Acts and Regulations

P-5.1 - Pension Benefits Act

Section 59
Disposition versions

Full text
Distribution of surplus under a pension plan
59(1)In this section
“surplus” means the excess of the value of the assets of a pension fund related to a pension plan over the value of the liabilities under the plan.
59(2)For the purposes of subsection (1), the value of assets and liabilities shall be calculated in the prescribed manner.
59(3)No money shall be paid out of a pension fund to an employer without the prior consent of the Superintendent.
59(4)The Superintendent may consent to an application for payment of surplus to an employer.
(a) on the wind-up of the pension plan, where the plan permits the payment of surplus to an employer on wind-up of the plan, and
(b) in such other circumstances as the plan may provide.
59(5)The Superintendent shall not consent to an application for payment of surplus to an employer unless the application is in accordance with the regulations and the prescribed criteria are met.
59(6)A pension plan that does not provide for the payment of surplus money on the wind-up of the pension plan shall be deemed to require that surplus money accrued after the commencement of this subsection shall be distributed proportionately among the members, former members and any other persons entitled to payments under the pension plan at the effective date of the wind-up.
59(7)A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be deemed to prohibit the withdrawal of surplus money accrued after the commencement of this subsection.
59(8)This section does not apply to funds in a reserve account.
2021, c.41, s.15
Distribution of surplus under a pension plan
59(1)In this section
“surplus” means the excess of the value of the assets of a pension fund related to a pension plan over the value of the liabilities under the plan.
59(2)For the purposes of subsection (1), the value of assets and liabilities shall be calculated in the prescribed manner.
59(3)No money shall be paid out of a pension fund to an employer without the prior consent of the Superintendent.
59(4)The Superintendent may consent to an application for payment of surplus to an employer.
(a) on the wind-up of the pension plan, where the plan permits the payment of surplus to an employer on wind-up of the plan, and
(b) in such other circumstances as the plan may provide.
59(5)The Superintendent shall not consent to an application for payment of surplus to an employer unless the application is in accordance with the regulations and the prescribed criteria are met.
59(6)A pension plan that does not provide for the payment of surplus money on the wind-up of the pension plan shall be deemed to require that surplus money accrued after the commencement of this subsection shall be distributed proportionately among the members, former members and any other persons entitled to payments under the pension plan at the effective date of the wind-up.
59(7)A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be deemed to prohibit the withdrawal of surplus money accrued after the commencement of this subsection.