60(1)An employer or, the case of a multi-employer plan, the administrator, may wind up a pension plan in whole or in part.
60(2)Subject to section 61, if an employer or administrator intends to wind up a pension plan the administrator of the plan shall give notice of the wind-up of the plan in writing to
(a)
the Superintendent,
(b)
each member and former member of the plan,
(c)
each trade union that represents members of the plan,
(d)
the advisory committee of the plan, and
(e)
any other person entitled to payment from the pension fund.
60(3)The notice referred to in subsection (2) shall be given personally or to the last known address of the person entitled to notice and shall include advice that a wind-up report will be filed with the Superintendent at whose offices, upon the filing, it will be available for viewing and comment for thirty days before any disbursement of funds is approved.
60(4)The notice referred to in subsection (2) shall specify the effective date of the wind-up and shall include the prescribed information.
60(5)The effective date of the wind-up shall not be earlier than the date member contributions, if any, cease to be deducted in the case of contributory pension benefits or, in any other case, on the date notice is given to the members.
60(6)Notwithstanding subsection (5), the Superintendent may by order change the effective date of a wind-up if the Superintendent is of the opinion that there are reasonable grounds for the change.
60(7)The withdrawal of a participating employer under a multi-employer pension plan does not constitute wind-up in part of the plan unless, in the opinion of the Superintendent, a partial wind-up of the plan is appropriate in the circumstances.