Acts and Regulations

P-5.1 - Pension Benefits Act

Section 54.2
Disposition versions

Full text
Withdrawal of balance from a reserve account
2021, c.41, s.13
54.2(1)In this section, “surplus” means surplus as defined in subsection 59(1).
54.2(2) This section applies to a pension plan
(a) that is being wound up, in whole, and has a surplus on wind-up, and
(b) whose administrator has established a reserve account for the defined benefit portion.
54.2(3)The balance shall not be withdrawn from the reserve account until all benefits and payments that members, former members and other persons are entitled to on full wind-up of the pension plan have been paid or made.
54.2(4)Despite the provisions of a pension plan and after all of the benefits and payments referred to in subsection (3) have been paid or made, the administrator may withdraw the balance in the reserve account if all of the following conditions are met:
(a) the administrator has made an application to the Superintendent for consent to the withdrawal;
(b) the existence and amount of the surplus have been established in the wind-up report;
(c) the administrator has provided the Superintendent with any information or records that the Superintendent requires to assess the application; and
(d) the Superintendent has consented, in writing, to the withdrawal and the consent has not been revoked.
54.2(5)An application referred to in paragraph (4)(a) shall be made in writing and shall contain the following information:
(a) confirmation that all benefits and payments required to be paid or made under subsection (3) have been paid or made;
(b) the balance of the reserve account; and
(c) any additional information or records required by the Superintendent to make the Superintendent’s decision.
54.2(6)If the Superintendent is of the opinion that it is appropriate to do so, the Superintendent may revoke the Superintendent’s consent and direct the administrator to cease making withdrawals from the reserve account.
2021, c.41, s.13