62(1)The administrator of a pension plan that is to be wound up in whole or in part shall file a wind-up report that sets out

62(2)No payment shall be made out of the pension fund in respect of which notice of proposal to wind up has been given until the Superintendent has approved the wind-up report.

62(3)Subsection (2) does not apply to prevent continuation of payment of a pension or any other benefit the payment of which commenced before the giving of the notice of proposal to wind up the pension plan, or to prevent any other payment that is prescribed or that is approved by the Superintendent.

62(4)An administrator shall not make payment out of the pension fund except in accordance with the wind-up report approved by the Superintendent.

62(5)The Superintendent may refuse to approve a wind-up report that does not meet the requirements of this Act and the regulations or that, in the Superintendent’s opinion, does not protect the interests of the members and former members of the pension plan.

62(6)On the partial wind-up of a pension plan, members, former members and other persons entitled to benefits or payments under the pension plan shall have rights and benefits that are not less than the rights and benefits they would have on a full wind up of the pension plan on the effective date of the partial wind-up.

62(7)The Superintendent may require the distribution of any or all assets of a pension plan as a condition of the approval of the wind-up report.

62(8)The Superintendent shall not approve the wind-up report before the expiry of thirty days after the receipt of the report filed under subsection (1).