective agreement, the powers and duties of the board of trustees that is the administrator of the plan; and
(m)
any other prescribed information related to the pension plan or pension fund or both.
10(5)A pension plan is not eligible for registration unless it provides for the accrual of pension benefits in a gradual and uniform manner.
10(6)A pension plan is not eligible for registration if the formula for computation of the employer’s contributions to the pension fund or the pension benefit provided under the pension plan is variable at the discretion of the employer.
10(7)A deferred profit-sharing pension plan or a pension plan that provides defined contribution benefits is not eligible for registration if the formula governing allocation of contributions to the pension fund and profits among members of the plan is variable at the discretion of the employer.
10(8)Notwithstanding subsections (5), (6) and (7), the Superintendent may register a pension plan if the Superintendent is of the opinion that registration is justified in the circumstances of the pension plan and the members.
10(9)Repealed: 2002, c.12, s.4
10(10)The Superintendent shall issue an acknowledgment of registration in respect of each pension plan that is registered under this Act.
2002, c.12, s.4; 2015, c.31, s.1; 2021, c.41, s.3